BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0095%/8h= −10.4% APRnext payment −$0.95 per $10,000 · paid last 24h +0.019%

Price spread now: Orderly against Kalshi−0.009%7-day average +0.003% · you buy dearer than you sell

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

Long on Kalshi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.009%, 7d avg +0.003%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.065%, 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	86,379	0.0195	pay 0.0195% / 8h	5h 30m	$9.7M	$730.3M	6.4x
Short	Orderly PERP_BTC_USDC	86,371	0.0100	get 0.0100% / 8h	1h 30m	$2.4M	$8.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.009%Rate

Funding earned: −$19.96
Price spread: −0.009% → +0.003%: −$1.25
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$37.21
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Orderly: 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	7.3 bp −$735	11.6 bp −$5,813
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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
Bluefin BTC-PERP	−0.0469%	1h	86,381.1	+0.002%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,459	+0.093%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSD	−0.0083%	1h	86,518.4	+0.161%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.044%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,348.7	−0.035%	$503.9M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,361	−0.021%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,349.8	−0.034%	$850.4M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,368.6	−0.012%	$423K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,395.4	+0.019%	$921.6M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.017%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,382.5	+0.004%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,354	−0.029%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,339.8	−0.045%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.208%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,370.4	−0.010%	$149.2M	$476.1M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,335.3	−0.051%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,355.3	−0.027%	$2.94B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,472.3	+0.108%	$724K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,358.3	−0.024%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,359.7	−0.022%	$9.40B	$24.36B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,347.6	−0.036%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,347.9	−0.036%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,364	−0.017%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,365	−0.016%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,375.2	−0.004%	$171.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,384.7	+0.007%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,350	−0.034%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,332	−0.054%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,382.5	+0.004%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,341.9	−0.043%	$21.8M	$233.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,423	+0.051%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,380.8	+0.002%	$41.0M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,364.3	−0.017%	$2.53B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,353	−0.030%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,419.6	+0.047%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.041%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.036%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.066%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.140%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.191%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.162%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.061%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,402.4	+0.027%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,342	−0.043%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,357	−0.025%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,371	−0.009%	$2.4M	$8.6M	100x
Derive BTC-PERP	+0.0100%	1h	86,364.3	−0.017%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.019%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,348	−0.036%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,343.5	−0.041%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,357.1	−0.025%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,414.3	+0.041%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,396.6	+0.020%	$191.5M	$942.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.048%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0213%	1h	86,377.9	−0.001%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0195%	8h	86,379	long leg	$9.7M	$730.3M	6.4x