Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h −0.019%

Price spread now: Kalshi against Pacifica+0.016%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Pacifica Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 7 days+0.003%$0 · spread now +0.016%, 7d avg −0.026%

Together, before fees−0.046%+ Points / potential airdropPacifica: 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 0.042% dearer against Pacifica than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica BTC	86,338.3	0.0100	pay 0.0013% / 1h	10m 30s	$40.7M	$513.8M	50x
Short	Kalshi KXBTCPERP	86,352	0.0199	get 0.0199% / 8h	5h 10m	$9.8M	$734.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Pacifica. 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 PacificabpFee KalshibpOrdersPrice spread, now +0.016%Rate

Funding earned: $20.77
Price spread: +0.016% → −0.026%: $4.21
Slippage, 4 orders: −$3.28
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $3.7
Costs to cover: 0.213%
Break-even: 5.8 days

Slippage from Pacifica: 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 Pacifica live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	0.64 bp	6.4 bp −$6	7.0 bp −$70	9.7 bp −$965	14.5 bp −$7,249

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	−0.0631%	1h	86,336.6	−0.002%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	+0.021%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,314	−0.028%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,304.3	−0.039%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,286.2	−0.060%	$502.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,298.1	−0.047%	$850.9M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,290.8	−0.055%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	+0.018%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,302.3	−0.042%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,257.5	−0.094%	$6.7M	$145.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.025%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0027%	1h	86,357	+0.022%	$917.7M	$1.49B	50x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,263.4	−0.087%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,323.2	−0.017%	$150.0M	$476.7M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,285.9	−0.061%	$2.94B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0048%	1h	86,397.1	+0.068%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,270.7	−0.078%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,274.9	−0.073%	$9.41B	$24.46B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,315.2	−0.027%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,303	−0.041%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0094%	8h	86,280.1	−0.067%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,321.1	−0.020%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,329.6	−0.010%	$24.0M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.047%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,281	−0.066%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.9	−0.002%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,321	−0.020%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,356	+0.021%	$3.79B	$5.10B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	86,338.3	long leg	$40.7M	$513.8M	50x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,296.6	−0.048%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,299	−0.045%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,359.5	+0.025%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.020%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,317.1	−0.025%	$37.8M	$154.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.065%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	+0.014%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.023%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	+0.018%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	−0.007%	$30.6M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	+0.014%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.062%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,279	−0.069%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,322.2	−0.019%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,338	0.000%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,327.5	−0.012%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,322	−0.019%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.6	−0.024%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,288.1	−0.058%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,315.3	−0.027%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,328.8	−0.011%	$420K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,362.4	+0.028%	$131.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.060%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,344.5	+0.007%	$191.1M	$944.8M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	0.000%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0209%	1h	86,284.5	−0.062%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0199%	8h	86,352	+0.016%	$9.8M	$734.8M	6.4x