Funding you earn now, next payment 07:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h −0.004%
Price spread now: Kalshi against Bulk+0.103%7-day average −0.004% · 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−$7as in the Price arb table
costs, in and out, $10k−$180.179% of the position
Funding, last 4 days (all we have)−0.048%−$5 on $10k
+Price spread, last 7 days−0.083%−$8 · spread now +0.103%, 7d avg −0.004%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.107% dearer against Bulk than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.004%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,269.9 | 0.0100 | pay 0.0013% / 1h | 28m 04s | $683.1M | $415.1M | 40x |
| Short | Kalshi KXBTCPERP | 85,358 | 0.0182 | get 0.0182% / 8h | 5h 28m | $11.8M | $740.9M | 6.4x |
Bulk BTC-USD
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Bulk. 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
- $17.3
- Price spread: +0.103% → −0.004%
- $10.71
- Slippage, 4 orders
- −$0.85
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $10.15
- Costs to cover
- 0.179%
- Break-even
- 2.9 days
Slippage from Bulk: live order book, 1 min ago; Kalshi: live order book, 1 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 Bulk live order book, 1 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$353 | 4.9 bp −$2,471 |
| Sell Kalshi live order book, 1 min ago | 0.06 bp | 5.1 bp −$5 | 6.3 bp −$63 | 7.2 bp −$715 | 11.6 bp −$5,806 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0082% | 1h | 85,329 | +0.069% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,313 | +0.051% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0045% | 8h | 85,328.4 | +0.069% | $927.9M | $773.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0029% | 8h | 85,312.1 | +0.050% | $421.0M | $682.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,390.6 | +0.142% | $513.0M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,330.8 | +0.071% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,329.2 | +0.070% | $492K | $18.5M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,282.8 | +0.015% | $16.7M | $21.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,348.2 | +0.092% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0042% | 1h | 85,317.7 | +0.056% | $24.4M | $222.4M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,247 | −0.027% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,383.8 | +0.134% | — | $1.56B | — | as long as short |
| ApeX Omni BTCUSDT | +0.0083% | 1h | 85,306.3 | +0.043% | $139.5M | $314.2M | 100x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,330.5 | +0.071% | $2.4M | $6.7M | 20x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,358.6 | +0.104% | $185.5M | $958.4M | 100x | as long as short |
| Bitget BTCUSDT | +0.0089% | 8h | 85,393.1 | +0.145% | $2.96B | $5.17B | 150x | as long as short |
| MEXC BTC_USDT | +0.0091% | 8h | 85,348 | +0.092% | $5.01B | $5.75B | 500x | as long as short |
| Binance BTCUSDT | +0.0092% | 8h | 85,393.2 | +0.145% | $9.43B | $24.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,359.1 | +0.105% | $170.3M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,353.9 | +0.099% | $23.5M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,325 | +0.065% | $8.4M | $56.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,305 | +0.041% | $236K | $8.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,386.4 | +0.137% | $5.14B | $9.99B | 150x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,390.7 | +0.142% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,442 | +0.202% | $3.74B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,359.5 | +0.105% | $39.9M | $602.6M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,397.1 | +0.149% | $2.60B | $12.26B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,315 | +0.053% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,318.7 | +0.057% | $5.1M | $98.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,388 | +0.139% | $5.55B | $11.02B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,354.9 | +0.100% | $37.1M | $178.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,275.8 | +0.007% | $154.7M | $557.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,267.5 | −0.003% | $279.4M | $951.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,293.3 | +0.027% | $214.1M | $165.1M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,321.9 | +0.061% | $30.1M | $203.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,383.9 | +0.134% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,328 | +0.068% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,337 | +0.079% | $201K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,337.2 | +0.079% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,376.4 | +0.125% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,214.5 | −0.065% | $29.9M | $47.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,313.5 | +0.051% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,340 | +0.082% | $59.7M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,326.2 | +0.066% | $2.26B | $967.9M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,353.2 | +0.098% | $152.2M | $509.9M | 150x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,269.9 | long leg | $683.1M | $415.1M | 40x | |
| Deribit BTC-PERPETUAL | +0.0102% | 1h | 85,382.5 | +0.132% | $862.2M | $1.64B | 50x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,312.4 | +0.050% | $44.8M | $240.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,332.2 | +0.073% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,380.5 | +0.130% | $115.8M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0129% | 1h | 85,307.5 | +0.044% | $6.6M | $147.6M | 40x | as long as short |
| Kalshi KXBTCPERPshort | +0.0182% | 8h | 85,358 | +0.103% | $11.8M | $740.9M | 6.4x | |
| RISEx BTC/USDC | +0.0193% | 1h | 85,348 | +0.092% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0176% | 1h | 85,357.3 | +0.102% | $13.1M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,356 | +0.101% | $685K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0259% | 1h | 85,324.1 | +0.064% | $79K | $230K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDT
ApeX Omni BTCUSDT
Aevo BTC-PERP
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Bybit BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Deribit BTC-PERPETUAL
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD