Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against Kalshi−0.013%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 7 days−0.009%−$1 · spread now −0.013%, 7d avg +0.043%

Together, before fees+0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hyperliquid is 0.056% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.043%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,673	0.0186	pay 0.0186% / 8h	5h 53m	$9.6M	$726.6M	6.4x
Short	Hyperliquid BTC	86,662	0.0100	get 0.0013% / 1h	53m 40s	$3.81B	$5.08B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee HyperliquidbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$18
Price spread: −0.013% → +0.043%: −$5.6
Slippage, 4 orders: −$0.73
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$43.33
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Hyperliquid: live order book, 11 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 6 min ago	0.23 bp	5.4 bp −$5	6.8 bp −$68	7.4 bp −$738	12.1 bp −$6,029
Sell Hyperliquid live order book, 11 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.7 bp −$472	doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps BTCUSD	−0.0217%	1h	86,636.4	−0.042%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,639	−0.039%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.023%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0027%	1h	86,634.2	−0.045%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,664.1	−0.010%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,585.9	−0.101%	$505.5M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,636.9	−0.042%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,629.9	−0.050%	$926.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,576	−0.112%	$851.1M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,626.6	−0.054%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,593.2	−0.092%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,685.8	+0.015%	$727K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,610.2	−0.072%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.099%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,581.8	−0.105%	$149.6M	$473.2M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,569.5	−0.119%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,581.9	−0.105%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,615	−0.067%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,586.9	−0.099%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,585.3	−0.101%	$9.42B	$24.39B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,599	−0.085%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,583.4	−0.103%	$5.85B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0087%	8h	86,592.3	−0.093%	$5.27B	$9.74B	150x	as long as short
Nado BTC-PERP	+0.0096%	1h	86,662.7	−0.012%	$21.6M	$234.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,595.7	−0.089%	$172.0M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612	−0.070%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,644	−0.033%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,573	−0.115%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628.8	−0.051%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,662	−0.013%	$3.81B	$5.08B	40x
Pacifica BTC	+0.0100%	1h	86,626.7	−0.053%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,594	−0.091%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,581	−0.106%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,659.6	−0.015%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.095%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,582.5	−0.104%	$38.3M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	−0.104%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.137%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,561	−0.129%	$217.2M	$183.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,556.4	−0.135%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,647.8	−0.029%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,680.9	+0.009%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	−0.047%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.9	−0.075%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,614.1	−0.068%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,624.6	−0.056%	$141K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,599.9	−0.084%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,660.4	−0.015%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,602.8	−0.081%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,564.6	−0.125%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,674.6	+0.002%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,636	−0.043%	$131.8M	$5.80B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,624	−0.056%	$191.4M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,642.7	−0.035%	$417.2M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,619.9	−0.061%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0186%	8h	86,673	long leg	$9.6M	$726.6M	6.4x