Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h +0.031%

Price spread now: Derive against Kalshi−0.048%7-day average +0.001% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now −0.048%, 7d avg +0.001%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Derive is 0.050% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,517	0.0217	pay 0.0217% / 8h	39m 47s	$10.3M	$758.8M	6.4x
Short	Derive BTC-PERP	85,475.7	0.0100	get 0.0013% / 1h	39m 47s	$29.9M	$50.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.048%Rate

Funding earned: −$24.56
Price spread: −0.048% → +0.001%: −$4.95
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$45.51
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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	0.06 bp	5.3 bp −$5	6.3 bp −$63	7.3 bp −$733	12.1 bp −$6,032
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin BTC-PERP	−0.0368%	1h	85,515.6	−0.002%	$207K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.154%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	−0.007%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,501.5	−0.018%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,454.3	−0.073%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	85,440.9	−0.089%	$919.0M	$750.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,485.8	−0.036%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,452.5	−0.075%	$515.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,483.8	−0.039%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.8	−0.031%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0058%	1h	85,490.1	−0.032%	$22.8M	$219.0M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,454.4	−0.073%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,469.6	−0.055%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,484.7	−0.038%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,474.4	−0.050%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,458.1	−0.069%	$5.04B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,467.4	−0.058%	$9.35B	$24.05B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,479.1	−0.044%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,484.7	−0.038%	$23.8M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,512	−0.006%	$8.4M	$52.7M	100x	as long as short
Phemex BTCUSDT	+0.0098%	8h	85,453.8	−0.074%	$149.6M	$484.3M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	−0.041%	$226K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.1	+0.035%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,545.3	+0.033%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,532.6	+0.018%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,425	−0.108%	$5.24B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,426.5	−0.106%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,513	−0.005%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,472.8	−0.052%	$5.53B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,438.4	−0.092%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	−0.074%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.012%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	−0.007%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.006%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,450	−0.078%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,542.3	+0.030%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,492	−0.029%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,496.7	−0.024%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,484.6	−0.038%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,475.7	−0.048%	$29.9M	$50.9M	15x
SunX BTC-USDT	+0.0100%	8h	85,474.2	−0.050%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,465	−0.061%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	−0.078%	$2.26B	$940.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	−0.004%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,433.3	−0.098%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,521	+0.005%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,504.6	−0.015%	$117.0M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.026%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	85,511.2	−0.007%	$894.0M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,470.5	−0.054%	$188.3M	$954.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,496.3	−0.024%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,530.2	+0.015%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,496.4	−0.024%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,522.7	+0.007%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPlong	+0.0217%	8h	85,517	long leg	$10.3M	$758.8M	6.4x
Perpl BTC	+0.0447%	43m	85,519.8	+0.003%	$497K	$18.9M	6.7x	as long as short