BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0090%/8h= −9.8% APRnext payment −$0.90 per $10,000 · paid last 24h +0.008%

Price spread now: Orderly against Kalshi+0.053%7-day average −0.001% · you sell dearer than you buy

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

Long on Kalshi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.053%, 7d avg −0.001%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.054% dearer against Kalshi than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.001%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,828	0.0190	pay 0.0190% / 8h	3h 21m	$10.8M	$732.9M	6.4x
Short	Orderly PERP_BTC_USDC	85,873.2	0.0100	get 0.0100% / 8h	7h 21m	$2.6M	$9.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.053%Rate

Funding earned: −$18.82
Price spread: +0.053% → −0.001%: $5.36
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Orderly: 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, 3 min ago	0.12 bp	5.3 bp −$5	7.1 bp −$71	8.5 bp −$851	14.3 bp −$7,141
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0738%	1h	85,914.7	+0.101%	$195K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,771	−0.066%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,866.8	+0.045%	$425.8M	$628.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,824	−0.005%	$307K	$26.5M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,817.5	−0.012%	$354K	$2.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,818	−0.012%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,858	+0.035%	$944.7M	$751.9M	125x	as long as short
Aster BTCUSDT	+0.0039%	8h	85,881.5	+0.062%	$505.2M	$1.05B	200x	as long as short
dYdX BTC-USD	+0.0049%	1h	85,830.4	+0.003%	$16.8M	$20.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,895.9	+0.079%	$186.5M	$901.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,520	−0.359%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,840.7	+0.015%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0083%	1h	85,810.8	−0.020%	$24.3M	$213.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,871.2	+0.050%	$172.3M	$954.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,868	+0.047%	$23.3M	$136.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,805	−0.027%	$8.7M	$55.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,861.2	+0.039%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,786	−0.049%	$266K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,839.3	+0.013%	$5.8M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,800.1	−0.033%	$40.4M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,850.8	+0.027%	$9.43B	$24.30B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,853.6	+0.030%	$5.09B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,856.3	+0.033%	$2.62B	$11.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,793	−0.041%	$3.9M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,834.2	+0.007%	$4.7M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.611%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,857.9	+0.035%	$5.51B	$10.00B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,851.6	+0.027%	$5.09B	$5.80B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,855.4	+0.032%	$2.99B	$4.72B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,801.4	−0.031%	$37.8M	$191.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,352.3	−0.554%	$155.8M	$535.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,616.9	−0.246%	$286.2M	$966.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,675.9	−0.177%	$215.1M	$156.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,662.5	−0.193%	$136.9M	$310.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,736.4	−0.107%	$30.2M	$217.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,893.2	+0.076%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,830	+0.002%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,849.2	+0.025%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,873.2	+0.053%	$2.6M	$9.5M	100x
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.447%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,867.8	+0.046%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,863	+0.041%	$60.1M	$296.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,861.4	+0.039%	$2.27B	$924.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,877.8	+0.058%	$166.1M	$504.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,851.7	+0.028%	$45.8M	$234.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,779	−0.057%	—	$102.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,899.9	+0.084%	$112.5M	$5.36B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,829.5	+0.002%	$6.6M	$135.6M	40x	as long as short
Hyperliquid BTC	+0.0156%	1h	85,926.9	+0.115%	$3.86B	$4.75B	40x	as long as short
Kalshi KXBTCPERPlong	+0.0190%	8h	85,828	long leg	$10.8M	$732.9M	6.4x
RISEx BTC/USDC	+0.0194%	1h	85,776.3	−0.060%	$9.0M	$41.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,863.9	+0.042%	$12.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,920.9	+0.108%	$833.1M	$1.64B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,806.4	−0.025%	$701K	$7.5M	30x	as long as short
Aftermath Perps BTCUSD	+0.0355%	1h	85,623.2	−0.239%	$81K	$261K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,815.3	−0.015%	$463K	$17.3M	6.7x	as long as short