Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.4% APRpaid last 24h −0.019%

Price spread now: Kalshi against Ondo Perps+0.098%7-day average −0.005% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 7 days+0.169%+$17 · spread now +0.098%, 7d avg −0.005%

Together, before fees+0.113%+ Points / potential airdropOndo Perps: Active · farm board+$11 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 0.103% dearer against Ondo Perps than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.056%, 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	Ondo Perps BTC-USD.P	86,612	0.0100	pay 0.0013% / 1h	9m 17s	$3.9M	$18.6M	25x
Short	Kalshi KXBTCPERP	86,697	0.0167	get 0.0167% / 8h	6h 09m	$9.5M	$727.7M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. 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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now +0.098%Rate

Funding earned: $14.11
Price spread: +0.098% → −0.005%: $10.33
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $9.44
Costs to cover: 0.150%
Break-even: 2.3 days

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.23 bp	5.5 bp −$6	7.0 bp −$70	7.7 bp −$766	12.5 bp −$6,273

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0249%	1h	86,701.3	+0.103%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,643.1	+0.036%	$427K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.067%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,672	+0.069%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,646.1	+0.039%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,641.7	+0.034%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,652.8	+0.047%	$928.0M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0002%	8h	86,600	−0.014%	$505.6M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,638.9	+0.031%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,603.6	−0.010%	$850.9M	$708.3M	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	86,610.5	−0.002%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,611.5	−0.001%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,618.5	+0.008%	$150.0M	$471.8M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,610.4	−0.002%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.182%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,620.2	+0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,613.9	+0.002%	$5.20B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,612	0.000%	$9.43B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,634.2	+0.026%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,605.7	−0.007%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,611.4	−0.001%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0093%	8h	86,627.1	+0.017%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,626.3	+0.017%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,640.9	+0.033%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,613	+0.001%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,609	−0.003%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,671.6	+0.069%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,606.6	−0.006%	$21.6M	$235.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,689.6	+0.090%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650.8	+0.045%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,612	long leg	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,687.3	+0.087%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.081%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.9	+0.014%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.070%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,681.2	+0.080%	$280.0M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.4	+0.080%	$217.5M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,695.9	+0.097%	$141.5M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,717.6	+0.122%	$30.8M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.8	+0.077%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,616	+0.005%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,612	0.000%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,640.9	+0.033%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,644.3	+0.037%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.7	+0.012%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,675.1	+0.073%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,619	+0.008%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,616.5	+0.005%	$2.30B	$960.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,612.8	+0.001%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,653.3	+0.048%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,649.9	+0.044%	$187.4M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,664.6	+0.061%	$131.7M	$5.83B	50x	as long as short
Kalshi KXBTCPERPshort	+0.0167%	8h	86,697	+0.098%	$9.5M	$727.7M	6.4x
BloFin BTC-USDT	+0.0179%	8h	86,619.9	+0.009%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,635.1	+0.027%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,702.6	+0.105%	$779K	$7.9M	30x	as long as short