Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.017%

Price spread now: Reya against Kalshi+0.003%7-day average −0.033% · you sell dearer than you buy

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

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.030%+$3 on $10k

Price spread, last 7 days−0.040%−$4 · spread now +0.003%, 7d avg −0.033%

Together, before fees−0.010%+ Points / potential airdropReya: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.035% dearer against Kalshi than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.033%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,050	0.0184	pay 0.0184% / 8h	2h 56m	$10.6M	$728.3M	6.4x
Short	Reya BTCRUSDPERP	86,052.2	0.0155	get 0.0019% / 1h	56m 24s	$6.6M	$131.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now +0.003%Rate

Funding earned: −$6.12
Price spread: +0.003% → −0.033%: $3.52
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$18.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Reya: 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	0.35 bp	5.6 bp −$6	7.2 bp −$72	7.7 bp −$771	12.7 bp −$6,370
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 55 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
Hotstuff BTC-PERP	−0.0080%	1h	86,076	+0.030%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	85,924	−0.146%	$300K	$25.2M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	86,010.8	−0.046%	$359K	$2.1M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,084.1	+0.040%	$422.1M	$623.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,054.1	+0.005%	$16.9M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	+0.183%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	86,007.1	−0.050%	$936.2M	$665.5M	125x	as long as short
Bybit BTCUSDT	+0.0038%	8h	85,985.3	−0.075%	$5.10B	$9.04B	150x	as long as short
Aster BTCUSDT	+0.0046%	8h	86,010	−0.046%	$503.5M	$968.4M	200x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,988.7	−0.071%	—	$1.46B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	86,147	+0.113%	$2.2M	$8.5M	40x	as long as short
Phemex BTCUSDT	+0.0085%	8h	86,088.3	+0.045%	$167.6M	$495.5M	150x	as long as short
SoDEX BTC-USD	+0.0088%	1h	86,086	+0.042%	$60.2M	$257.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,039.7	−0.012%	$172.5M	$867.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,051.1	+0.001%	$23.5M	$121.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,009	−0.048%	$8.5M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,074.1	+0.028%	$2.4M	$6.7M	20x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,075.7	+0.030%	$6.0M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,988	−0.072%	$229K	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,007.8	−0.049%	$21.5M	$211.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,088	+0.044%	$3.86B	$4.76B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,062	+0.014%	$40.6M	$587.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,000.4	−0.058%	$9.47B	$23.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,977.3	−0.084%	$2.61B	$10.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,028	−0.026%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,051.9	+0.002%	$4.7M	$93.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,005.8	−0.051%	$5.47B	$9.04B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,005.6	−0.052%	$5.12B	$5.27B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,999.8	−0.058%	$2.98B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,068.6	+0.022%	$36.9M	$189.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	+0.085%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,149.5	+0.116%	$290.2M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,189.5	+0.162%	$216.5M	$141.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,191.9	+0.165%	$137.2M	$302.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,058.3	+0.010%	$30.3M	$213.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,098.4	+0.056%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,020	−0.035%	$11.0M	$13.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,001	−0.057%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,989.1	−0.071%	$2.6M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,125.9	+0.088%	$195K	$646K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,092.5	+0.049%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,070.2	+0.023%	$2.27B	$910.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,993	−0.066%	$711.2M	$175.6M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,110.8	+0.071%	$188.7M	$865.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,980.8	−0.080%	$46.5M	$219.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,104.5	+0.063%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,134.9	+0.099%	$112.6M	$5.23B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0155%	1h	86,052.2	+0.003%	$6.6M	$131.8M	40x
Kalshi KXBTCPERPlong	+0.0184%	8h	86,050	long leg	$10.6M	$728.3M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	86,019.5	−0.035%	$13.2M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,037.6	−0.014%	$8.9M	$40.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,110.1	+0.070%	$694K	$7.4M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0326%	1h	86,154.4	+0.121%	$836.7M	$1.62B	50x	as long as short
Aftermath Perps BTCUSD	+0.0417%	1h	86,136.8	+0.101%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,021.5	−0.033%	$489K	$16.4M	6.7x	as long as short