Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.008%
Price spread now: Polymarket Perps against Kalshi−0.055%7-day average −0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$190.187% of the position
Funding, last 7 days+0.044%+$4 on $10k
+Price spread, last 7 days+0.024%+$2 · spread now −0.055%, 7d avg −0.007%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.048% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.007%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,413 | 0.0167 | pay 0.0167% / 8h | 6h 54m | $11.4M | $750.8M | 6.4x |
| Short | Polymarket Perps BTC-USD | 85,366 | 0.0100 | get 0.0013% / 1h | 54m 20s | $11.1M | $14.4M | 50x |
Kalshi KXBTCPERP
Polymarket Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$14
- Price spread: −0.055% → −0.007%
- −$4.8
- Slippage, 4 orders
- −$0.65
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$37.45
- Costs to cover
- 0.187%
- Break-even
- never at this rate
Slippage from Kalshi: live order book, 5 min ago; Polymarket Perps: live order book, 5 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, 5 min ago | 0.18 bp | 5.3 bp −$5 | 6.2 bp −$62 | 7.5 bp −$751 | 12.5 bp −$6,226 |
| Sell Polymarket Perps live order book, 5 min ago | 0.06 bp | 4.1 bp −$4 | 4.6 bp −$46 | 7.0 bp −$702 | 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 BTC | −0.0140% | 1h | 85,413 | 0.000% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,397 | −0.019% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,344.2 | −0.081% | $920.3M | $760.5M | 125x | as long as short |
| BloFin BTC-USDT | −0.0030% | 8h | 85,394 | −0.022% | $422.0M | $676.4M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 85,364.4 | −0.057% | $381K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,357.5 | −0.065% | $513.9M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,409.1 | −0.005% | $16.8M | $21.2M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,404.3 | −0.010% | $536K | $18.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,377 | −0.042% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,449 | +0.042% | $339K | $26.8M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0031% | 1h | 85,365.1 | −0.056% | $24.3M | $223.3M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,413.4 | +0.001% | $187.5M | $956.6M | 100x | as long as short |
| BingX BTC-USDT | +0.0063% | 8h | 85,363.2 | −0.058% | — | $1.55B | — | as long as short |
| Bullet BTC-USD | +0.0065% | 1h | 85,356 | −0.067% | $204K | $3.3M | 20x | as long as short |
| Phemex BTCUSDT | +0.0073% | 8h | 85,396.9 | −0.019% | $149.2M | $499.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,364.7 | −0.057% | $2.95B | $5.14B | 150x | as long as short |
| SoDEX BTC-USD | +0.0081% | 1h | 85,384 | −0.034% | $59.9M | $335.9M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,354.5 | −0.068% | $2.3M | $6.5M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,365.9 | −0.055% | $5.07B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,360.9 | −0.061% | $9.44B | $24.67B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,384.2 | −0.034% | $171.8M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,387.1 | −0.030% | $23.9M | $147.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,359 | −0.063% | $8.4M | $55.3M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,431.4 | +0.022% | $117.3M | $5.28B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0098% | 1h | 85,417.6 | +0.005% | $872.1M | $1.60B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,331 | −0.096% | $239K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,412.4 | −0.001% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,447 | +0.040% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,399.2 | −0.016% | $40.1M | $593.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,356.2 | −0.067% | $5.17B | $9.88B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,366.3 | −0.055% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,356 | −0.067% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,367 | −0.054% | $4.7M | $99.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,362.2 | −0.060% | $5.54B | $10.77B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,388.1 | −0.029% | $36.5M | $176.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,385.5 | −0.032% | $154.2M | $565.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,384 | −0.034% | $279.2M | $936.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,462 | +0.057% | $214.7M | $168.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,445.3 | +0.038% | $139.7M | $315.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,389 | −0.028% | $30.1M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,433.7 | +0.024% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USDshort | +0.0100% | 1h | 85,366 | −0.055% | $11.1M | $14.4M | 50x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,358.9 | −0.063% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,409.7 | −0.004% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,344.3 | −0.080% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,351.6 | −0.072% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,381.4 | −0.037% | $2.26B | $950.8M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,404.3 | −0.010% | $678.7M | $662.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,329.9 | −0.097% | $45.8M | $236.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,384 | −0.034% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0108% | 1h | 85,352.9 | −0.070% | $6.6M | $147.3M | 40x | as long as short |
| Kalshi KXBTCPERPlong | +0.0167% | 8h | 85,413 | long leg | $11.4M | $750.8M | 6.4x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,374.5 | −0.045% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,402.7 | −0.012% | $694K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0250% | 1h | 85,423.4 | +0.012% | $79K | $225K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,390.1 | −0.027% | $8.8M | $43.1M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDT
Bullet BTC-USD
Phemex BTCUSDT
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Katana Perps BTC-USD
Paradex BTC-USD-PERP
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
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC