Funding you earn now, next payment 08:00 UTC+0.0118%/8h= +12.9% APRnext payment +$1.18 per $10,000 · paid last 24h +0.009%
Price spread now: Kalshi against Phemex+0.043%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$220.225% of the position
Funding, last 7 days+0.056%+$6 on $10k
+Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.043%, 7d avg 0.000%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.043% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of 0.000%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,412 | 0.0088 | pay 0.0088% / 8h | 1h 58m | $149.2M | $507.7M | 150x |
| Short | Kalshi KXBTCPERP | 85,449 | 0.0206 | get 0.0206% / 8h | 5h 58m | $11.5M | $743.1M | 6.4x |
Phemex BTCUSDT
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $24.81
- Price spread: +0.043% → 0.000%
- $4.29
- Slippage, 4 orders
- −$0.49
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $6.61
- Costs to cover
- 0.225%
- Break-even
- 5.1 days
Slippage from Phemex: live order book, 6 min ago; Kalshi: live order book, 1 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 Phemex live order book, 6 min ago | 0.01 bp | 6.0 bp −$6 | 6.2 bp −$62 | 7.6 bp −$763 | doesn't fit |
| Sell Kalshi live order book, 1 min ago | 0.06 bp | 5.2 bp −$5 | 6.6 bp −$66 | 7.4 bp −$736 | 11.5 bp −$5,754 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0111% | 1h | 85,504 | +0.108% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,437 | +0.029% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0049% | 8h | 85,418.7 | +0.008% | $927.9M | $771.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,375.6 | −0.043% | $419.9M | $683.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,423.8 | +0.014% | $513.7M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,447.4 | +0.041% | $354K | $2.4M | 50x | as long as short |
| Nado BTC-PERP | −0.0003% | 1h | 85,430.5 | +0.022% | $24.5M | $222.7M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,435.2 | +0.027% | $16.7M | $21.5M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,437.2 | +0.030% | $528K | $18.3M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | +0.0004% | 1h | 85,431.6 | +0.023% | $868.4M | $1.62B | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
Perpl BTC
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,421.3 | +0.011% | $36.5M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | −0.008% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,433.9 | +0.026% | — | $1.56B | — | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,426.1 | +0.017% | $2.95B | $5.18B | 150x | as long as short |
| Phemex BTCUSDTlong | +0.0088% | 8h | 85,412 | long leg | $149.2M | $507.7M | 150x | |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,406.3 | −0.007% | $188.0M | $955.3M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,420.8 | +0.010% | $170.8M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,421.4 | +0.011% | $23.6M | $147.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,444 | +0.037% | $8.4M | $55.9M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,433.1 | +0.025% | $5.02B | $5.72B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,398.8 | −0.015% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,430.1 | +0.021% | $9.45B | $24.98B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,416 | +0.005% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,484.2 | +0.085% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,489 | +0.090% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,460 | +0.056% | $40.1M | $602.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,428.2 | +0.019% | $5.15B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,443.5 | +0.037% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,426 | +0.016% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,443.9 | +0.037% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,407.7 | −0.005% | $5.51B | $10.94B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,397.6 | −0.017% | $36.9M | $180.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,449.7 | +0.044% | $155.0M | $560.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,469 | +0.067% | $280.0M | $954.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,473.2 | +0.072% | $214.6M | $167.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,469.9 | +0.068% | $139.7M | $314.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,423.7 | +0.014% | $30.1M | $206.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,485.8 | +0.086% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,432 | +0.023% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,423.1 | +0.013% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,411.6 | 0.000% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,444.8 | +0.038% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,387.6 | −0.029% | $30.0M | $47.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,359.3 | −0.062% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,401 | −0.013% | $59.8M | $336.7M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,408.6 | −0.004% | $2.26B | $959.0M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,476.9 | +0.076% | $684.3M | $499.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,403.3 | −0.010% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,387 | −0.029% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,452.4 | +0.047% | $117.6M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0121% | 1h | 85,418.4 | +0.007% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,424.7 | +0.015% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,465 | +0.062% | $8.8M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERPshort | +0.0206% | 8h | 85,449 | +0.043% | $11.5M | $743.1M | 6.4x | |
| Aftermath Perps BTCUSD | +0.0233% | 1h | 85,465.7 | +0.063% | $79K | $229K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,422.4 | +0.012% | $691K | $8.0M | 30x | as long as short |
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
BingX BTC-USDT
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P