Funding you earn now, next payment 03:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h −0.015%
Price spread now: Kalshi against Backpack+0.034%7-day average +0.002% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$210.207% of the position
Funding, last 7 days+0.115%+$12 on $10k
+Price spread, last 7 days+0.473%+$47 · spread now +0.034%, 7d avg +0.002%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.033% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.002%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,533.7 | 0.0100 | pay 0.0013% / 1h | 56m 07s | $34.8M | $168.9M | 75x |
| Short | Kalshi KXBTCPERP | 85,563 | 0.0211 | get 0.0211% / 8h | 1h 56m | $10.2M | $761.4M | 6.4x |
Backpack BTC_USDC_PERP
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $23.35
- Price spread: +0.034% → +0.002%
- $3.27
- Slippage, 4 orders
- −$0.65
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $5.97
- Costs to cover
- 0.207%
- Break-even
- 5.2 days
Slippage from Backpack: live order book, 3 min ago; Kalshi: live order book, 3 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 Backpack live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 6.3 bp −$633 | 31.0 bp −$15.5K |
| Sell Kalshi live order book, 3 min ago | 0.23 bp | 5.3 bp −$5 | 6.8 bp −$68 | 7.5 bp −$750 | 12.4 bp −$6,181 |
BTC on 55 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 | −0.0144% | 1h | 85,498 | −0.042% | $2.1M | $10.1M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,608 | +0.087% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,598 | +0.075% | $365K | $2.3M | 50x | as long as short |
| Nado BTC-PERP | −0.0036% | 1h | 85,549.9 | +0.019% | $22.5M | $223.9M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,579.5 | +0.054% | $16.7M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,585.9 | +0.061% | $36.7M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,553.4 | +0.023% | $515.7M | $1.11B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0021% | 8h | 85,534.1 | 0.000% | $898.9M | $748.5M | 125x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,536.6 | +0.003% | — | $1.54B | — | as long as short |
| HTX BTC-USDT | +0.0058% | 8h | 85,554.1 | +0.024% | $2.27B | $930.3M | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Nado BTC-PERP
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
KuCoin XBTUSDTM
BingX BTC-USDT
HTX BTC-USDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0063% | 1h | 85,568.1 | +0.040% | $6.7M | $146.4M | 40x | as long as short |
| SoDEX BTC-USD | +0.0065% | 1h | 85,566 | +0.038% | $59.9M | $336.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0068% | 8h | 85,530 | −0.004% | $2.94B | $5.01B | 150x | as long as short |
| Popdex BTCUSDT | +0.0072% | 1h | 85,598 | +0.075% | $8.4M | $51.5M | 100x | as long as short |
| SunX BTC-USDT | +0.0076% | 8h | 85,581.4 | +0.056% | $2.9M | $6.3M | 100x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | +0.097% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,570.8 | +0.043% | $2.5M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 85,550.4 | +0.020% | $9.33B | $23.85B | 150x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,541.7 | +0.009% | $5.08B | $5.57B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,558.5 | +0.029% | $169.5M | $982.1M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,567.7 | +0.040% | $23.9M | $146.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,641.4 | +0.126% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,572 | +0.045% | $203K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,599 | +0.076% | $3.76B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,603.4 | +0.081% | $40.1M | $571.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,538.3 | +0.005% | $5.32B | $9.58B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,533 | −0.001% | $2.56B | $12.10B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,579 | +0.053% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,561.5 | +0.033% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,546.3 | +0.015% | $5.57B | $10.38B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,533.7 | long leg | $34.8M | $168.9M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,577.1 | +0.051% | $153.7M | $552.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,553.1 | +0.023% | $278.3M | $939.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,581.5 | +0.056% | $214.8M | $161.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,594.5 | +0.071% | $139.9M | $316.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,539.1 | +0.006% | $30.2M | $211.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,617 | +0.097% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,585 | +0.060% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,581 | +0.055% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,572.4 | +0.045% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,617.7 | +0.098% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,572.2 | +0.045% | $30.0M | $52.7M | 15x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,553.3 | +0.023% | $149.5M | $478.9M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | +0.070% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,550.6 | +0.020% | $44.2M | $226.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,483.1 | −0.059% | — | $103.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,599.5 | +0.077% | $130.6M | $5.06B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,630.2 | +0.113% | $8.4M | $42.1M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,592.4 | +0.069% | $187.1M | $949.8M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0191% | 1h | 85,598.7 | +0.076% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,577.9 | +0.052% | $682K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0184% | 1h | 85,596.1 | +0.073% | $13.5M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0209% | 1h | 85,619.4 | +0.100% | $894.8M | $1.52B | 50x | as long as short |
| Kalshi KXBTCPERPshort | +0.0211% | 8h | 85,563 | +0.034% | $10.2M | $761.4M | 6.4x | |
| Perpl BTC | +0.0447% | 43m | 85,592.8 | +0.069% | $510K | $19.7M | 6.7x | as long as short |
Reya BTCRUSDPERP
SoDEX BTC-USD
Bitget BTCUSDT
Popdex BTCUSDT
SunX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Lighter RH BTC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Deribit BTC-PERPETUAL
Perpl BTC