Funding you earn now, next payment 08:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h −0.007%
Price spread now: Kalshi against Lighter+0.025%7-day average −0.013% · you sell dearer than you buy
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$7as in the Price arb table
costs, in and out, $10k−$110.113% of the position
Funding, last 7 days−0.018%−$2 on $10k
+Price spread, last 7 days−0.002%$0 · spread now +0.025%, 7d avg −0.013%
=Together, before fees−0.020%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.038% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.013%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter BTC | 85,323.9 | 0.0096 | pay 0.0012% / 1h | 38m 19s | $168.7M | $1.02B | 50x |
| Short | Kalshi KXBTCPERP | 85,345 | 0.0173 | get 0.0173% / 8h | 4h 38m | $12.0M | $736.3M | 6.4x |
Lighter BTC
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Lighter. 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
- $16.14
- Price spread: +0.025% → −0.013%
- $3.81
- Slippage, 4 orders
- −$1.29
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $8.66
- Costs to cover
- 0.113%
- Break-even
- 3.2 days
Slippage from Lighter: live order book, 6 min ago; Kalshi: live order book, 6 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 Lighter live order book, 6 min ago | 0.01 bp | 0.0 bp $0 | 0.2 bp −$2 | 1.0 bp −$99 | 3.4 bp −$1,676 |
| Sell Kalshi live order book, 6 min ago | 0.12 bp | 5.2 bp −$5 | 6.7 bp −$67 | 7.4 bp −$738 | 11.4 bp −$5,698 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,307 | −0.020% | $8K | $3K | 50x | as long as short |
| Phoenix BTC | −0.0034% | 1h | 85,392 | +0.080% | $2.3M | $10.8M | 40x | as long as short |
| KuCoin XBTUSDTM | −0.0025% | 8h | 85,304.9 | −0.022% | $929.4M | $775.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0022% | 8h | 85,311.6 | −0.014% | $420.7M | $681.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0006% | 8h | 85,293.4 | −0.036% | $510.0M | $1.08B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,317.1 | −0.008% | $347K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,321.8 | −0.002% | $464K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0004% | 1h | 85,342.5 | +0.022% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,309.4 | −0.017% | $36.5M | — | 200x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,294.8 | −0.034% | $186.1M | $953.0M | 100x | as long as short |
Hotstuff BTC-PERP
Phoenix BTC
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni BTCUSDT | +0.0063% | 1h | 85,387.6 | +0.075% | $139.8M | $312.7M | 100x | as long as short |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,342 | +0.021% | $338K | $24.7M | 52x | as long as short |
| BingX BTC-USDT | +0.0067% | 8h | 85,297 | −0.032% | — | $1.57B | — | as long as short |
| Bybit BTCUSDT | +0.0082% | 8h | 85,288.4 | −0.042% | $5.13B | $9.98B | 150x | as long as short |
| Nado BTC-PERP | +0.0083% | 1h | 85,305.3 | −0.022% | $24.1M | $220.3M | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0087% | 1h | 85,327.1 | +0.004% | $840.9M | $1.66B | 50x | as long as short |
| Bitget BTCUSDT | +0.0092% | 8h | 85,300 | −0.028% | $2.97B | $5.18B | 150x | as long as short |
| Lighter BTClong | +0.0096% | 1h | 85,323.9 | long leg | $168.7M | $1.02B | 50x | |
| Lighter RH BTC | +0.0096% | 1h | 85,317.6 | −0.007% | $23.6M | $148.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,306 | −0.021% | $8.4M | $57.4M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,297.3 | −0.031% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0098% | 8h | 85,302.2 | −0.025% | $5.05B | $5.73B | 500x | as long as short |
| Binance BTCUSDT | +0.0098% | 8h | 85,300.4 | −0.028% | $9.40B | $25.02B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,286 | −0.044% | $270K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,350.4 | +0.031% | $5.8M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,378 | +0.063% | $3.75B | $5.07B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,342.4 | +0.022% | $40.0M | $606.5M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,300 | −0.028% | $2.60B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,303 | −0.024% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,316.3 | −0.009% | $4.7M | $96.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,303.3 | −0.024% | $5.51B | $11.04B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,300.8 | −0.027% | $37.4M | $185.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,361.8 | +0.044% | $156.0M | $553.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,384 | +0.070% | $283.1M | $956.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,395.4 | +0.084% | $214.4M | $158.5M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,331 | +0.008% | $30.1M | $210.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,371.6 | +0.056% | — | $10.1M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,304 | −0.023% | $11.0M | $14.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,305 | −0.022% | $197K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,297.7 | −0.031% | $2.6M | $9.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,334 | +0.012% | $194K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,320.3 | −0.004% | $29.9M | $45.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,309.9 | −0.016% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,293 | −0.036% | $59.7M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,312.5 | −0.013% | $2.25B | $967.7M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,332.4 | +0.010% | $159.0M | $514.6M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,299.3 | −0.029% | $693.1M | $258.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,276.3 | −0.056% | $45.5M | $241.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,314.2 | −0.011% | — | $105.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,351.9 | +0.033% | $112.2M | $5.48B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0138% | 1h | 85,292.2 | −0.037% | $6.6M | $145.8M | 40x | as long as short |
| Kalshi KXBTCPERPshort | +0.0173% | 8h | 85,345 | +0.025% | $12.0M | $736.3M | 6.4x | |
| RISEx BTC/USDC | +0.0174% | 1h | 85,328 | +0.005% | $8.8M | $42.8M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0147% | 1h | 85,308.1 | −0.019% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,366.7 | +0.050% | $683K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0297% | 1h | 85,383.8 | +0.070% | $79K | $252K | 20x | as long as short |
ApeX Omni BTCUSDT
Injective BTC/USDC PERP
BingX BTC-USDT
Bybit BTCUSDT
Nado BTC-PERP
Deribit BTC-PERPETUAL
Bitget BTCUSDT
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
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
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD