BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0106%/8h= −11.7% APRnext payment −$1.06 per $10,000 · paid last 24h +0.016%

Price spread now: Variational Omni against Kalshi−0.068%7-day average −0.005% · you buy dearer than you sell

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

Long on Kalshi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.051%+$5 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.068%, 7d avg −0.005%

Together, before fees+0.069%+ Points / potential airdropVariational Omni: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.064% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.051%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,688	0.0206	pay 0.0206% / 8h	4h 45m	$9.6M	$742.7M	6.4x
Short	Variational Omni BTC	86,628.8	0.0100	get 0.0100% / 8h	45m 07s	$157.3M	$569.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.068%Rate

Funding earned: −$22.35
Price spread: −0.068% → −0.005%: −$6.37
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$38.72
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 4 min ago	0.12 bp	5.3 bp −$5	6.3 bp −$63	7.8 bp −$785	13.8 bp −$6,876
Sell Variational Omni RFQ quote, 4 min ago	0.62 bp	doesn't fit	0.6 bp −$6	1.6 bp −$156	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	−0.0118%	1h	86,580	−0.125%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.040%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.138%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,668.6	−0.022%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,663.1	−0.029%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,642.4	−0.053%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,676.7	−0.013%	$916.4M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,665.1	−0.026%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,644.6	−0.050%	$852.0M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0026%	1h	86,646.1	−0.048%	$6.7M	$145.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0030%	1h	86,677.5	−0.012%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0038%	8h	86,646.8	−0.048%	$150.5M	$480.0M	150x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,630.8	−0.066%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,627.8	−0.069%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,639.3	−0.056%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,659.2	−0.033%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,641.1	−0.054%	$9.44B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,633	−0.063%	$5.88B	$10.73B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,648	−0.046%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,657.7	−0.035%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,650	−0.044%	$8.5M	$52.5M	100x	as long as short
Nado BTC-PERP	+0.0098%	1h	86,659	−0.034%	$21.8M	$234.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,642	−0.053%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,700.1	+0.014%	$4.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,704	+0.018%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,692	+0.005%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,645.3	−0.049%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,630.6	−0.066%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,663	−0.029%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.9	+0.004%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.147%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,628.4	−0.069%	$38.4M	$156.0M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,628.8	−0.068%	$157.3M	$569.4M	—
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.215%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.198%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,581.8	−0.123%	$141.4M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,574.7	−0.131%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,695.1	+0.008%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,653	−0.040%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,644	−0.051%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,643.5	−0.051%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,674.9	−0.015%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,674.7	−0.015%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,634.9	−0.061%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,637	−0.059%	$60.6M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,632.4	−0.064%	$2.30B	$970.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,624.1	−0.074%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,662.8	−0.029%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,665.4	−0.026%	$193.8M	$951.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,670.5	−0.020%	$419K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,681.1	−0.008%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0113%	1h	86,605.9	−0.095%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,675.6	−0.014%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0215%	1h	86,660.1	−0.032%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	−0.057%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERPlong	+0.0206%	8h	86,688	long leg	$9.6M	$742.7M	6.4x