BTC

Alert

Funding spread now, next payment 17:00 UTC−0.0005%/8h

paid, last 24h+0.018%paid, last 7 days+0.044%to open and close $10k−$13

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,821	0.0101	pay 0.0101% / 8h	3h 34m	$14.0M	$602.9M	6.4x
Short	Lighter RH BTC	85,785	0.0096	get 0.0012% / 1h	34m 49s	$24.4M	$134.2M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee Lighter RHbpOrdersRate

Funding earned: −$0.97
Slippage, 4 orders: −$2.96
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$13.94
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Lighter RH: live order book, 6 min ago.

Price risk

price view

Price gap now: −0.042%
Avg gap 7d: +0.013%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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, 6 min ago	0.58 bp	5.9 bp −$6	7.1 bp −$71	9.4 bp −$938	15.6 bp −$7,792
Sell Lighter RH live order book, 6 min ago	0.67 bp	0.8 bp −$1	0.8 bp −$8	2.5 bp −$251	18.3 bp −$9,139

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.8000%	1h	$142K	$408K	40x	as long as short
Perpl BTC	−0.0335%	43m	$401K	$28.6M	6.7x	as long as short
Injective BTC/USDC PERP	−0.0137%	1h	$308K	$27.0M	52x	as long as short
ApeX Omni BTCUSDT	−0.0117%	1h	$138.8M	$317.7M	100x	as long as short
Phoenix BTC	−0.0116%	1h	$1.9M	$11.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
BloFin BTC-USDT	−0.0076%	8h	$422.0M	$567.1M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	$291K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$188.0M	$820.9M	100x	as long as short
SoDEX BTC-USD	−0.0039%	1h	$60.8M	$283.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Phemex BTCUSDT	−0.0037%	8h	$148.7M	$412.1M	150x	as long as short
Reya BTCRUSDPERP	−0.0019%	1h	$6.7M	$138.0M	40x	as long as short
BingX BTC-USDC	−0.0015%	8h	—	$14.9M	—	as long as short
Bybit BTCUSDT	−0.0013%	8h	$5.22B	$8.61B	150x	as long as short
Bitget BTCUSDT	−0.0004%	8h	$2.98B	$4.68B	150x	as long as short
dYdX BTC-USD	0.0000%	1h	$17.2M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	$790.8M	$616.4M	125x	as long as short
OKX BTC-USDT-SWAP	+0.0018%	8h	$2.65B	$11.63B	100x	as long as short
Aster BTCUSDT	+0.0029%	8h	$487.6M	$1.13B	200x	as long as short
Aftermath Perps BTCUSD	+0.0033%	1h	$87K	$150K	20x	as long as short
Bulk BTC-USD	+0.0033%	1h	$558.3M	$154.4M	40x	as long as short
Aevo BTC-PERP	+0.0040%	1h	$2.4M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0043%	8h	$5.11B	$5.20B	500x	as long as short
Binance BTCUSDT	+0.0044%	8h	$9.48B	$22.05B	150x	as long as short
Gate BTC_USDT	+0.0051%	8h	$6.08B	$9.41B	200x	as long as short
StandX BTC-USD	+0.0079%	1h	$30.6M	$230.1M	40x	as long as short
Extended BTC-USD	+0.0080%	1h	$48.7M	$206.8M	50x	as long as short
Bullet BTC-USD	+0.0086%	1h	$234K	$3.3M	20x	as long as short
Variational Omni BTC	+0.0086%	8h	$171.9M	$506.6M	—	as long as short
HTX BTC-USDT	+0.0091%	8h	$2.28B	$843.4M	200x	as long as short
Paradex BTC-USD-PERP	+0.0093%	8h	$4.4M	$6.7M	50x	as long as short
Lighter BTC	+0.0096%	1h	$171.5M	$919.6M	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	$24.4M	$134.2M	50x
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$46.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$199K	$5.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.4M	$227.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$372.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.4M	$84.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.4M	$117.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$277.9M	$889.1M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.7M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.2M	$59.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$6.0M	100x	as long as short
Kalshi KXBTCPERPlong	+0.0101%	8h	$14.0M	$602.9M	6.4x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$88.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$128.8M	$6.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	$911.6M	$1.12B	50x	as long as short
Hyperliquid BTC	+0.0122%	1h	$3.90B	$4.42B	40x	as long as short
RISEx BTC/USDC	+0.0132%	1h	$8.7M	$38.0M	25x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	$727K	$7.4M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0171% / S −0.0148%	1h	$12.4M	—	200x	as long as short