BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0117%/8h= +12.8% APRnext payment +$1.17 per $10,000 · paid last 24h −0.018%

Price spread now: Kalshi against Bybit+0.102%51s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.216% of the position

Long on Bybit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.102%, 7d avg −0.004%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.106% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,617.4	0.0100	pay 0.0100% / 8h	5h 27m	$5.33B	$9.57B	150x
Short	Kalshi KXBTCPERP	85,705	0.0217	get 0.0217% / 8h	1h 27m	$10.4M	$758.1M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bybit. 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 BybitbpFee KalshibpOrdersPrice spread, now +0.102%Rate

Funding earned: $24.51
Price spread: +0.102% → −0.004%: $10.63
Slippage, 4 orders: −$0.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $13.53
Costs to cover: 0.216%
Break-even: 3.1 days

Slippage from Bybit: live order book, 2 min ago; Kalshi: live order book, 2 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 Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	5.8 bp −$58	6.2 bp −$618	7.7 bp −$3,872
Sell Kalshi live order book, 2 min ago	0.06 bp	5.3 bp −$5	6.9 bp −$69	7.5 bp −$753	12.0 bp −$5,996

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
Bluefin BTC-PERP	−0.0627%	1h	85,694.9	+0.091%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	+0.203%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,679	+0.072%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,649.8	+0.038%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,703.2	+0.100%	$416.3M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,690.7	+0.086%	$16.8M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,627.5	+0.012%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	85,630.3	+0.015%	$917.4M	$753.9M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,643.3	+0.030%	$22.6M	$220.5M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,637.2	+0.023%	$516.0M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,598.1	−0.022%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,630.9	+0.016%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,621.3	+0.005%	$6.7M	$146.5M	40x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,675	+0.067%	$2.27B	$935.3M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	85,698.9	+0.095%	$892.2M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.046%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,661.3	+0.051%	$148.1M	$479.7M	150x	as long as short
SunX BTC-USDT	+0.0085%	8h	85,659.9	+0.050%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,622.9	+0.006%	$5.05B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,614.2	−0.004%	$9.34B	$23.90B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,649.4	+0.037%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,652.7	+0.041%	$169.9M	$992.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,651.1	+0.039%	$23.9M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,643	+0.030%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,681.4	+0.075%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,623	+0.007%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,716	+0.115%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.9	+0.074%	$40.1M	$574.8M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,617.4	long leg	$5.33B	$9.57B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,636.5	+0.022%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,664	+0.054%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,616.3	−0.001%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,652.2	+0.041%	$5.55B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,647.3	+0.035%	$35.1M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.175%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,703.1	+0.100%	$279.9M	$919.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,747.2	+0.152%	$215.3M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.213%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,761	+0.168%	$30.3M	$210.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,696.3	+0.092%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	+0.019%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,625	+0.009%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,658.6	+0.048%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,657.4	+0.047%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,657	+0.046%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.003%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,620.3	+0.003%	$44.1M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,662.4	+0.053%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,703.2	+0.100%	$130.4M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,674.1	+0.066%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,686.1	+0.080%	$188.9M	$952.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,683.4	+0.077%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,679.7	+0.073%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,771.9	+0.181%	$702K	$7.8M	30x	as long as short
Kalshi KXBTCPERPshort	+0.0217%	8h	85,705	+0.102%	$10.4M	$758.1M	6.4x
Perpl BTC	+0.0447%	43m	85,650.8	+0.039%	$515K	$19.3M	6.7x	as long as short