Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0121%/8h= −13.2% APRpaid last 24h −0.004%

Price spread now: SoDEX against Kalshi−0.066%7-day average −0.003% · 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−$25as in the Price arb table

costs, in and out, $10k−$190.188% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.066%, 7d avg −0.003%

Together, before fees+0.016%+$2 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 SoDEX is 0.062% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,490	0.0182	pay 0.0182% / 8h	7h 24m	$11.7M	$754.3M	6.4x
Short	SoDEX BTC-USD	85,434	0.0062	get 0.0008% / 1h	24m 55s	$59.9M	$336.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$25.35
Price spread: −0.066% → −0.003%: −$6.2
Slippage, 4 orders: −$0.78
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$50.33
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; SoDEX: 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	0.12 bp	5.4 bp −$5	6.7 bp −$67	7.5 bp −$753	12.3 bp −$6,155
Sell SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$512	45.8 bp −$22.9K

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	85,490	0.000%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,452	−0.044%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0042%	8h	85,434.2	−0.065%	$918.0M	$757.4M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,435.4	−0.064%	$419.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,451.2	−0.045%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,427.6	−0.073%	$514.5M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,468	−0.026%	$501K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,450.2	−0.047%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,455.1	−0.041%	$24.5M	$223.3M	50x	as long as short
dYdX BTC-USD	+0.0038%	1h	85,485.8	−0.005%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,514	+0.028%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USDshort	+0.0062%	1h	85,434	−0.066%	$59.9M	$336.0M	40x
BingX BTC-USDT	+0.0065%	8h	85,436.1	−0.063%	—	$1.55B	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,477.6	−0.015%	$884.7M	$1.59B	50x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,437.3	−0.062%	$148.3M	$495.6M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,429.9	−0.070%	$2.95B	$5.11B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,453.9	−0.042%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,453.8	−0.042%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,439	−0.060%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,422	−0.080%	$2.7M	$2.0M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,430.6	−0.069%	$5.06B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,430.2	−0.070%	$9.43B	$24.42B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,433	−0.067%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,523.5	+0.039%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,516	+0.030%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,498	+0.009%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,431.2	−0.069%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,447	−0.050%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,450	−0.047%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,451.4	−0.045%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	+0.032%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,438.9	−0.060%	$5.53B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,434.8	−0.065%	$36.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453	−0.043%	$154.1M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,480.4	−0.011%	$279.2M	$928.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,538.4	+0.057%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,498.2	+0.010%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486	−0.005%	$30.2M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.6	+0.023%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,439	−0.060%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,435	−0.064%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,430.7	−0.069%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.1	−0.014%	$206K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.3	−0.073%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,433	−0.067%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,433.6	−0.066%	$2.26B	$948.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0100%	1h	85,430.9	−0.069%	$6.6M	$147.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,405.8	−0.098%	$45.1M	$233.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,476.5	−0.016%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,478	−0.014%	$117.2M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,454.1	−0.042%	$187.6M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,470	−0.023%	$8.6M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,450.8	−0.046%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0182%	8h	85,490	long leg	$11.7M	$754.3M	6.4x
Hibachi BTC/USDT-P	+0.0240%	1h	85,520.9	+0.036%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,524.2	+0.040%	$78K	$221K	20x	as long as short