Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.004%

Price spread now: ApeX Omni against Kalshi−0.021%78s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$210.208% of the position

Long on Kalshi Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 7 days−0.005%$0 · spread now −0.021%, 7d avg +0.012%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and ApeX Omni is 0.033% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.012%). Swap the legs. The two prices were read 78 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	Kalshi KXBTCPERP	85,300	0.0172	pay 0.0172% / 8h	4h 09m	$12.0M	$737.8M	6.4x
Short	ApeX Omni BTCUSDT	85,281.8	0.0096	get 0.0012% / 1h	9m 55s	$139.7M	$312.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.021%Rate

Funding earned: −$15.97
Price spread: −0.021% → +0.012%: −$3.32
Slippage, 4 orders: −$0.8
Fee Kalshi: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$40.09
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; ApeX Omni: live order book, 4 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, 4 min ago	0.18 bp	5.4 bp −$5	5.9 bp −$59	7.3 bp −$729	11.9 bp −$5,927
Sell ApeX Omni live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.1 bp −$51	20.6 bp −$2,057	42.7 bp −$21.3K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,279	−0.025%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,304	+0.005%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.2	−0.070%	$421.3M	$686.0M	150x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	85,244.7	−0.065%	$927.6M	$777.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,276.8	−0.027%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,292.4	−0.009%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	85,244.1	−0.066%	$509.2M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0018%	1h	85,277.8	−0.026%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,296.3	−0.004%	$185.6M	$953.8M	100x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,242.4	−0.068%	—	$1.58B	—	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	+0.0067%	1h	85,200	−0.117%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,242.3	−0.068%	$5.09B	$10.04B	150x	as long as short
Nado BTC-PERP	+0.0091%	1h	85,243.7	−0.066%	$24.1M	$221.3M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0096%	1h	85,281.8	−0.021%	$139.7M	$312.0M	100x
Lighter BTC	+0.0096%	1h	85,286.1	−0.016%	$168.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,286.6	−0.016%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,270	−0.035%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,279.8	−0.024%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,250	−0.059%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,246	−0.063%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.2	−0.013%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	−0.016%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,240.1	−0.070%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,242.9	−0.067%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,279	−0.025%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,279.8	−0.024%	$4.7M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,242.7	−0.067%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,242.9	−0.067%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,266.5	−0.039%	$37.0M	$190.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,228.2	−0.084%	$155.9M	$548.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.135%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,282.2	−0.021%	$214.0M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,236.4	−0.075%	$30.0M	$214.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,353.6	+0.063%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,289	−0.013%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,295.1	−0.006%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,290.9	−0.011%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,325	+0.029%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,311.3	+0.013%	$28.8M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,259.3	−0.048%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,280	−0.023%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,275	−0.029%	$2.25B	$974.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,280.1	−0.023%	$158.9M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.070%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,228.2	−0.084%	$45.4M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,250.6	−0.058%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,323.9	+0.028%	$111.6M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0106%	1h	85,332	+0.038%	$3.78B	$5.11B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,318.2	+0.021%	$835.8M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,285.6	−0.017%	$6.6M	$142.1M	40x	as long as short
Kalshi KXBTCPERPlong	+0.0172%	8h	85,300	long leg	$12.0M	$737.8M	6.4x
RISEx BTC/USDC	+0.0174%	1h	85,290.6	−0.011%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,288.3	−0.014%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0264%	1h	85,301.7	+0.002%	$696K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,269.2	−0.036%	$79K	$246K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,306.4	+0.008%	$464K	$18.4M	6.7x	as long as short