Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.002%

Price spread now: RISEx against Kalshi−0.076%7-day average +0.012% · 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−$26as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Kalshi Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$3 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.076%, 7d avg +0.012%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.088% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.076% now, against its 7-day average of +0.012%). If the spread goes back, that is −$9 on $10k: about 20 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.035% in total) that is about 9.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,510	0.0160	pay 0.0160% / 8h	7h 03m	$11.4M	$752.3M	6.4x
Short	RISEx BTC/USDC	85,444.8	0.0174	get 0.0022% / 1h	3m 42s	$8.7M	$42.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.076%Rate

Funding earned: $3.02
Price spread: −0.076% → +0.012%: −$8.8
Slippage, 4 orders: −$1.12
Fee Kalshi: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$22.9
Costs to cover: 0.171%
Break-even: 60.1 days

Slippage from Kalshi: live order book, 5 min ago; RISEx: live order book, 5 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, 5 min ago	0.06 bp	5.3 bp −$5	5.9 bp −$59	7.3 bp −$733	12.0 bp −$6,009
Sell RISEx live order book, 5 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.5 bp −$1,052	doesn't fit

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	85,470	−0.047%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,486	−0.028%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0050%	8h	85,402.2	−0.126%	$919.5M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,470.8	−0.046%	$420.2M	$676.0M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,418.9	−0.107%	$514.2M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,496.9	−0.015%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,495.2	−0.017%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,481.7	−0.033%	$24.5M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,508.5	−0.002%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0025%	1h	85,448.7	−0.072%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.049%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0049%	1h	85,490	−0.023%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0060%	1h	85,536	+0.030%	$872.3M	$1.60B	50x	as long as short
Phemex BTCUSDT	+0.0061%	8h	85,490.1	−0.023%	$149.0M	$498.3M	150x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,389.9	−0.140%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,408.6	−0.119%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,485.7	−0.028%	$2.7M	$4.8M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,407.1	−0.120%	$5.06B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,426.9	−0.097%	$9.45B	$24.50B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,429.7	−0.094%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,503.7	−0.007%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,492	−0.021%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,492	−0.021%	$205K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	−0.044%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,454.4	−0.065%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,572	+0.073%	$3.79B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,454.9	−0.064%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,412.4	−0.114%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,413.4	−0.113%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,399	−0.130%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,406.8	−0.121%	$4.7M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	−0.064%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,417.1	−0.109%	$5.52B	$10.87B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,493.7	−0.019%	$36.6M	$177.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	−0.053%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,434.2	−0.089%	$279.1M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,454.9	−0.064%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.8	−0.036%	$139.7M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,475.8	−0.040%	$30.2M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,551	+0.048%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,506	−0.005%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,485.9	−0.028%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,533.8	+0.028%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,475.2	−0.041%	$30.0M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,471.8	−0.045%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,475	−0.041%	$2.26B	$949.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,380.7	−0.151%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,495.3	−0.017%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,534.2	+0.028%	$117.8M	$5.28B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,491.1	−0.022%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,514.9	+0.006%	$187.7M	$957.3M	100x	as long as short
Kalshi KXBTCPERPlong	+0.0160%	8h	85,510	long leg	$11.4M	$752.3M	6.4x
RISEx BTC/USDCshort	+0.0174%	1h	85,444.8	−0.076%	$8.7M	$42.9M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,504.3	−0.007%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,524.6	+0.017%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,500	−0.012%	$78K	$223K	20x	as long as short