Funding you earn now, next payment 05:00 UTC−0.0225%/8h= −24.7% APRpaid last 24h +0.005%
Price spread now: Nado against Kalshi−0.038%7-day average +0.009% · 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−$22as in the Price arb table
costs, in and out, $10k−$180.176% of the position
Funding, last 3 days (all we have)+0.040%+$4 on $10k
+Price spread, last 7 days+0.011%+$1 · spread now −0.038%, 7d avg +0.009%
=Together, before fees+0.051%+ Points / potential airdropNado: Active · farm board+$5 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Nado is 0.047% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.009%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.040% in total (about 4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,613 | 0.0224 | pay 0.0224% / 8h | 7h 43m | $12.0M | $756.0M | 6.4x |
| Short | Nado BTC-PERP | 85,580.4 | −0.0001 | pay 0.0000% / 1h | 43m 34s | $24.7M | $222.4M | 50x |
Kalshi KXBTCPERP
Nado BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- −$47.28
- Price spread: −0.038% → +0.009%
- −$4.69
- Slippage, 4 orders
- −$0.64
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- −$69.61
- Costs to cover
- 0.176%
- Break-even
- never at this rate
Slippage from Kalshi: live order book, 6 min ago; Nado: live order book, 6 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, 6 min ago | 0.06 bp | 5.2 bp −$5 | 5.8 bp −$58 | 7.3 bp −$726 | 11.6 bp −$5,807 |
| Sell Nado live order book, 6 min ago | 0.06 bp | 3.6 bp −$4 | 3.6 bp −$36 | 4.5 bp −$452 | 12.1 bp −$6,069 |
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 | −0.0140% | 1h | 85,589 | −0.028% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,610 | −0.004% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0040% | 8h | 85,574.6 | −0.045% | $916.7M | $756.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,627 | +0.016% | $418.4M | $675.8M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,599.6 | −0.016% | $366K | $2.3M | 50x | as long as short |
| Nado BTC-PERPshort | −0.0001% | 1h | 85,580.4 | −0.038% | $24.7M | $222.4M | 50x | |
| dYdX BTC-USD | 0.0000% | 1h | 85,631.4 | +0.022% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,596.6 | −0.019% | $36.6M | — | 200x | as long as short |
| Deribit BTC-PERPETUAL | +0.0007% | 1h | 85,620.9 | +0.009% | $884.3M | $1.59B | 50x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 85,567.1 | −0.054% | $515.3M | $1.10B | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Deribit BTC-PERPETUAL
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.090% | $340K | $26.9M | 52x | as long as short |
| BingX BTC-USDT | +0.0065% | 8h | 85,582.1 | −0.036% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0071% | 8h | 85,586.2 | −0.031% | $148.5M | $491.6M | 150x | as long as short |
| SoDEX BTC-USD | +0.0075% | 1h | 85,580 | −0.039% | $60.0M | $336.1M | 40x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,581 | −0.037% | $2.96B | $5.11B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0094% | 1h | 85,601.7 | −0.013% | $6.6M | $147.0M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,593.3 | −0.023% | $172.0M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,598.1 | −0.017% | $24.0M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,583 | −0.035% | $8.7M | $54.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,577.2 | −0.042% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,567 | −0.054% | $203K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,644 | +0.036% | $5.7M | $9.4M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,617.1 | +0.005% | $40.6M | $584.8M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,595.2 | −0.021% | $9.42B | $24.31B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,586.6 | −0.031% | $5.19B | $9.84B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,608.1 | −0.006% | $2.59B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,580 | −0.039% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,575.6 | −0.044% | $4.4M | $98.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,587.5 | −0.030% | $5.54B | $10.77B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,581.8 | −0.036% | $5.07B | $5.64B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,574.3 | −0.045% | $36.0M | $177.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,612.6 | −0.001% | $153.5M | $564.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,612.9 | 0.000% | $279.7M | $927.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,598.4 | −0.017% | $215.0M | $169.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,592.9 | −0.023% | $140.0M | $315.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.5 | +0.017% | $30.2M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,654.7 | +0.049% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,603 | −0.012% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,584.6 | −0.033% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,576.8 | −0.042% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,630.9 | +0.021% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,573.8 | −0.046% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,560.3 | −0.062% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,582.4 | −0.036% | $2.27B | $946.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,580.4 | −0.038% | $679.0M | $730.0M | 40x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,670.2 | +0.067% | $3.79B | $5.02B | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,556.8 | −0.066% | $44.8M | $231.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,614.3 | +0.001% | — | $107.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,618.9 | +0.007% | $117.0M | $5.22B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,602.3 | −0.012% | $187.9M | $955.3M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,619.5 | +0.008% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0177% | 1h | 85,594.9 | −0.021% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERPlong | +0.0224% | 8h | 85,613 | long leg | $12.0M | $756.0M | 6.4x | |
| Aftermath Perps BTCUSD | +0.0232% | 1h | 85,631.9 | +0.022% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,635.5 | +0.026% | $696K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,598.2 | −0.017% | $500K | $18.8M | 6.7x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDT
Phemex BTCUSDT
SoDEX BTC-USD
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
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
HTX BTC-USDT
Bulk BTC-USD
Hyperliquid BTC
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC