Funding arb · Price arb /

LTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.025%

Price spread now: Backpack against Kalshi−0.073%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)−0.378%−$38 · spread now −0.073%, 7d avg −0.040%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.033% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of −0.040%). If the spread goes back, that is −$3 on $10k: about 26 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLTCPERP	61.969	0	get 0.0000% / 8h	4h 28m	$314K	$4.2M	4x
Short	Backpack LTC_USDC_PERP	61.924	0.0100	get 0.0013% / 1h	28m 29s	$159K	$268K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.073%Rate

Funding earned: $21
Price spread: −0.073% → −0.040%: −$3.3
Slippage, 4 orders: −$16.59
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$18.89
Costs to cover: 0.366%
Break-even: 13.3 days

Slippage from Kalshi: live order book, 5 min ago; Backpack: live order book, 50 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 Kalshi live order book, 5 min ago	5.00 bp	11.5 bp −$12	22.4 bp −$224	doesn't fit	doesn't fit
Sell Backpack live order book, 50 min ago	0.08 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

LTC on 37 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
GMX LTC/USD [ETH-USDC]	L −0.0111% / S +0.0298%	1h	61.895	−0.119%	$113K	—	200x	as long as short
Variational Omni LTC	−0.0041%	8h	61.898	−0.115%	$3.6M	$4.0M	—	as long as short
Kalshi KXLTCPERPlong	0.0000%	8h	61.969	long leg	$314K	$4.2M	4x
gTrade (Gains Network) LTC/USD	L +0.0002% / S −0.0003%	1h	61.907	−0.100%	$31K	—	150x	as long as short
Injective LTC/USDC PERP	+0.0033%	1h	58.730	−5.227%	$5K	$22K	12x	as long as short
Polymarket Perps LTC-USD	+0.0051%	1h	61.858	−0.179%	$85K	$378K	10x	as long as short
Deribit LTC_USDC-PERPETUAL	+0.0073%	1h	61.989	+0.032%	$700K	$1.1M	50x	as long as short
Gate LTC_USDT	+0.0088%	8h	61.890	−0.127%	$13.0M	$21.3M	75x	as long as short
Orderly PERP_LTC_USDC	+0.0100%	8h	61.900	−0.111%	$12K	$213K	20x	as long as short
Paradex LTC-USD-PERP	+0.0100%	8h	61.870	−0.160%	$14K	$10K	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LTC-PERP	+0.0100%	1h	61.880	−0.144%	$264K	$323K	10x	as long as short
Hyperliquid LTC	+0.0100%	1h	61.937	−0.052%	$37.5M	$23.8M	10x	as long as short
Aster LTCUSDT	+0.0100%	8h	61.972	+0.005%	$2.6M	$2.3M	75x	as long as short
Pacifica LTC	+0.0100%	1h	61.892	−0.124%	$541K	$87K	10x	as long as short
Binance LTCUSDT	+0.0100%	8h	61.885	−0.135%	$95.9M	$223.0M	75x	as long as short
Bybit LTCUSDT	+0.0100%	8h	61.860	−0.176%	$78.4M	$59.7M	75x	as long as short
OKX LTC-USDT-SWAP	+0.0100%	8h	61.880	−0.144%	$27.6M	$75.3M	50x	as long as short
MEXC LTC_USDT	+0.0100%	8h	61.890	−0.127%	$61.8M	$34.1M	200x	as long as short
KuCoin LTCUSDTM	+0.0100%	8h	61.920	−0.079%	$19.1M	$12.6M	75x	as long as short
Bitget LTCUSDT	+0.0100%	8h	61.890	−0.127%	$32.1M	$22.1M	75x	as long as short
BingX LTC-USDT	+0.0100%	8h	61.890	−0.127%	—	$37.7M	—	as long as short
Backpack LTC_USDC_PERPshort	+0.0100%	1h	61.924	−0.073%	$159K	$268K	10x
edgeX LTCUSDC	+0.0100%	4h	61.958	−0.018%	$42K	$357K	20x	as long as short
GRVT LTC_USDT_Perp	+0.0100%	8h	61.945	−0.039%	$350K	$1.9M	10x	as long as short
ApeX Omni LTCUSDT	+0.0100%	1h	62.010	+0.066%	$118K	$712K	50x	as long as short
SunX LTC-USDT	+0.0100%	8h	62.020	+0.082%	$17K	$4.1M	30x	as long as short
SoDEX LTC-USD	+0.0100%	1h	61.940	−0.047%	$638	$5K	10x	as long as short
HTX LTC-USDT	+0.0100%	8h	61.920	−0.079%	$1.9M	$4.9M	75x	as long as short
Phemex LTCUSDT	+0.0100%	8h	61.960	−0.015%	$22.2M	$9.1M	50x	as long as short
Extended LTC-USD	+0.0104%	1h	61.869	−0.162%	$688K	$1.1M	25x	as long as short
Aevo LTC-PERP	+0.0104%	1h	61.945	−0.039%	$473K	$499	3x	as long as short
Lighter LTC	+0.0128%	1h	61.969	0.000%	$1.3M	$1.2M	10x	as long as short
BloFin LTC-USDT	+0.0220%	8h	61.960	−0.015%	$4.9M	$11.8M	50x	as long as short
Reya LTCRUSDPERP	+0.0335%	1h	61.873	−0.155%	$8K	—	25x	as long as short
Kraken Futures PF_LTCUSD	+0.0433%	1h	61.974	+0.008%	$6.8M	$5.8M	50x	as long as short
dYdX LTC-USD	+0.0813%	1h	61.903	−0.107%	$435K	$8K	10x	as long as short
Coinbase International LTC-PERP-INTX	+0.0848%	1h	62.220	+0.405%	$1.2M	$2.3M	50x	as long as short