Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0077%/8h= −8.4% APRpaid last 24h −0.003%

Price spread now: Kalshi against RISEx−0.031%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.037%−$4 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.031%, 7d avg −0.012%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,233.7	0.0257	pay 0.0032% / 1h	29m 09s	$8.6M	$43.1M	25x
Short	Kalshi KXBTCPERP	85,207	0.0180	get 0.0180% / 8h	6h 29m	$11.3M	$744.5M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now −0.031%Rate

Funding earned: −$16.2
Price spread: −0.031% → −0.012%: −$1.97
Slippage, 4 orders: −$2.58
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$36.75
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 5 min ago	0.23 bp	3.2 bp −$3	3.3 bp −$33	12.3 bp −$1,232	doesn't fit
Sell Kalshi live order book, 5 min ago	0.35 bp	5.6 bp −$6	7.0 bp −$70	7.6 bp −$761	12.3 bp −$6,172

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
Perpl BTC	−0.0112%	43m	85,184.9	−0.057%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	−0.035%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,194	−0.047%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,140.6	−0.109%	$921.3M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	−0.052%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,224.1	−0.011%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,150.6	−0.098%	$511.9M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	−0.067%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,198.4	−0.041%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.010%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0025%	1h	85,187.4	−0.054%	$24.7M	$222.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,168.3	−0.077%	$187.0M	$955.3M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,138.1	−0.112%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,156	−0.091%	$148.4M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,171.6	−0.073%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,148.6	−0.100%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,155.2	−0.092%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,165.5	−0.080%	$9.41B	$24.82B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,207.2	−0.031%	$870.9M	$1.61B	50x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,185	−0.057%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,162.9	−0.083%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,169.7	−0.075%	$23.7M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,217	−0.020%	$8.4M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,187.9	−0.054%	$116.8M	$5.35B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,197	−0.043%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,247.1	+0.016%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,277	+0.051%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,199.3	−0.040%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,152.3	−0.096%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,154.8	−0.093%	$2.58B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,204	−0.035%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,210.6	−0.027%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.059%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,188.7	−0.053%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,144.1	−0.105%	$35.9M	$174.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.143%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.118%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.111%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.127%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	−0.091%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.4	+0.034%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	−0.050%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,178.4	−0.065%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,215.9	−0.021%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,155.7	−0.092%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	−0.061%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,157	−0.090%	$59.6M	$335.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,187.2	−0.055%	$2.25B	$946.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,148.7	−0.100%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,202.2	−0.037%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,192.4	−0.048%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,189.4	−0.052%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0180%	8h	85,207	−0.031%	$11.3M	$744.5M	6.4x
Aftermath Perps BTCUSD	+0.0209%	1h	85,232.8	−0.001%	$79K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,202.4	−0.037%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDClong	+0.0257%	1h	85,233.7	long leg	$8.6M	$43.1M	25x