Funding you earn now, next payment 04:00 UTC−0.0112%/8h= −12.3% APRnext payment −$1.12 per $10,000 · paid last 24h +0.003%
Price spread now: Phemex against Kalshi−0.030%7-day average +0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$230.232% of the position
Funding, last 7 days−0.034%−$3 on $10k
+Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.030%, 7d avg +0.002%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.032% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.002%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,623 | 0.0212 | pay 0.0212% / 8h | 2h 04m | $10.2M | $765.4M | 6.4x |
| Short | Phemex BTCUSDT | 85,596.9 | 0.0100 | get 0.0100% / 8h | 6h 04m | $150.9M | $480.3M | 150x |
Kalshi KXBTCPERP
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Kalshi. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$23.5
- Price spread: −0.030% → +0.002%
- −$3.22
- Slippage, 4 orders
- −$1.16
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$49.87
- Costs to cover
- 0.232%
- Break-even
- never at this rate
Slippage from Kalshi: live order book, 4 min ago; Phemex: 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 | 0.29 bp | 5.7 bp −$6 | 7.1 bp −$71 | 7.6 bp −$763 | 13.0 bp −$6,490 |
| Sell Phemex live order book, 4 min ago | 0.01 bp | 6.0 bp −$6 | 6.7 bp −$67 | 7.8 bp −$777 | doesn't fit |
BTC on 55 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 | 85,616 | −0.008% | $2.1M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,643 | +0.023% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,594 | −0.034% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,597.1 | −0.030% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,622.3 | −0.001% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,682 | +0.069% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0024% | 8h | 85,597.3 | −0.030% | $516.1M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0025% | 8h | 85,582.5 | −0.047% | $900.8M | $748.7M | 125x | as long as short |
| Nado BTC-PERP | +0.0033% | 1h | 85,590.2 | −0.038% | $22.7M | $225.8M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,622.4 | −0.001% | $8.4M | $42.2M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX BTC-USDT | +0.0054% | 8h | 85,603.1 | −0.023% | $2.27B | $937.3M | 200x | as long as short |
| BingX BTC-USDT | +0.0056% | 8h | 85,614.8 | −0.010% | — | $1.56B | — | as long as short |
| Reya BTCRUSDPERP | +0.0061% | 1h | 85,602.2 | −0.024% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,602.9 | −0.023% | $2.94B | $5.04B | 150x | as long as short |
| SunX BTC-USDT | +0.0077% | 8h | 85,571.8 | −0.060% | $2.9M | $6.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,597.3 | −0.030% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,613.5 | −0.011% | $5.08B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,613.6 | −0.011% | $9.33B | $24.03B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,606.5 | −0.019% | $170.4M | $996.2M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,609.5 | −0.016% | $23.9M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,596 | −0.032% | $8.4M | $51.7M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0097% | 1h | 85,611.5 | −0.013% | $140.0M | $317.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,644 | +0.025% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,574 | −0.057% | $206K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,675.3 | +0.061% | $3.77B | $4.91B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,631.3 | +0.010% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,620 | −0.004% | $5.32B | $9.64B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,617.9 | −0.006% | $2.55B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,595 | −0.033% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,562.7 | −0.070% | $7.2M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,617.6 | −0.006% | $5.58B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,588.5 | −0.040% | $35.1M | $167.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,602.8 | −0.024% | $154.0M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,588.5 | −0.040% | $278.4M | $938.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,544.9 | −0.091% | $214.7M | $162.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,623.8 | +0.001% | $30.3M | $210.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,659.5 | +0.043% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,606 | −0.020% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,608.6 | −0.017% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,599.4 | −0.028% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,640 | +0.020% | $196K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,605.2 | −0.021% | $30.0M | $56.1M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,603 | −0.023% | $59.9M | $336.6M | 40x | as long as short |
| Phemex BTCUSDTshort | +0.0100% | 8h | 85,596.9 | −0.030% | $150.9M | $480.3M | 150x | |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | −0.035% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,588.5 | −0.040% | $44.1M | $228.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,621.7 | −0.002% | — | $102.0M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,643.9 | +0.024% | $130.7M | $5.10B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,626.3 | +0.004% | $187.3M | $957.5M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 85,644.8 | +0.025% | $682K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0177% | 1h | 85,642.5 | +0.023% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,620 | −0.003% | $13.5M | — | 200x | as long as short |
| Kalshi KXBTCPERPlong | +0.0212% | 8h | 85,623 | long leg | $10.2M | $765.4M | 6.4x | |
| Deribit BTC-PERPETUAL | +0.0233% | 1h | 85,654.2 | +0.036% | $894.9M | $1.53B | 50x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,633.1 | +0.012% | $510K | $20.1M | 6.7x | as long as short |
HTX BTC-USDT
BingX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
SunX BTC-USDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
ApeX Omni BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Perpl BTC