Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0335%/8h= −36.7% APRpaid last 24h −0.002%

Price spread now: Phoenix against Kalshi+0.136%74s7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days−0.106%−$11 · spread now +0.136%, 7d avg +0.055%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.080% dearer against Kalshi than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of +0.055%): +$8 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.062% in total) that is about 9.1 days. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.062% in total (about -3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,255	0.0206	pay 0.0206% / 8h	3h 09m	$10.6M	$766.2M	6.4x
Short	Phoenix BTC	86,372	−0.0129	pay 0.0016% / 1h	9m 57s	$2.2M	$11.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.136%Rate

Funding earned: −$70.4
Price spread: +0.136% → +0.055%: $8.02
Slippage, 4 orders: −$1.22
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$80.6
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Phoenix: 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	5.3 bp −$5	7.1 bp −$71	8.5 bp −$851	15.3 bp −$7,649
Sell Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.0 bp −$998	doesn't fit

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 BTCshort	−0.0129%	1h	86,372	+0.136%	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,248	−0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,223.8	−0.036%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	−0.029%	$569K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,234	−0.024%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0021%	1h	86,240.5	−0.017%	$144K	$666K	40x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.128%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,264.4	+0.011%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,219.7	−0.041%	$499.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0045%	8h	86,207.6	−0.055%	$829.7M	$714.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,211.1	−0.051%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,210.1	−0.052%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,237.4	−0.020%	$8.2M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,208.2	−0.054%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0076%	1h	86,161	−0.109%	$60.4M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,187.9	−0.078%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,202	−0.061%	$5.11B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,217.4	−0.044%	$9.39B	$24.20B	150x	as long as short
HTX BTC-USDT	+0.0092%	8h	86,143.5	−0.129%	$2.29B	$957.6M	200x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,193.8	−0.071%	$5.76B	$10.63B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,181.1	−0.086%	$170.1M	$993.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,188.1	−0.078%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,233	−0.026%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,196	−0.068%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,300.1	+0.052%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,268.6	+0.016%	$22.1M	$225.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,248	−0.008%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,299.6	+0.052%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,202.6	−0.061%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,216.2	−0.045%	$2.56B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,229	−0.030%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,245	−0.012%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.127%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,173	−0.095%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.057%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	0.000%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.013%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.041%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.7	−0.058%	$30.6M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,263.6	+0.010%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,214	−0.048%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,218.8	−0.042%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.8	−0.050%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,222.5	−0.038%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,189.1	−0.076%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,177.3	−0.090%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,197	−0.067%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,234.7	−0.024%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,207.6	−0.055%	$132.2M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,187.7	−0.078%	$191.4M	$949.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	−0.030%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,280.7	+0.030%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	−0.052%	$415.5M	$641.1M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0205%	1h	86,251.3	−0.004%	$902.6M	$1.51B	50x	as long as short
Kalshi KXBTCPERPlong	+0.0206%	8h	86,255	long leg	$10.6M	$766.2M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,230.2	−0.029%	$14.5M	—	200x	as long as short