Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h +0.012%

Price spread now: Kraken Futures against Kalshi−0.048%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.048%, 7d avg +0.020%

Together, before fees+0.059%+$6 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 Kraken Futures is 0.068% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,762	0.0205	pay 0.0205% / 8h	2h 45m	$9.9M	$769.4M	6.4x
Short	Kraken Futures PF_XBTUSD	85,720.7	0.0146	get 0.0018% / 1h	45m 04s	$188.8M	$970.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$12.42
Price spread: −0.048% → +0.020%: −$6.81
Slippage, 4 orders: −$1.47
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$40.71
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: live order book, 4 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, 4 min ago	0.23 bp	5.5 bp −$6	6.8 bp −$68	7.6 bp −$756	11.7 bp −$5,873
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.3 bp −$5	5.9 bp −$59	7.0 bp −$696	8.7 bp −$4,362

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	−0.0144%	1h	85,767	+0.006%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,763	+0.001%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.106%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,744	−0.021%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,764.3	+0.003%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,781.7	+0.023%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,727.9	−0.040%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.056%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,726.3	−0.042%	$497.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,700	−0.072%	$893.7M	$757.2M	125x	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	+0.0044%	1h	85,756.5	−0.006%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,718.2	−0.051%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,716.8	−0.053%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,706.5	−0.065%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.054%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,695.9	−0.077%	$2.27B	$969.0M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,707	−0.064%	$2.5M	$1.8M	20x	as long as short
Nado BTC-PERP	+0.0082%	1h	85,741.1	−0.024%	$22.8M	$229.1M	50x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,696.6	−0.076%	$5.10B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,718.7	−0.050%	$9.33B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	85,713.4	−0.057%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,713.9	−0.056%	$169.7M	$978.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,713.4	−0.057%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,745	−0.020%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,731	−0.036%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,785.2	+0.027%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,781	+0.022%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,782.5	+0.024%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,736.6	−0.030%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,749.4	−0.015%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,765	+0.003%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,735.8	−0.031%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.3	−0.072%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.025%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.030%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.111%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,797.7	+0.042%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,799.5	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,740	−0.026%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,724	−0.044%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,709	−0.062%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,750.7	−0.013%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,719.8	−0.049%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,714.7	−0.055%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,701	−0.071%	$60.0M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,700.2	−0.072%	$154.0M	$478.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.050%	$582.3M	$118.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,741.4	−0.024%	$895.5M	$1.54B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,679	−0.097%	$45.0M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,756.9	−0.006%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,733.8	−0.033%	$131.6M	$5.25B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,807.1	+0.053%	$707K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0146%	1h	85,720.7	−0.048%	$188.8M	$970.4M	100x
Aftermath Perps BTCUSD	+0.0151%	1h	85,814.1	+0.061%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,725	−0.043%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0205%	8h	85,762	long leg	$9.9M	$769.4M	6.4x