Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0011%/8h= −1.3% APRpaid last 24h +0.033%

Price spread now: Deribit against Kalshi+0.019%7-day average +0.049% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.019%, 7d avg +0.049%

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

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Deribit is 0.030% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,321	0.0173	pay 0.0173% / 8h	4h 04m	$12.0M	$737.5M	6.4x
Short	Deribit BTC-PERPETUAL	85,337.3	0.0161	get 0.0020% / 1h	4m 47s	$834.8M	$1.66B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$2.41
Price spread: +0.019% → +0.049%: −$3.01
Slippage, 4 orders: −$0.85
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$23.27
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Deribit: 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	0.23 bp	5.5 bp −$5	6.2 bp −$62	7.3 bp −$733	12.1 bp −$6,026
Sell Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$388	12.3 bp −$6,126

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	85,291	−0.035%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	−0.018%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,294.8	−0.031%	$421.8M	$685.3M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,291.3	−0.035%	$928.2M	$776.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,308	−0.015%	$345K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,303	−0.021%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,293.2	−0.033%	$502.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	85,277.8	−0.051%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,309.8	−0.013%	$186.2M	$954.3M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,296	−0.029%	$311K	$25.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0067%	8h	85,296.8	−0.028%	—	$1.58B	—	as long as short
Bybit BTCUSDT	+0.0087%	8h	85,284	−0.043%	$5.09B	$10.03B	150x	as long as short
ApeX Omni BTCUSDT	+0.0092%	1h	85,259	−0.073%	$138.0M	$312.7M	100x	as long as short
Nado BTC-PERP	+0.0094%	1h	85,293.9	−0.032%	$24.0M	$221.5M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,299.1	−0.026%	$169.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,299.3	−0.025%	$23.6M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,310	−0.013%	$8.4M	$57.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.1	−0.028%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,284	−0.043%	$266K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,342.6	+0.025%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,307.9	−0.015%	$40.0M	$605.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,287.6	−0.039%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,283.4	−0.044%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,305	−0.019%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,322.9	+0.002%	$4.6M	$97.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.076%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,295.7	−0.030%	$5.46B	$11.18B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,282.4	−0.045%	$5.03B	$5.78B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,296.8	−0.028%	$2.97B	$5.20B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,295.4	−0.030%	$36.7M	$191.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,262.8	−0.068%	$155.2M	$549.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,243.5	−0.091%	$282.7M	$958.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,269.1	−0.061%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,273.5	−0.056%	$30.1M	$215.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,378.8	+0.068%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,309	−0.014%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,308.1	−0.015%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,302.2	−0.022%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,349	+0.033%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,301.3	−0.023%	$28.8M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,260.3	−0.071%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,295	−0.030%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,294	−0.032%	$2.25B	$973.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,299	−0.026%	$158.7M	$516.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,275.3	−0.054%	$45.7M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,280.9	−0.047%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,338	+0.020%	$111.6M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0119%	1h	85,385	+0.075%	$3.79B	$5.11B	40x	as long as short
Reya BTCRUSDPERP	+0.0144%	1h	85,300.1	−0.025%	$6.6M	$141.6M	40x	as long as short
Deribit BTC-PERPETUALshort	+0.0161%	1h	85,337.3	+0.019%	$834.8M	$1.66B	50x
Kalshi KXBTCPERPlong	+0.0173%	8h	85,321	long leg	$12.0M	$737.5M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,297.7	−0.027%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,322.7	+0.002%	$8.8M	$43.0M	25x	as long as short
Aftermath Perps BTCUSD	+0.0292%	1h	85,284.9	−0.042%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0296%	1h	85,322.9	+0.002%	$699K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,305.4	−0.018%	$463K	$18.3M	6.7x	as long as short