Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0119%/8h= +13.1% APRpaid last 24h −0.007%

Price spread now: Kalshi against SoDEX+0.014%7-day average +0.002% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now +0.014%, 7d avg +0.002%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	86,365	0.0087	pay 0.0011% / 1h	22m 28s	$60.3M	$338.0M	40x
Short	Kalshi KXBTCPERP	86,377	0.0206	get 0.0206% / 8h	4h 22m	$9.7M	$749.3M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.014%Rate

Funding earned: $25.03
Price spread: +0.014% → +0.002%: $1.19
Slippage, 4 orders: −$0.92
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $7.3
Costs to cover: 0.189%
Break-even: 5.0 days

Slippage from SoDEX: live order book, 2 min ago; Kalshi: live order book, 2 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 SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	5.2 bp −$518	43.1 bp −$21.6K
Sell Kalshi live order book, 2 min ago	0.35 bp	5.3 bp −$5	6.5 bp −$65	7.5 bp −$748	12.2 bp −$6,080

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	−0.0118%	1h	86,430	+0.075%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,360	−0.006%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.023%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,432.2	+0.078%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,428.1	+0.073%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,423.6	+0.068%	$501.4M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,361.4	−0.004%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.4	+0.013%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,402.3	+0.043%	$849.9M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,409.8	+0.052%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0042%	8h	86,418.7	+0.062%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,408.1	+0.050%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,375.2	+0.012%	$150.3M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,411.1	+0.053%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,395.5	+0.035%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,425	+0.069%	$9.42B	$24.59B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,358.4	−0.008%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	86,409.2	+0.051%	$914.2M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,412.4	+0.055%	$5.86B	$10.78B	200x	as long as short
SoDEX BTC-USDlong	+0.0087%	1h	86,365	long leg	$60.3M	$338.0M	40x
Lighter BTC	+0.0096%	1h	86,409.3	+0.051%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,390.8	+0.030%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,426	+0.071%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,434.4	+0.080%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,404	+0.045%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,447.8	+0.096%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,366.2	+0.001%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,451	+0.100%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,428.7	+0.074%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,416.4	+0.060%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.053%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,452.9	+0.102%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.6	+0.001%	$37.9M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.047%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	+0.011%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.061%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	+0.012%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,377.3	+0.014%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,447.1	+0.095%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,419	+0.063%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359	−0.007%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,361	−0.005%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,396.7	+0.037%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,401.3	+0.042%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,321.1	−0.051%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,352.6	−0.014%	$2.29B	$969.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.116%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,401.4	+0.042%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,355.4	−0.011%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,399.5	+0.040%	$191.7M	$955.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,417	+0.060%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	86,442.9	+0.090%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	+0.025%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	0.000%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,368.4	+0.004%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0206%	8h	86,377	+0.014%	$9.7M	$749.3M	6.4x