Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.018%

Price spread now: Kalshi against Lighter RH+0.025%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$120.120% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 7 days+0.009%+$1 · spread now +0.025%, 7d avg −0.013%

Together, before fees−0.036%+ Points / potential airdropLighter RH: Points live · farm board−$4 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 RH 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 RH BTC	86,575.5	0.0096	pay 0.0012% / 1h	3m 30s	$24.1M	$154.3M	50x
Short	Kalshi KXBTCPERP	86,597	0.0172	get 0.0172% / 8h	6h 03m	$9.5M	$727.4M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now +0.025%Rate

Funding earned: $16
Price spread: +0.025% → −0.013%: $3.78
Slippage, 4 orders: −$1.97
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $7.81
Costs to cover: 0.120%
Break-even: 3.6 days

Slippage from Lighter RH: 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 RH live order book, 6 min ago	0.40 bp	0.4 bp $0	0.6 bp −$6	2.8 bp −$281	26.7 bp −$13.4K
Sell Kalshi live order book, 6 min ago	0.23 bp	5.4 bp −$5	6.9 bp −$69	7.6 bp −$758	12.5 bp −$6,230

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
Aftermath Perps BTCUSD	−0.0255%	1h	86,618	+0.049%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,582.2	+0.008%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.025%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,551	−0.028%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.018%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,540.4	−0.041%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,576.4	+0.001%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,586.7	+0.013%	$927.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	+0.006%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,544.7	−0.036%	$850.7M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,552.9	−0.026%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,558.4	−0.020%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,559.8	−0.018%	$149.5M	$472.1M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,554.2	−0.025%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.225%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,553	−0.026%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,558	−0.020%	$5.19B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558	−0.020%	$9.42B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,585	+0.011%	$8.7M	$43.1M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,554.8	−0.024%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,559.5	−0.018%	$5.27B	$9.73B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,568.9	−0.008%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,575.5	long leg	$24.1M	$154.3M	50x
Popdex BTCUSDT	+0.0096%	1h	86,558	−0.020%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0097%	8h	86,557.1	−0.021%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,543	−0.038%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,606.6	+0.036%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.1	−0.020%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,626	+0.058%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,592.1	+0.019%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,550	−0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,629.9	+0.063%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.123%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,554.8	−0.024%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.034%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,557.7	−0.021%	$279.5M	$942.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.015%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.012%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.023%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,609.2	+0.039%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,556	−0.023%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559	−0.019%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,564.2	−0.013%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,579.4	+0.005%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,557.6	−0.021%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	−0.015%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,549	−0.031%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.2	−0.026%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.5	−0.031%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	+0.011%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,584.8	+0.011%	$186.9M	$934.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,598	+0.026%	$131.8M	$5.82B	50x	as long as short
Kalshi KXBTCPERPshort	+0.0172%	8h	86,597	+0.025%	$9.5M	$727.4M	6.4x
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	+0.022%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	−0.020%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,573	−0.003%	$15.0M	—	200x	as long as short