Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h −0.019%

Price spread now: Kalshi against Nado+0.020%7-day average −0.009% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Nado Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.058%−$6 on $10k

Price spread, last 7 days+0.003%$0 · spread now +0.020%, 7d avg −0.009%

Together, before fees−0.055%+ Points / potential airdropNado: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.029% dearer against Nado than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.009%. Mind the row above: over the last 3 days funding on this pair cost −0.058%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,550	0.0100	pay 0.0012% / 1h	20m 38s	$22.0M	$234.4M	50x
Short	Kalshi KXBTCPERP	86,567	0.0198	get 0.0198% / 8h	5h 20m	$9.7M	$733.7M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. 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 NadobpFee KalshibpOrdersPrice spread, now +0.020%Rate

Funding earned: $20.49
Price spread: +0.020% → −0.009%: $2.9
Slippage, 4 orders: −$0.72
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $5.67
Costs to cover: 0.177%
Break-even: 5.1 days

Slippage from Nado: live order book, 4 min ago; Kalshi: 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 Nado live order book, 4 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	5.0 bp −$499	10.9 bp −$5,447
Sell Kalshi live order book, 4 min ago	0.23 bp	5.3 bp −$5	6.9 bp −$69	7.6 bp −$756	12.0 bp −$5,983

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
Bluefin BTC-PERP	−0.0933%	1h	86,547.7	−0.003%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	−0.054%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,498	−0.060%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0013%	1h	86,523.3	−0.031%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,498.9	−0.059%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,492.5	−0.066%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,544.6	−0.006%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,562.3	+0.014%	$921.1M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,507.8	−0.049%	$851.3M	$711.5M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,541	−0.010%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,546.4	−0.004%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,497.3	−0.061%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,502	−0.055%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.010%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,519.8	−0.035%	$149.8M	$476.6M	150x	as long as short
BingX BTC-USDC	+0.0035%	8h	86,477.1	−0.084%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0045%	8h	86,493.2	−0.066%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,497	−0.061%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,531.8	−0.021%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,489.8	−0.069%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,493.8	−0.065%	$5.85B	$10.73B	200x	as long as short
Hibachi BTC/USDT-P	+0.0080%	1h	86,530.7	−0.022%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0091%	8h	86,485	−0.075%	$5.26B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,506.6	−0.050%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,521.4	−0.033%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,489	−0.070%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,473	−0.089%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,549.3	−0.001%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,550	long leg	$22.0M	$234.4M	50x
Hyperliquid BTC	+0.0100%	1h	86,567	+0.020%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,531.2	−0.022%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,482.7	−0.078%	$2.54B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,504	−0.053%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,565	+0.017%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	−0.059%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,493.8	−0.065%	$37.9M	$155.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.203%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.175%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	−0.075%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.099%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483.3	−0.077%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,567.2	+0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,514	−0.042%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,528	−0.025%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,540.3	−0.011%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.9	−0.028%	$30.3M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,489.1	−0.070%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,531	−0.022%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,509.4	−0.047%	$2.30B	$968.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,465.9	−0.097%	$45.4M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,578.5	+0.033%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,567.6	+0.020%	$132.0M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,553.9	+0.005%	$191.5M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,513.9	−0.042%	$415.8M	$654.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0211%	1h	86,537	−0.015%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0198%	8h	86,567	+0.020%	$9.7M	$733.7M	6.4x