Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.004%

Price spread now: Kalshi against Injective−0.018%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.167% of the position

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.018%, 7d avg −0.020%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.008% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,691	0.0020	pay 0.0002% / 1h	16m 22s	$340K	$26.9M	52x
Short	Kalshi KXBTCPERP	85,676	0.0212	get 0.0212% / 8h	2h 16m	$10.3M	$770.1M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now −0.018%Rate

Funding earned: $40.24
Price spread: −0.018% → −0.020%: $0.26
Slippage, 4 orders: −$6.63
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $23.85
Costs to cover: 0.167%
Break-even: 2.9 days

Slippage from Injective: 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 Injective live order book, 3 min ago	2.74 bp	2.8 bp −$3	9.9 bp −$99	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.12 bp	5.2 bp −$5	6.5 bp −$65	7.5 bp −$755	12.1 bp −$6,035

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	85,785	+0.110%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,681	−0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,668.9	−0.026%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,692.4	+0.002%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,673.5	−0.020%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERPlong	+0.0020%	1h	85,691	long leg	$340K	$26.9M	52x
KuCoin XBTUSDTM	+0.0031%	8h	85,676.8	−0.017%	$900.8M	$753.8M	125x	as long as short
Aster BTCUSDT	+0.0032%	8h	85,662.2	−0.034%	$516.0M	$1.14B	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,690.3	−0.001%	$22.6M	$227.6M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,690.6	0.000%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,665.3	−0.030%	—	$1.56B	—	as long as short
Reya BTCRUSDPERP	+0.0059%	1h	85,665.9	−0.029%	$6.7M	$146.3M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,652.2	−0.045%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,675	−0.019%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,659.6	−0.037%	$9.33B	$24.28B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,672.7	−0.021%	$5.09B	$5.75B	500x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,637.3	−0.063%	$140.0M	$318.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,676.9	−0.016%	$170.5M	$992.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,705.4	+0.017%	$23.5M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,674	−0.020%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,655.3	−0.042%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,637	−0.063%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,636.5	−0.064%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,737	+0.054%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,703	+0.014%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669.8	−0.025%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,668	−0.027%	$2.54B	$12.34B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,661	−0.035%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,647.2	−0.051%	$7.2M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,673.4	−0.021%	$5.59B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,650.5	−0.047%	$35.3M	$165.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	−0.004%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,614.3	−0.090%	$278.4M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,656.6	−0.040%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,640	−0.060%	$30.3M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,728.8	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,673	−0.021%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,676	−0.018%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,657.7	−0.039%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,693.7	+0.003%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,661.5	−0.034%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,628.8	−0.073%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.036%	$60.0M	$337.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,668	−0.027%	$153.3M	$480.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	−0.020%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,645.4	−0.053%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.1	−0.009%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704	+0.015%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	85,681.7	−0.011%	$694K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,692.5	+0.002%	$187.9M	$963.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0171%	1h	85,705.8	+0.017%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,670.8	−0.024%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0212%	8h	85,676	−0.018%	$10.3M	$770.1M	6.4x
Deribit BTC-PERPETUAL	+0.0219%	1h	85,710.9	+0.023%	$894.7M	$1.54B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,687.2	−0.004%	$513K	$20.5M	6.7x	as long as short