Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h +0.004%

Price spread now: Kalshi against Arcus+0.036%7-day average −0.035% · 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−$9as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Arcus Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 7 days−0.046%−$5 · spread now +0.036%, 7d avg −0.035%

Together, before fees−0.085%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.071% dearer against Arcus than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,502.5	0.0100	pay 0.0013% / 1h	4m 13s	$4.6M	$98.8M	40x
Short	Kalshi KXBTCPERP	85,533	0.0211	get 0.0211% / 8h	6h 04m	$11.4M	$743.6M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Arcus. 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 ArcusbpFee KalshibpOrdersPrice spread, now +0.036%Rate

Funding earned: $23.35
Price spread: +0.036% → −0.035%: $7.07
Slippage, 4 orders: −$1.62
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $14.31
Costs to cover: 0.161%
Break-even: 2.7 days

Slippage from Arcus: 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 Arcus live order book, 5 min ago	0.01 bp	3.2 bp −$3	3.3 bp −$33	3.9 bp −$389	doesn't fit
Sell Kalshi live order book, 5 min ago	0.06 bp	5.2 bp −$5	6.6 bp −$66	7.4 bp −$740	11.8 bp −$5,899

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	85,508.2	+0.007%	$528K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,577	+0.087%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,524	+0.025%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,488.6	−0.016%	$929.0M	$771.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,517.3	+0.017%	$417.9M	$684.0M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,489.6	−0.015%	$514.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,514.2	+0.014%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,535.9	+0.039%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,515.3	+0.015%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.180%	$339K	$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
Deribit BTC-PERPETUAL	+0.0035%	1h	85,528.6	+0.031%	$869.0M	$1.62B	50x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,499.8	−0.003%	$24.6M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,502.4	0.000%	$188.4M	$953.9M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,489.4	−0.015%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,496	−0.008%	$148.9M	$507.0M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,489.8	−0.015%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,500.6	−0.002%	$171.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,497.3	−0.006%	$23.7M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,505	+0.003%	$8.4M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,495.3	−0.008%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,527.6	+0.029%	$117.2M	$5.45B	50x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,493	−0.011%	$5.01B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,493.9	−0.010%	$9.45B	$24.92B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,477	−0.030%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,551.1	+0.057%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,582	+0.093%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,529.4	+0.031%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,492.8	−0.011%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	−0.003%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,491	−0.013%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,502.5	long leg	$4.6M	$98.8M	40x
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.001%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,509.8	+0.009%	$5.52B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.4	+0.007%	$36.6M	$178.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	+0.039%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,505.3	+0.003%	$280.0M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,535.3	+0.038%	$214.9M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,531.6	+0.034%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,542	+0.046%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,572.3	+0.082%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,500	−0.003%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505	+0.003%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,517.2	+0.017%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,537.3	+0.041%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,485	−0.020%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,479.1	−0.027%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,490	−0.015%	$59.8M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,493.1	−0.011%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,469.9	−0.038%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,526.6	+0.028%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0120%	1h	85,496.3	−0.007%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,513.5	+0.013%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0211%	8h	85,533	+0.036%	$11.4M	$743.6M	6.4x
Aftermath Perps BTCUSD	+0.0233%	1h	85,552.4	+0.058%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,566	+0.074%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,530	+0.032%	$8.8M	$43.3M	25x	as long as short