Funding you earn now, next payment 07:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h +0.004%
Price spread now: Bulk against Kalshi−0.103%7-day average +0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$180.179% of the position
Funding, last 4 days (all we have)+0.048%+$5 on $10k
+Price spread, last 7 days+0.083%+$8 · spread now −0.103%, 7d avg +0.004%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bulk is 0.107% cheaper against Kalshi than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.004%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,358 | 0.0182 | pay 0.0182% / 8h | 5h 27m | $11.8M | $740.9M | 6.4x |
| Short | Bulk BTC-USD | 85,269.9 | 0.0100 | get 0.0013% / 1h | 27m 20s | $683.1M | $415.1M | 40x |
Kalshi KXBTCPERP
Bulk BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bulk against Kalshi. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$17.3
- Price spread: −0.103% → +0.004%
- −$10.7
- Slippage, 4 orders
- −$0.85
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Net
- −$45.85
- Costs to cover
- 0.179%
- Break-even
- never at this rate
Slippage from Kalshi: live order book, 2 min ago; Bulk: 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 Kalshi live order book, 2 min ago | 0.06 bp | 5.8 bp −$6 | 7.1 bp −$71 | 7.8 bp −$775 | 12.3 bp −$6,156 |
| Sell Bulk live order book, 2 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$351 | 3.7 bp −$1,838 |
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 | 85,329 | −0.034% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,391 | +0.039% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0045% | 8h | 85,420.1 | +0.073% | $928.9M | $773.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0029% | 8h | 85,312.1 | −0.054% | $421.0M | $682.8M | 150x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 85,426 | +0.080% | $513.2M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,440.2 | +0.096% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,448.2 | +0.106% | $491K | $18.5M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,424.2 | +0.078% | $16.7M | $21.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,348.2 | −0.011% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0040% | 1h | 85,397.2 | +0.046% | $24.4M | $222.4M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow 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 | −0.130% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0070% | 8h | 85,411.4 | +0.063% | — | $17.5M | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0071% | 1h | 85,457.7 | +0.117% | $862.1M | $1.64B | 50x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,420.1 | +0.073% | $2.4M | $6.7M | 20x | as long as short |
| ApeX Omni BTCUSDT | +0.0088% | 1h | 85,342.3 | −0.018% | $139.5M | $314.2M | 100x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,431.3 | +0.086% | $185.4M | $958.9M | 100x | as long as short |
| Bitget BTCUSDT | +0.0089% | 8h | 85,423.4 | +0.077% | $2.97B | $5.17B | 150x | as long as short |
| MEXC BTC_USDT | +0.0091% | 8h | 85,426.1 | +0.080% | $5.02B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0092% | 8h | 85,431.4 | +0.086% | $9.43B | $24.97B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,442 | +0.098% | $170.2M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,446.3 | +0.103% | $23.5M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,429 | +0.083% | $8.4M | $56.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,403 | +0.053% | $237K | $8.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,427 | +0.081% | $5.15B | $9.99B | 150x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,462.1 | +0.122% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,506 | +0.173% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,464.8 | +0.125% | $40.0M | $602.6M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,432.1 | +0.087% | $2.60B | $12.26B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,409 | +0.060% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,407.7 | +0.058% | $5.2M | $98.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,435.6 | +0.091% | $5.55B | $11.02B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,354.9 | −0.004% | $37.1M | $178.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,275.8 | −0.096% | $154.7M | $557.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,313.9 | −0.052% | $279.5M | $949.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,293.3 | −0.076% | $214.1M | $165.1M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,315.1 | −0.050% | $30.1M | $203.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,467.6 | +0.128% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,428 | +0.082% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,430.6 | +0.085% | $201K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,431.1 | +0.086% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,469.5 | +0.131% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,214.5 | −0.168% | $29.9M | $47.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,411.2 | +0.062% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,417 | +0.069% | $59.8M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,326.2 | −0.037% | $2.26B | $967.9M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,353.2 | −0.006% | $152.2M | $509.9M | 150x | as long as short |
| Bulk BTC-USDshort | +0.0100% | 1h | 85,269.9 | −0.103% | $683.1M | $415.1M | 40x | |
| Extended BTC-USD | +0.0104% | 1h | 85,401.9 | +0.051% | $44.9M | $240.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,410.1 | +0.061% | — | $106.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,453.6 | +0.112% | $115.9M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0129% | 1h | 85,307.5 | −0.059% | $6.6M | $147.6M | 40x | as long as short |
| Kalshi KXBTCPERPlong | +0.0182% | 8h | 85,358 | long leg | $11.8M | $740.9M | 6.4x | |
| RISEx BTC/USDC | +0.0193% | 1h | 85,448.4 | +0.106% | $8.8M | $42.8M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0176% | 1h | 85,357.3 | −0.001% | $13.1M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,354.3 | −0.004% | $684K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0259% | 1h | 85,328.6 | −0.034% | $79K | $230K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Deribit BTC-PERPETUAL
Aevo BTC-PERP
ApeX Omni BTCUSDT
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Bybit BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD