BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0059%/8h= −6.4% APRnext payment −$0.59 per $10,000 · paid last 24h +0.008%

Price spread now: Katana Perps against Kalshi−0.064%7-day average −0.031% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.062%+$6 on $10k

Price spread, last 7 days+0.025%+$3 · spread now −0.064%, 7d avg −0.031%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Katana Perps is 0.033% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.031%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.062%, 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	85,820	0.0158	pay 0.0158% / 8h	1h 28m	$12.0M	$738.0M	6.4x
Short	Katana Perps BTC-USD	85,765	0.0100	get 0.0100% / 8h	5h 28m	$216K	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$12.32
Price spread: −0.064% → −0.031%: −$3.34
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$29.46
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 4 min ago	0.12 bp	5.3 bp −$5	6.7 bp −$67	7.5 bp −$751	13.3 bp −$6,643
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 exchanges

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	−0.0133%	1h	85,846	+0.030%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,110	+0.338%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,786	−0.040%	$366K	$2.0M	50x	as long as short
SoDEX BTC-USD	−0.0043%	1h	85,782	−0.044%	$65.7M	$187.8M	40x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,814.7	−0.006%	$422.1M	$553.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,816.1	−0.005%	$16.8M	$13.9M	50x	as long as short
Perpl BTC	0.0000%	43m	85,796.8	−0.027%	$470K	$13.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,797	−0.027%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,854	+0.040%	$300K	$27.7M	52x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,769.5	−0.059%	$510.9M	$868.3M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,787.3	−0.038%	$192.3M	$757.1M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	85,788	−0.037%	$8.5M	$45.5M	100x	as long as short
BingX BTC-USDC	+0.0032%	8h	85,752.8	−0.078%	—	$16.2M	—	as long as short
Bybit BTCUSDT	+0.0042%	8h	85,782.1	−0.044%	$5.12B	$8.08B	150x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,774.8	−0.053%	$934.5M	$638.8M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	85,782.6	−0.044%	$5.50B	$8.96B	200x	as long as short
Bluefin BTC-PERP	+0.0068%	1h	85,827	+0.008%	$194K	$556K	40x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,764.7	−0.064%	$2.27B	$797.9M	200x	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,776.4	−0.051%	$169.0M	$476.5M	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,854.8	+0.041%	$137.9M	$289.7M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,764.5	−0.065%	$2.4M	$6.8M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,770.8	−0.057%	$9.40B	$20.42B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,771.1	−0.057%	$5.15B	$4.87B	500x	as long as short
Bullet BTC-USD	+0.0085%	1h	85,784	−0.042%	$209K	$3.2M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,782.6	−0.044%	$2.98B	$3.93B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,796.5	−0.027%	$172.5M	$863.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,796.6	−0.027%	$23.6M	$120.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	85,848.6	+0.033%	$215.7M	$134.0M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	85,765	−0.064%	$216K	$8.0M	50x
Paradex BTC-USD-PERP	+0.0100%	8h	85,824.2	+0.005%	$6.0M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,786.3	−0.039%	$23.5M	$193.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,830.5	+0.012%	$40.0M	$569.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,787.1	−0.038%	$2.62B	$9.39B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,806	−0.016%	$3.9M	$14.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,807.9	−0.014%	$4.8M	$91.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,764.7	−0.064%	$37.8M	$195.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,827.8	+0.009%	$157.4M	$475.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,819.9	0.000%	$289.2M	$765.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,836.2	+0.019%	$30.2M	$224.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,842.7	+0.026%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,785	−0.041%	$11.1M	$12.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,770.5	−0.058%	$2.6M	$8.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,778	−0.049%	$3.3M	$6.7M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,956.9	+0.159%	$714.6M	$116.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,745.2	−0.087%	$47.0M	$193.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,810	−0.012%	—	$80.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,823.1	+0.004%	$112.0M	$4.93B	50x	as long as short
Hyperliquid BTC	+0.0151%	1h	85,875	+0.064%	$3.95B	$4.28B	40x	as long as short
Kalshi KXBTCPERPlong	+0.0158%	8h	85,820	long leg	$12.0M	$738.0M	6.4x
Reya BTCRUSDPERP	+0.0166%	1h	85,763.5	−0.066%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,815.3	−0.005%	$8.9M	$36.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0254%	1h	85,838.7	+0.022%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0235%	1h	85,837.5	+0.020%	$819.8M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0328%	1h	85,874.6	+0.064%	$712K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0420%	1h	85,888.9	+0.080%	$79K	$241K	20x	as long as short