Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.002%

Price spread now: Kalshi against Phoenix−0.135%74s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.106%+$11 · spread now −0.135%, 7d avg −0.055%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.080% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.135% now, against its 7-day average of −0.055%). If the spread goes back, that is −$8 on $10k: about 19 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.062% in total) that is about 9.1 days. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,372	−0.0129	get 0.0016% / 1h	9m 32s	$2.2M	$11.2M	40x
Short	Kalshi KXBTCPERP	86,255	0.0206	get 0.0206% / 8h	3h 09m	$10.6M	$766.2M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.135%Rate

Funding earned: $70.4
Price spread: −0.135% → −0.055%: −$8
Slippage, 4 orders: −$1.22
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $44.18
Costs to cover: 0.182%
Break-even: 2.6 days

Slippage from Phoenix: live order book, 5 min ago; Kalshi: live order book, 5 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 Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell Kalshi live order book, 5 min ago	0.23 bp	5.5 bp −$6	6.2 bp −$62	8.1 bp −$806	14.3 bp −$7,151

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 BTClong	−0.0129%	1h	86,372	long leg	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,220	−0.176%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,180.3	−0.222%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,230.2	−0.164%	$569K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,234	−0.160%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0021%	1h	86,240.5	−0.152%	$144K	$666K	40x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	−0.008%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,219	−0.177%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,192.7	−0.208%	$499.6M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0045%	8h	86,203.7	−0.195%	$829.6M	$714.9M	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	+0.0049%	1h	86,211.1	−0.186%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0052%	8h	86,225.1	−0.170%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,199.5	−0.200%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,226.1	−0.169%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0076%	1h	86,161	−0.244%	$60.4M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,187.9	−0.213%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,206.4	−0.192%	$5.11B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,187.2	−0.214%	$9.39B	$24.20B	150x	as long as short
Gate BTC_USDT	+0.0085%	8h	86,213.9	−0.183%	$5.77B	$10.63B	200x	as long as short
HTX BTC-USDT	+0.0092%	8h	86,143.5	−0.265%	$2.29B	$957.6M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,219.2	−0.177%	$170.2M	$993.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,220.5	−0.175%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,184	−0.218%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,168	−0.236%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,245.1	−0.147%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,268.6	−0.120%	$22.1M	$225.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,262	−0.127%	$3.78B	$4.95B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,239.3	−0.154%	$40.9M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,193.9	−0.206%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,203.9	−0.195%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,188	−0.213%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,212.8	−0.184%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.262%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,173	−0.230%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.193%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.1	−0.199%	$278.4M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	−0.123%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,239.5	−0.153%	$141.2M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.7	−0.194%	$30.6M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,263.6	−0.126%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,214	−0.183%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,218.8	−0.177%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,211.8	−0.185%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,222.5	−0.173%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,189.1	−0.212%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,177.3	−0.225%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,206.4	−0.192%	$46.0M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,234.7	−0.159%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,207.6	−0.190%	$132.2M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,187.7	−0.213%	$191.4M	$949.9M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,228.9	−0.166%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,280.7	−0.106%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,210	−0.188%	$415.5M	$641.1M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0205%	1h	86,251.3	−0.140%	$902.6M	$1.51B	50x	as long as short
Kalshi KXBTCPERPshort	+0.0206%	8h	86,255	−0.135%	$10.6M	$766.2M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,230.2	−0.164%	$14.5M	—	200x	as long as short