Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0210%/8h= −23.0% APRpaid last 24h −0.024%

Price spread now: Perpl against Kalshi−0.031%7-day average +0.021% · you buy dearer than you sell

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

Long on Kalshi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 7 days+0.118%+$12 · spread now −0.031%, 7d avg +0.021%

Together, before fees+0.452%+ Points / potential airdropPerpl: Active · farm board+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Perpl is 0.052% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.334%, 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	86,576	0.0210	pay 0.0210% / 8h	3h 57m	$10.0M	$756.5M	6.4x
Short	Perpl BTC	86,549.3	0	get 0.0000% / 43m	36m 35s	$414K	$22.2M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$44.2
Price spread: −0.031% → +0.021%: −$5.16
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$73.16
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Perpl: 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, 2 min ago	0.23 bp	5.4 bp −$5	6.0 bp −$60	7.9 bp −$788	13.7 bp −$6,863
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.2924%	1h	86,564.5	−0.013%	$140K	$664K	40x	as long as short
Phoenix BTC	−0.0118%	1h	86,586	+0.012%	$2.2M	$11.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,487	−0.103%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,492.8	−0.096%	$361K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	86,549.3	−0.031%	$414K	$22.2M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.2	−0.021%	$37.0M	—	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	86,503	−0.084%	$16.9M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,487.7	−0.102%	$501.7M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.046%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	86,515	−0.070%	$834.9M	$728.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BTCUSDT	+0.0039%	8h	86,465.1	−0.128%	$5.26B	$9.77B	150x	as long as short
Reya BTCRUSDPERP	+0.0039%	1h	86,524.6	−0.059%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0045%	8h	86,494.7	−0.094%	—	$1.59B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,506	−0.081%	$8.4M	$42.8M	25x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,494.1	−0.095%	$2.97B	$5.11B	150x	as long as short
SoDEX BTC-USD	+0.0065%	1h	86,520	−0.065%	$60.5M	$338.0M	40x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,480.6	−0.110%	$5.14B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,464	−0.129%	$9.44B	$24.52B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,544.1	−0.037%	$2.5M	$1.2M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	86,559.2	−0.019%	$909.6M	$1.50B	50x	as long as short
Lighter BTC	+0.0096%	1h	86,499.8	−0.088%	$170.3M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,520.1	−0.065%	$23.7M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,473	−0.119%	$8.4M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,476	−0.116%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,515.6	−0.070%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,504.4	−0.083%	$22.1M	$233.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,592.5	+0.019%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,522.8	−0.061%	$40.8M	$540.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,477.4	−0.114%	$2.55B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,511	−0.075%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,525	−0.059%	$7.3M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	−0.061%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,495.4	−0.093%	$5.87B	$10.42B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	−0.056%	$37.8M	$156.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	−0.025%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,572.4	−0.004%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,585.4	+0.011%	$217.4M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,575	−0.001%	$141.8M	$323.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	−0.021%	$30.7M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,533.5	−0.049%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,523	−0.061%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,536	−0.046%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,518.3	−0.067%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,556.5	−0.023%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,529.9	−0.053%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,516.5	−0.069%	$2.30B	$969.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,533.9	−0.049%	$152.8M	$479.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,473	−0.119%	$45.8M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,563.8	−0.014%	—	$100.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,563	−0.015%	$132.2M	$5.63B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,550.3	−0.030%	$193.4M	$951.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,564.6	−0.013%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,624.7	+0.056%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,561	−0.017%	$415.4M	$659.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0224%	1h	86,551.5	−0.028%	$14.9M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0210%	8h	86,576	long leg	$10.0M	$756.5M	6.4x