Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.006%

Price spread now: Injective against Kalshi+0.023%66s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.178% of the position

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.267%−$27 · spread now +0.023%, 7d avg +0.020%

Together, before fees−0.258%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,558	0.0213	pay 0.0213% / 8h	1h 37m	$10.5M	$759.9M	6.4x
Short	Injective BTC/USDC PERP	85,578	0.0079	get 0.0010% / 1h	37m 25s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.023%Rate

Funding earned: −$28.19
Price spread: +0.023% → +0.020%: $0.35
Slippage, 4 orders: −$7.78
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$45.64
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Injective: live order book, 2 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, 2 min ago	0.47 bp	5.7 bp −$6	7.4 bp −$74	8.7 bp −$873	14.3 bp −$7,153
Sell Injective live order book, 2 min ago	2.40 bp	4.0 bp −$4	10.8 bp −$108	doesn't fit	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
Phoenix BTC	−0.0160%	1h	85,585	+0.032%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,523	−0.041%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,555.7	−0.003%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,520.2	−0.044%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.7	−0.019%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,518.1	−0.047%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,497.5	−0.071%	$917.1M	$752.7M	125x	as long as short
Nado BTC-PERP	+0.0013%	1h	85,565.1	+0.008%	$22.7M	$221.3M	50x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,551.8	−0.007%	$515.5M	$1.11B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0054%	1h	85,543.4	−0.017%	$893.3M	$1.52B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,535	−0.027%	—	$17.0M	—	as long as short
HTX BTC-USDT	+0.0063%	8h	85,483.2	−0.087%	$2.26B	$932.5M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,587	+0.034%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,589.8	+0.037%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,485.8	−0.084%	$148.3M	$478.7M	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,516.3	−0.049%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERPshort	+0.0079%	1h	85,578	+0.023%	$340K	$26.9M	52x
Aevo BTC-PERP	+0.0080%	1h	85,497.3	−0.071%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,590.5	+0.038%	$9.33B	$23.88B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,517.5	−0.047%	$5.05B	$5.61B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,519.1	−0.045%	$169.6M	$988.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,517.2	−0.048%	$23.9M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,572	+0.016%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,587.7	+0.035%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,515	−0.050%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,655	+0.113%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.2	−0.009%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,596.6	+0.045%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,598.2	+0.047%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,547	−0.013%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,512.6	−0.053%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.005%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,555.9	−0.002%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,478.8	−0.093%	$35.2M	$172.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.063%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.009%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,558.4	0.000%	$214.7M	$165.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,549.6	−0.010%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,559	+0.001%	$30.3M	$210.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,620.5	+0.073%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,582	+0.028%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,596	+0.044%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,501.5	−0.066%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,662.5	−1.047%	$194K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,505.3	−0.062%	$29.9M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,504	−0.063%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,524.5	−0.039%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,541.7	−0.019%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,530.2	−0.032%	$130.3M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,572	+0.016%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,513.7	−0.052%	$188.4M	$948.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,566.9	+0.010%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,543.6	−0.017%	$699K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,518.5	−0.046%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0213%	8h	85,558	long leg	$10.5M	$759.9M	6.4x
Perpl BTC	+0.0447%	43m	85,577.5	+0.023%	$521K	$19.4M	6.7x	as long as short