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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.014%
Price spread now: Kalshi against 01 Exchange+0.023%7-day average 0.000% · 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−$17as in the Price arb table
costs, in and out, $10k−$200.197% of the position
Long on 01 ExchangeShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.031%+$3 on $10k
Price spread, last 7 days−0.016%−$2 · spread now +0.023%, 7d avg 0.000%
Together, before fees+0.015%+$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kalshi is 0.023% dearer against 01 Exchange than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of 0.000%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.031% in total (about 3.4% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
Long01 Exchange BTCUSD86,526.3−0.0024get 0.0003% / 1h49m 18s$358K$2.5M50x
ShortKalshi KXBTCPERP86,5460.0205get 0.0205% / 8h4h 49m$9.8M$740.8M6.4x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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

Funding earned
$48.11
Price spread: +0.023% → 0.000%
$2.32
Slippage, 4 orders
−$2.71
Fee 01 Exchange: 3.5 bp × 2 orders
−$7
Fee Kalshi: 5 bp × 2 orders
−$10
Net
$30.72
Costs to cover
0.197%
Break-even
2.5 days
Slippage from 01 Exchange: 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
LegHalf-spread$10k$100k$1M$5M
Buy 01 Exchange live order book, 5 min ago0.05 bp5.0 bp −$510.1 bp −$101doesn't fitdoesn't fit
Sell Kalshi live order book, 5 min ago0.23 bp5.4 bp −$56.9 bp −$697.5 bp −$75412.1 bp −$6,037

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0118%1h86,505−0.025%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,514−0.014%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,601+0.086%$333K$26.8M52xas long as short
RISEx BTC/USDC−0.0024%1h86,523.5−0.003%$8.3M$42.9M25xas long as short
01 Exchange BTCUSDlong−0.0024%1h86,526.3long leg$358K$2.5M50x
Aster BTCUSDT−0.0002%8h86,519.4−0.008%$502.3M$1.15B200xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,546.7+0.024%$916.5M$1.49B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,537+0.012%$36.9M—200xas long as short
KuCoin XBTUSDTM+0.0010%8h86,509.3−0.020%$850.0M$714.4M125xas long as short
Reya BTCRUSDPERP+0.0025%1h86,510.6−0.018%$6.7M$145.3M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX BTC-USD+0.0037%1h86,542.1+0.018%$17.0M$21.1M50xas long as short
BingX BTC-USDC+0.0041%8h86,499.3−0.031%—$15.4M—as long as short
Phemex BTCUSDT+0.0044%8h86,523.6−0.003%$149.8M$479.6M150xas long as short
Bitget BTCUSDT+0.0052%8h86,509.6−0.019%$2.96B$5.12B150xas long as short
MEXC BTC_USDT+0.0071%8h86,510−0.019%$5.16B$5.63B500xas long as short
Binance BTCUSDT+0.0072%8h86,519.2−0.008%$9.43B$24.54B150xas long as short
Aevo BTC-PERP+0.0072%1h86,513.1−0.015%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0082%8h86,518.1−0.009%$5.87B$10.71B200xas long as short
Lighter BTC+0.0096%1h86,528.1+0.002%$170.3M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,538.1+0.014%$24.1M$151.2M50xas long as short
Popdex BTCUSDT+0.0096%1h86,510−0.019%$8.5M$52.5M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,492−0.040%$205K$7.0M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,540+0.016%$4.8M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,510.1−0.019%$21.8M$234.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,593+0.077%$3.79B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,552.9+0.031%$40.8M$524.0M50xas long as short
Bybit BTCUSDT+0.0100%8h86,523.4−0.003%$5.26B$9.81B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,529.3+0.003%$2.55B$12.74B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,5260.000%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,548.6+0.026%$7.6M$95.0M40xas long as short
Bulk BTC-USD+0.0100%1h86,560.7+0.040%$572.5M$17.8M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,510.8−0.018%$37.9M$154.7M75xas long as short
Variational Omni BTC+0.0100%8h86,524.8−0.002%$155.3M$568.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,541.9+0.018%$279.6M$945.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,542.5+0.019%$217.3M$172.2M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,541.7+0.018%$141.4M$323.6M100xas long as short
StandX BTC-USD+0.0100%1h86,538.5+0.014%$30.7M$204.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,566.4+0.046%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,513−0.015%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,515−0.013%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,500.7−0.030%$2.4M$8.8M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,523.4−0.003%$140K$663K40xas long as short
Derive BTC-PERP+0.0100%1h86,541.1+0.017%$30.6M$62.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,501.6−0.029%$3.4M$5.4M100xas long as short
SoDEX BTC-USD+0.0100%1h86,513−0.015%$60.5M$337.6M40xas long as short
HTX BTC-USDT+0.0100%8h86,498.4−0.032%$2.30B$969.6M200xas long as short
Aftermath Perps BTCUSD+0.0103%1h86,546.4+0.023%$79K$220K20xas long as short
Extended BTC-USD+0.0104%1h86,490.8−0.041%$45.4M$226.8M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,537.6+0.013%—$99.1M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,554.1+0.032%$193.5M$951.0M100xas long as short
Perpl BTC+0.0112%43m86,540.8+0.017%$416K$23.3M6.7xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,570.9+0.052%$132.6M$5.68B50xas long as short
Hibachi BTC/USDT-P+0.0176%1h86,578.4+0.060%$722K$8.0M30xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0191% / S −0.0214%1h86,533.8+0.009%$15.1M—200xas long as short
BloFin BTC-USDT+0.0192%8h86,519.3−0.008%$414.3M$658.1M150xas long as short
Kalshi KXBTCPERPshort+0.0205%8h86,546+0.023%$9.8M$740.8M6.4x