Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h +0.004%

Price spread now: Popdex against Kalshi−0.078%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Kalshi Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.050%+$5 on $10k

Price spread, last 7 days+0.075%+$8 · spread now −0.078%, 7d avg +0.007%

Together, before fees+0.125%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Popdex is 0.085% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.007%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.050%, 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	85,906	0.0157	pay 0.0157% / 8h	49m 41s	$13.0M	$738.2M	6.4x
Short	Popdex BTCUSDT	85,839	0.0040	get 0.0005% / 1h	49m 41s	$8.6M	$45.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$24.63
Price spread: −0.078% → +0.007%: −$8.47
Slippage, 4 orders: −$1.2
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$50.7
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago	0.17 bp	5.3 bp −$5	6.9 bp −$69	7.6 bp −$758	12.4 bp −$6,201
Sell Popdex live order book, 3 min ago	0.06 bp	3.8 bp −$4	3.9 bp −$39	4.1 bp −$413	5.5 bp −$2,747

BTC on 56 exchanges

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	−0.0150%	1h	85,957	+0.059%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,895.1	−0.013%	$469K	$13.4M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,930	+0.028%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0043%	8h	85,880.7	−0.029%	$421.7M	$549.4M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,836.8	−0.081%	$370K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0010%	1h	85,880	−0.030%	$65.8M	$187.0M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	85,826.4	−0.093%	$16.8M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,912	+0.007%	$321K	$28.0M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,949.2	+0.050%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,778.1	−0.149%	$510.6M	$831.7M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,856.5	−0.058%	$192.4M	$738.8M	100x	as long as short
Popdex BTCUSDTshort	+0.0040%	1h	85,839	−0.078%	$8.6M	$45.5M	100x
BingX BTC-USDT	+0.0047%	8h	85,821.5	−0.098%	—	$1.29B	—	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	85,776	−0.151%	$942.0M	$633.6M	125x	as long as short
Bybit BTCUSDT	+0.0060%	8h	85,795.1	−0.129%	$5.13B	$7.99B	150x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,820.9	−0.099%	$170.8M	$474.3M	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	85,857.6	−0.056%	$2.4M	$6.8M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	85,785.2	−0.141%	$5.14B	$4.70B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	85,787.9	−0.137%	$9.40B	$20.04B	150x	as long as short
Gate BTC_USDT	+0.0076%	8h	85,836.8	−0.081%	$5.50B	$8.75B	200x	as long as short
HTX BTC-USDT	+0.0081%	8h	85,843.5	−0.073%	$2.27B	$770.3M	200x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,819.5	−0.101%	$3.00B	$3.84B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,790.6	−0.134%	$173.1M	$831.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,802.5	−0.120%	$23.8M	$117.0M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,797	−0.127%	$223K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,822.5	−0.097%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,875.6	−0.035%	$23.3M	$189.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,825.3	−0.094%	$40.0M	$569.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,827.7	−0.091%	$2.63B	$9.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,888	−0.021%	$4.0M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,830.1	−0.088%	$4.8M	$91.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,814.1	−0.107%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,863.5	−0.049%	$156.6M	$472.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,924.3	+0.021%	$289.7M	$732.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,957.8	+0.060%	$216.0M	$132.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,968.8	+0.073%	$137.9M	$288.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,904	−0.002%	$30.2M	$227.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,965.7	+0.070%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,921	+0.017%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,942.1	+0.042%	$216K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,869.6	−0.042%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,887.2	−0.022%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,930.7	+0.029%	$29.1M	$44.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,876.7	−0.034%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,951.1	+0.053%	$715.0M	$86.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,790.3	−0.135%	$47.3M	$191.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,937.1	+0.036%	—	$79.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	85,874.1	−0.037%	$112.1M	$4.92B	50x	as long as short
Kalshi KXBTCPERPlong	+0.0157%	8h	85,906	long leg	$13.0M	$738.2M	6.4x
RISEx BTC/USDC	+0.0165%	1h	85,858.2	−0.056%	$9.1M	$35.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0172%	1h	85,907.5	+0.002%	$6.6M	$125.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0207%	1h	85,906.2	0.000%	$819.8M	$1.49B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	85,946.1	+0.047%	$15.5M	—	200x	as long as short
Hyperliquid BTC	+0.0217%	1h	85,877	−0.034%	$3.95B	$4.16B	40x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,932.6	+0.031%	$695K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0325%	1h	85,937.1	+0.036%	$79K	$228K	20x	as long as short