BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0110%/8h= +12.1% APRnext payment +$1.10 per $10,000 · paid last 24h −0.019%

Price spread now: Kalshi against Orderly+0.104%7-day average −0.003% · you sell dearer than you buy

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

Long on Orderly Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.104%, 7d avg −0.003%

Together, before fees−0.133%−$13 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 0.107% dearer against Orderly than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.003%. Mind the row above: over the last 7 days funding on this pair cost −0.065%, 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	Orderly PERP_BTC_USDC	86,442.9	0.0100	pay 0.0100% / 8h	7h 56m	$2.5M	$9.3M	100x
Short	Kalshi KXBTCPERP	86,533	0.0210	get 0.0210% / 8h	3h 56m	$9.2M	$758.0M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Orderly. 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 OrderlybpFee KalshibpOrdersPrice spread, now +0.104%Rate

Funding earned: $23.2
Price spread: +0.104% → −0.003%: $10.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $17.88
Costs to cover: 0.160%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Kalshi: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	0.23 bp	5.3 bp −$5	6.6 bp −$66	8.1 bp −$812	13.9 bp −$6,938

Orderly: 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
Bluefin BTC-PERP	−0.1481%	1h	86,487.5	+0.052%	$140K	$664K	40x	as long as short
Phoenix BTC	−0.0118%	1h	86,544	+0.117%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,443	0.000%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,426.3	−0.019%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,457.4	+0.017%	$416K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,433.3	−0.011%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0009%	1h	86,458.7	+0.018%	$16.9M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,421.2	−0.025%	$501.3M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.200%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,419.5	−0.027%	$833.9M	$727.4M	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	+0.0040%	1h	86,409.4	−0.039%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0046%	8h	86,392.4	−0.058%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,429.3	−0.016%	$8.4M	$42.8M	25x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,411.3	−0.037%	$2.96B	$5.11B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0059%	1h	86,483.2	+0.047%	$908.5M	$1.50B	50x	as long as short
SoDEX BTC-USD	+0.0071%	1h	86,439	−0.005%	$60.4M	$338.1M	40x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,407	−0.042%	$5.14B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,404.7	−0.044%	$9.43B	$24.52B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,468.9	+0.030%	$2.5M	$1.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,460.2	+0.020%	$170.2M	$979.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,461.4	+0.021%	$23.7M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,418	−0.029%	$8.4M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,418.8	−0.028%	$5.26B	$9.77B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,405	−0.044%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,478	+0.041%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,449.6	+0.008%	$22.1M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,502	+0.068%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,477.5	+0.040%	$40.8M	$540.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,422.5	−0.024%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,451	+0.009%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.2	+0.023%	$7.3M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.093%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,439.8	−0.004%	$5.86B	$10.42B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,438.2	−0.005%	$37.7M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	+0.129%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,572.4	+0.150%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,585.4	+0.165%	$217.4M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,575	+0.153%	$141.8M	$323.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,491	+0.056%	$30.7M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,477.5	+0.040%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,416	−0.031%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,409.8	−0.038%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,442.9	long leg	$2.5M	$9.3M	100x
Derive BTC-PERP	+0.0100%	1h	86,480.6	+0.044%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,486.5	+0.050%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,439.2	−0.004%	$2.29B	$969.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,450.1	+0.008%	$152.9M	$479.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,411.3	−0.037%	$45.8M	$224.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,466.3	+0.027%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,481.8	+0.045%	$132.4M	$5.62B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,465.1	+0.026%	$193.1M	$951.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,537.8	+0.110%	$78K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,563.5	+0.139%	$716K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,444.4	+0.002%	$414.8M	$658.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0224%	1h	86,488	+0.052%	$14.9M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0210%	8h	86,533	+0.104%	$9.2M	$758.0M	6.4x