Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0202%/8h= −22.1% APRpaid last 24h −0.030%

Price spread now: 01 Exchange against Kalshi−0.023%7-day average 0.000% · 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−$22as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Kalshi Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.056%−$6 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.023%, 7d avg 0.000%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and 01 Exchange is 0.024% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.056% in total (about -5.4% 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	86,211	0.0186	pay 0.0186% / 8h	3h 02m	$11.1M	$725.9M	6.4x
Short	01 Exchange BTCUSD	86,190.9	−0.0016	pay 0.0002% / 1h	2m 15s	$360K	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.023%Rate

Funding earned: −$42.48
Price spread: −0.023% → 0.000%: −$2.36
Slippage, 4 orders: −$2.35
Fee Kalshi: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$64.18
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; 01 Exchange: live order book, 2 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, 2 min ago	0.41 bp	5.5 bp −$6	6.6 bp −$66	7.5 bp −$745	12.3 bp −$6,145
Sell 01 Exchange live order book, 2 min ago	0.01 bp	4.5 bp −$5	7.4 bp −$74	doesn't fit	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
Bluefin BTC-PERP	−0.0205%	1h	86,224.6	+0.016%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,184	−0.031%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,210.2	−0.001%	$423.4M	$623.5M	150x	as long as short
01 Exchange BTCUSDshort	−0.0016%	1h	86,190.9	−0.023%	$360K	$2.1M	50x
Injective BTC/USDC PERP	−0.0006%	1h	86,248	+0.043%	$471K	$28.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,183	−0.032%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0033%	1h	86,197.2	−0.016%	$16.9M	$17.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	86,190.7	−0.024%	$938.1M	$667.7M	125x	as long as short
BingX BTC-USDT	+0.0045%	8h	86,180.8	−0.035%	—	$1.45B	—	as long as short
Aster BTCUSDT	+0.0049%	8h	86,174.6	−0.042%	$504.3M	$973.3M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BTCUSDT	+0.0050%	8h	86,160.3	−0.059%	$5.12B	$9.05B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,183.1	−0.032%	$189.3M	$866.6M	100x	as long as short
Phemex BTCUSDT	+0.0074%	8h	86,169.2	−0.048%	$167.9M	$498.5M	150x	as long as short
Phoenix BTC	+0.0075%	1h	86,283	+0.084%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,178.9	−0.037%	$173.7M	$969.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,187.8	−0.027%	$23.4M	$137.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,186	−0.029%	$8.8M	$52.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,171.9	−0.045%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,164	−0.055%	$222K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,221.4	+0.012%	$6.1M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,186.5	−0.028%	$22.0M	$210.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,222.9	+0.014%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,171	−0.046%	$9.47B	$23.05B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,159.5	−0.060%	$2.62B	$10.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,189	−0.026%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.4	+0.014%	$4.6M	$93.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.040%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,183.1	−0.032%	$5.47B	$10.32B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,172.4	−0.045%	$5.08B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,174.5	−0.042%	$2.99B	$4.54B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,188.2	−0.026%	$37.6M	$187.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,275.4	+0.075%	$158.2M	$510.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.065%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.038%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.069%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,255.9	+0.052%	$30.4M	$212.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,272.9	+0.072%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,194	−0.020%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,190.8	−0.023%	$207K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,182.2	−0.033%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,196.5	−0.017%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,170	−0.048%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,170.7	−0.047%	$2.28B	$909.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,147.9	−0.073%	$46.4M	$219.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,196	−0.017%	—	$93.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,217.7	+0.008%	$112.7M	$5.27B	50x	as long as short
Hyperliquid BTC	+0.0138%	1h	86,269	+0.067%	$3.88B	$4.74B	40x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,154.3	−0.066%	$6.7M	$132.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	86,226.9	+0.018%	$835.6M	$1.61B	50x	as long as short
Kalshi KXBTCPERPlong	+0.0186%	8h	86,211	long leg	$11.1M	$725.9M	6.4x
RISEx BTC/USDC	+0.0194%	1h	86,253.2	+0.049%	$9.0M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,185.1	−0.030%	$13.3M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,292.6	+0.095%	$684K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0403%	1h	86,242.2	+0.036%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,219.8	+0.010%	$495K	$16.5M	6.7x	as long as short