Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h +0.008%

Price spread now: Ondo Perps against Kalshi−0.009%7-day average +0.019% · you buy dearer than you sell

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

Long on Kalshi Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 7 days−0.232%−$23 · spread now −0.009%, 7d avg +0.019%

Together, before fees−0.190%+ Points / potential airdropOndo Perps: Active · farm board−$19 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 Ondo Perps is 0.028% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,039	0.0158	pay 0.0158% / 8h	9m 21s	$13.1M	$731.4M	6.4x
Short	Ondo Perps BTC-USD.P	86,031	0.0100	get 0.0013% / 1h	9m 21s	$4.0M	$14.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$12.12
Price spread: −0.009% → +0.019%: −$2.81
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$29.93
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Ondo 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, 3 min ago	0.06 bp	5.3 bp −$5	6.6 bp −$66	7.3 bp −$730	12.0 bp −$6,013
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 56 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
Perpl BTC	−0.0223%	43m	86,057.9	+0.022%	$471K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,031	−0.009%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,871	−0.195%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0058%	8h	86,016.5	−0.026%	$421.0M	$552.3M	150x	as long as short
SoDEX BTC-USD	−0.0035%	1h	85,998	−0.048%	$65.9M	$186.3M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,053	+0.016%	$363K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	−0.005%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,061	+0.026%	$311K	$32.6M	52x	as long as short
Aster BTCUSDT	+0.0002%	8h	86,022.1	−0.020%	$510.4M	$814.5M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,047	+0.009%	$37.0M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	86,040.4	+0.002%	$193.8M	$723.8M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	86,031	−0.009%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,002	−0.043%	$173.2M	$468.7M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	86,056.7	+0.021%	$952.7M	$625.7M	125x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,029.3	−0.011%	—	$1.27B	—	as long as short
Binance BTCUSDT	+0.0060%	8h	86,028.3	−0.012%	$9.41B	$19.84B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,027.3	−0.014%	$5.19B	$4.77B	500x	as long as short
Bybit BTCUSDT	+0.0062%	8h	86,030.1	−0.010%	$5.16B	$7.92B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,016	−0.027%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,030.8	−0.010%	$5.52B	$8.86B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	86,031.5	−0.009%	$3.00B	$3.80B	150x	as long as short
Bullet BTC-USD	+0.0079%	1h	86,032.7	−0.007%	$221K	$3.2M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	86,015.9	−0.027%	$2.27B	$737.6M	200x	as long as short
Nado BTC-PERP	+0.0089%	1h	86,031.5	−0.009%	$22.9M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0092%	8h	85,989.7	−0.057%	$157.6M	$474.7M	—	as long as short
Lighter BTC	+0.0096%	1h	86,052.6	+0.016%	$174.2M	$855.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,053.9	+0.017%	$23.8M	$118.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,008.7	−0.035%	$216.1M	$133.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,013	−0.030%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,090.9	+0.060%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,083.8	+0.052%	$40.1M	$565.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,033.4	−0.007%	$2.63B	$9.01B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,031	−0.009%	$4.0M	$14.7M	25x
Arcus BTC-USD	+0.0100%	1h	86,049.9	+0.013%	$4.6M	$90.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,992.2	−0.054%	$39.3M	$200.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,036.2	−0.003%	$289.8M	$715.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,006.1	−0.038%	$137.8M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,014	−0.029%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,120.7	+0.095%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,032	−0.008%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,019.6	−0.023%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,059.6	+0.024%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,084.4	+0.053%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,028.3	−0.012%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	+0.029%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,996.1	−0.050%	$47.4M	$181.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,042.2	+0.004%	—	$76.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,035.7	−0.004%	$113.0M	$4.96B	50x	as long as short
Hyperliquid BTC	+0.0154%	1h	86,128	+0.103%	$3.98B	$4.13B	40x	as long as short
Kalshi KXBTCPERPlong	+0.0158%	8h	86,039	long leg	$13.1M	$731.4M	6.4x
Deribit BTC-PERPETUAL	+0.0164%	1h	86,077.4	+0.045%	$818.5M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,071	+0.037%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	86,014.8	−0.028%	$6.6M	$121.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	86,042.9	+0.004%	$15.8M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0263%	1h	86,064.1	+0.029%	$80K	$216K	20x	as long as short
Hibachi BTC/USDT-P	+0.0288%	1h	86,056.6	+0.020%	$690K	$6.8M	30x	as long as short