Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h −0.019%

Price spread now: Kalshi against Polymarket Perps+0.087%7-day average +0.007% · 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−$11as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.058%−$6 · spread now +0.087%, 7d avg +0.007%

Together, before fees−0.124%−$12 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 0.080% dearer against Polymarket Perps than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.007%. 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	Polymarket Perps BTC-USD	86,355	0.0100	pay 0.0013% / 1h	38m 33s	$11.1M	$14.1M	50x
Short	Kalshi KXBTCPERP	86,430	0.0210	get 0.0210% / 8h	3h 38m	$9.9M	$762.4M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now +0.087%Rate

Funding earned: $23.09
Price spread: +0.087% → +0.007%: $8.01
Slippage, 4 orders: −$1.1
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $12
Costs to cover: 0.191%
Break-even: 3.4 days

Slippage from Polymarket Perps: live order book, 6 min ago; Kalshi: live order book, 6 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 Polymarket Perps live order book, 6 min ago	0.06 bp	4.3 bp −$4	4.9 bp −$49	8.2 bp −$822	doesn't fit
Sell Kalshi live order book, 6 min ago	0.29 bp	5.4 bp −$5	6.2 bp −$62	7.4 bp −$738	12.0 bp −$6,004

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	−0.0129%	1h	86,448	+0.108%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,388	+0.038%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,357.4	+0.003%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,435.6	+0.093%	$499K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,397.7	+0.049%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,402.9	+0.055%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	86,402.9	+0.055%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,353.7	−0.002%	$500.8M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.302%	$333K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,356.4	+0.002%	$153.5M	$475.3M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	86,358	+0.003%	$830.7M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,355.6	+0.001%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0049%	8h	86,360.5	+0.006%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,365.9	+0.013%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,349.6	−0.006%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,350.5	−0.005%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,352.4	−0.003%	$9.40B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,349.2	−0.007%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,361.1	+0.007%	$170.1M	$984.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,370.4	+0.018%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,355	0.000%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,333	−0.025%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,378.2	+0.027%	$4.5M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,364.6	+0.011%	$21.9M	$229.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,415	+0.069%	$3.79B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,389.6	+0.040%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,361.8	+0.008%	$5.25B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,366	+0.013%	$2.56B	$12.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,360	+0.006%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,386.7	+0.037%	$7.2M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.008%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,362.2	+0.008%	$5.81B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,355.4	0.000%	$37.5M	$155.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.004%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,362.3	+0.008%	$278.9M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.132%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,361.6	+0.008%	$141.6M	$322.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,384.9	+0.035%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,405.4	+0.058%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	86,355	long leg	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	86,390	+0.041%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,372.7	+0.020%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,405.1	+0.058%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.2	+0.049%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	+0.008%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,360	+0.006%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350	−0.006%	$2.29B	$963.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,346.7	−0.010%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,414.7	+0.069%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,397.8	+0.050%	$132.2M	$5.46B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,384.1	+0.034%	$192.1M	$943.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,435.3	+0.093%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,418.2	+0.073%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,346.7	−0.010%	$415.9M	$648.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,402.4	+0.055%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0210%	8h	86,430	+0.087%	$9.9M	$762.4M	6.4x