Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.030%

Price spread now: Aftermath Perps against Kalshi+0.124%7-day average +0.024% · 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−$20as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Kalshi Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now +0.124%, 7d avg +0.024%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aftermath Perps is 0.100% dearer against Kalshi than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of +0.024%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. Mind the row above: over the last 3 days funding on this pair paid +0.088%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,364	0.0212	pay 0.0212% / 8h	3h 51m	$9.5M	$759.6M	6.4x
Short	Aftermath Perps BTCUSD	86,471.1	0.0168	get 0.0021% / 1h	51m 48s	$78K	$218K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Kalshi. 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 KalshibpFee Aftermath PerpsbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$9.2
Price spread: +0.124% → +0.024%: $10
Slippage, 4 orders: −$10.85
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$29.05
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Aftermath Perps: live order book, 22 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 Kalshi live order book, 2 min ago	0.06 bp	5.1 bp −$5	6.5 bp −$65	7.3 bp −$729	12.0 bp −$6,013
Sell Aftermath Perps live order book, 22 min ago	1.00 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	−0.0129%	1h	86,441	+0.089%	$2.2M	$11.2M	40x	as long as short
ApeX Omni BTCUSDT	−0.0120%	1h	86,477.3	+0.131%	$141.6M	$323.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,359	−0.006%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0070%	1h	86,375.5	+0.013%	$140K	$663K	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,359.4	−0.005%	$362K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,368.1	+0.005%	$432K	$22.1M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,307.1	−0.066%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,383.2	+0.022%	$36.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,321.2	−0.050%	$903.4M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,282.9	−0.094%	$500.4M	$1.15B	200x	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	+0.0023%	1h	86,616	+0.292%	$333K	$26.9M	52x	as long as short
GRVT BTC_USDT_Perp	+0.0026%	8h	86,468.8	+0.121%	$217.1M	$171.1M	50x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,284.1	−0.092%	$830.7M	$723.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0041%	1h	86,344.6	−0.022%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0046%	8h	86,269.9	−0.109%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0049%	1h	86,292	−0.083%	$60.3M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,375.1	+0.013%	$8.3M	$42.9M	25x	as long as short
Gate BTC_USDT	+0.0056%	8h	86,284.8	−0.092%	$5.83B	$10.46B	200x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,286.5	−0.090%	$2.96B	$5.10B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,447.8	+0.097%	$2.5M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,291.6	−0.084%	$9.40B	$24.53B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,291.7	−0.084%	$5.12B	$5.66B	500x	as long as short
Lighter BTC	+0.0096%	1h	86,308.4	−0.064%	$170.0M	$981.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,312.1	−0.060%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,368	+0.005%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,346	−0.021%	$197K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,331.6	−0.038%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,360.9	−0.004%	$22.0M	$232.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,356.5	−0.009%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,326.6	−0.043%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,304.8	−0.069%	$5.25B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,311.8	−0.060%	$2.55B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,348	−0.019%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,393.9	+0.035%	$7.3M	$96.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.185%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,271.6	−0.107%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,440	+0.088%	$157.9M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,483.7	+0.139%	$279.3M	$947.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,433	+0.080%	$30.7M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,400.5	+0.042%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.028%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,358.5	−0.006%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,303.3	−0.070%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,333.1	−0.036%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,284.4	−0.092%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,294.2	−0.081%	$2.29B	$967.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,294.1	−0.081%	$152.8M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,261.4	−0.119%	$45.9M	$224.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,343.1	−0.024%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,321.9	−0.049%	$133.0M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,312.6	−0.060%	$192.3M	$951.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,459.5	+0.111%	$714K	$8.0M	30x	as long as short
Aftermath Perps BTCUSDshort	+0.0168%	1h	86,471.1	+0.124%	$78K	$218K	20x
BloFin BTC-USDT	+0.0195%	8h	86,393.3	+0.034%	$415.5M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,374.7	+0.012%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0212%	8h	86,364	long leg	$9.5M	$759.6M	6.4x