Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h −0.015%

Price spread now: Kalshi against Aftermath Perps−0.054%7-day average −0.021% · 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−$33as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Aftermath Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.054%, 7d avg −0.021%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Kalshi is 0.033% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.102% in total (about -10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,115.2	0.0446	pay 0.0056% / 1h	47m 51s	$79K	$245K	20x
Short	Kalshi KXBTCPERP	86,069	0.0160	get 0.0160% / 8h	1h 47m	$12.0M	$733.9M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aftermath 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 Aftermath PerpsbpFee KalshibpOrdersPrice spread, now −0.054%Rate

Funding earned: −$60.05
Price spread: −0.054% → −0.021%: −$3.31
Slippage, 4 orders: −$10.6
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$92.96
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 64 min ago; Kalshi: live order book, 4 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 Aftermath Perps live order book, 64 min ago	2.87 bp	9.5 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	0.12 bp	5.3 bp −$5	6.8 bp −$68	7.8 bp −$782	13.2 bp −$6,611

BTC on 55 exchanges

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	−0.0133%	1h	86,126	+0.012%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	−0.019%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.095%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,040.4	−0.087%	$362K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,047.9	−0.078%	$422.6M	$563.8M	150x	as long as short
SoDEX BTC-USD	−0.0007%	1h	86,065	−0.058%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,061.8	−0.062%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,057.4	−0.067%	$476K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,067.7	−0.055%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,114	−0.001%	$301K	$26.2M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,064.6	−0.059%	$513.1M	$874.0M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,056.1	−0.069%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,089.3	−0.030%	$191.6M	$768.3M	100x	as long as short
Bybit BTCUSDT	+0.0039%	8h	86,085.9	−0.034%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,076.6	−0.045%	$943.7M	$633.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,083.2	−0.037%	$5.52B	$8.90B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,041	−0.086%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0092%	8h	86,076	−0.046%	$170.8M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0093%	8h	86,078.5	−0.043%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,058.8	−0.066%	$2.27B	$803.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,092.7	−0.026%	$173.9M	$854.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,095.1	−0.023%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,046.3	−0.080%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,073.2	−0.049%	$5.17B	$4.83B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	86,074.8	−0.047%	$9.45B	$20.51B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,015	−0.116%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,089.2	−0.030%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,038.4	−0.089%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,077.5	−0.044%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,092.3	−0.027%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,027	−0.102%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,071.7	−0.051%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.063%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,059.6	−0.065%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.052%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	−0.066%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.021%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,074.5	−0.047%	$30.3M	$223.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,099.5	−0.018%	—	$9.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,059	−0.065%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,056	−0.069%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,057.7	−0.067%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,107.1	−0.009%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,045.9	−0.081%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,049.8	−0.076%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,063.4	−0.060%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,120.6	+0.006%	$112.3M	$4.97B	50x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,173	+0.067%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERPshort	+0.0160%	8h	86,069	−0.054%	$12.0M	$733.9M	6.4x
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.044%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,058.6	−0.066%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	86,082.2	−0.038%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0291%	1h	86,125.8	+0.012%	$822.9M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,119	+0.004%	$725K	$7.0M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0446%	1h	86,115.2	long leg	$79K	$245K	20x