Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h +0.039%

Price spread now: Hyperliquid against Kalshi+0.081%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 7 days−0.100%−$10 · spread now +0.081%, 7d avg +0.044%

Together, before fees−0.026%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.037% dearer against Kalshi than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.044%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 28 hours. Mind the row above: over the last 7 days funding on this pair paid +0.074%, 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	86,411	0.0206	pay 0.0206% / 8h	4h 20m	$9.8M	$749.4M	6.4x
Short	Hyperliquid BTC	86,481	0.0100	get 0.0013% / 1h	20m 34s	$3.79B	$5.11B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$22.2
Price spread: +0.081% → +0.044%: $3.72
Slippage, 4 orders: −$0.92
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.4
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Hyperliquid: 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	0.35 bp	5.5 bp −$5	6.7 bp −$67	7.3 bp −$730	11.5 bp −$5,766
Sell Hyperliquid live order book, 4 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$461	6.2 bp −$3,108

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	−0.0118%	1h	86,367	−0.051%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,378	−0.038%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.076%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,400.9	−0.012%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,400.7	−0.012%	$359K	$2.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,418.6	+0.009%	$412K	$22.9M	6.7x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,393.7	−0.020%	$501.2M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,387.9	−0.027%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,397.5	−0.016%	$852.8M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,384	−0.031%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0039%	1h	86,395.3	−0.018%	$914.0M	$1.48B	50x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,391.1	−0.023%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,383.9	−0.031%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,361.3	−0.058%	$150.1M	$478.8M	150x	as long as short
dYdX BTC-USD	+0.0059%	1h	86,411.1	0.000%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,346.4	−0.075%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,387.6	−0.027%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,392.6	−0.021%	$9.42B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,388.1	−0.027%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,354	−0.066%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,411.3	0.000%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,421.5	+0.012%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,390	−0.024%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,400.5	−0.012%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.051%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.8	+0.029%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,398.1	−0.015%	$21.9M	$234.4M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,481	+0.081%	$3.79B	$5.11B	40x
Pacifica BTC	+0.0100%	1h	86,417.7	+0.008%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,399.1	−0.014%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,429.9	+0.022%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,364.3	−0.054%	$37.9M	$157.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.040%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.096%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.066%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.064%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	0.000%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,432.1	+0.024%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,391	−0.023%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,382.9	−0.033%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,352.1	−0.068%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,379.4	−0.037%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,387.9	−0.027%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	−0.010%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350.1	−0.070%	$2.29B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.062%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,372.4	−0.045%	$45.6M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,421.4	+0.012%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,385.3	−0.030%	$191.7M	$953.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,408.2	−0.003%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,432.6	+0.025%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,447.2	+0.042%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,357.9	−0.061%	$415.7M	$658.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,390.8	−0.023%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0206%	8h	86,411	long leg	$9.8M	$749.4M	6.4x