Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.011%

Price spread now: Kalshi against Derive+0.320%786s7-day average +0.001% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.251%−$25 · spread now +0.320%, 7d avg +0.001%

Together, before fees−0.214%−$21 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 0.318% dearer against Derive than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.001%. The two prices were read 786 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	Derive BTC-PERP	85,214.5	0.0100	pay 0.0013% / 1h	22m 26s	$29.9M	$47.0M	15x
Short	Kalshi KXBTCPERP	85,487	0.0183	get 0.0183% / 8h	5h 22m	$11.7M	$741.4M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.320%Rate

Funding earned: $17.51
Price spread: +0.320% → +0.001%: $31.84
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $33.35
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	0.23 bp	5.3 bp −$5	6.5 bp −$65	7.4 bp −$743	11.9 bp −$5,964

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,446	+0.272%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	+0.287%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,467.2	+0.297%	$928.9M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,452.8	+0.280%	$420.9M	$684.2M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,463.3	+0.292%	$513.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,479.4	+0.311%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,486.2	+0.319%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,472.4	+0.303%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,476.2	+0.307%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,469	+0.299%	$24.4M	$222.6M	50x	as long as short

Show 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	+0.038%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0071%	8h	85,454.2	+0.281%	—	$17.5M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,483.3	+0.315%	$186.3M	$960.0M	100x	as long as short
Bitget BTCUSDT	+0.0090%	8h	85,470.5	+0.300%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,463.3	+0.292%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,469	+0.299%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,486.6	+0.319%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,483.7	+0.316%	$23.5M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,466	+0.295%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,463	+0.292%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,462.9	+0.291%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,446	+0.272%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,520.1	+0.359%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,550	+0.394%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,499.4	+0.334%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,462.6	+0.291%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	+0.310%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,457.2	+0.285%	$5.2M	$98.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,475.7	+0.306%	$5.55B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,455.7	+0.283%	$37.0M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	+0.261%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,386.4	+0.202%	$279.8M	$950.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,423.4	+0.245%	$214.5M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,436.7	+0.261%	$139.7M	$313.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	+0.265%	$30.1M	$204.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.7	+0.371%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	+0.300%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,468	+0.297%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,462.2	+0.291%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,508.9	+0.345%	$194K	$796K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,214.5	long leg	$29.9M	$47.0M	15x
SunX BTC-USDT	+0.0100%	8h	85,450.7	+0.277%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,462	+0.290%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,442.8	+0.268%	$2.26B	$966.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,459.1	+0.287%	$153.2M	$510.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	+0.065%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,446.8	+0.273%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,481.7	+0.314%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,490	+0.323%	$115.2M	$5.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0130%	1h	85,459.1	+0.287%	$6.6M	$147.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,515.2	+0.353%	$861.9M	$1.64B	50x	as long as short
Kalshi KXBTCPERPshort	+0.0183%	8h	85,487	+0.320%	$11.7M	$741.4M	6.4x
RISEx BTC/USDC	+0.0193%	1h	85,496	+0.330%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,472.7	+0.303%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,481.8	+0.314%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,442.9	+0.268%	$79K	$230K	20x	as long as short