Funding you earn now, next payment 04:00 UTC+0.0111%/8h= +12.2% APRnext payment +$1.11 per $10,000 · paid last 24h −0.019%
Price spread now: Kalshi against Katana Perps+0.109%7-day average +0.029% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.074%−$7 on $10k
+Price spread, last 7 days−0.080%−$8 · spread now +0.109%, 7d avg +0.029%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.079% dearer against Katana Perps than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.029%. Mind the row above: over the last 4 days funding on this pair cost −0.074%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Katana Perps BTC-USD | 85,453 | 0.0100 | pay 0.0100% / 8h | 5h 48m | $197K | $7.6M | 50x |
| Short | Kalshi KXBTCPERP | 85,546 | 0.0211 | get 0.0211% / 8h | 1h 48m | $10.3M | $760.0M | 6.4x |
Katana Perps BTC-USD
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Katana Perps. 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
- $23.36
- Price spread: +0.109% → +0.029%
- $7.95
- Slippage, 4 orders
- no order book: not counted
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $17.51
- Costs to cover
- 0.138%
- Break-even
- 1.8 days
Slippage unknown: Katana Perps: no order-book sample; Kalshi: live order book, 6 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 Katana Perps no order-book sample | — | — | — | — | — |
| Sell Kalshi live order book, 6 min ago | 0.17 bp | 5.3 bp −$5 | 6.8 bp −$68 | 7.6 bp −$758 | 12.0 bp −$6,002 |
Katana Perps: 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0160% | 1h | 85,599 | +0.171% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,490 | +0.043% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,475.2 | +0.026% | $367K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,490.1 | +0.043% | $16.7M | $20.9M | 50x | as long as short |
| Nado BTC-PERP | +0.0002% | 1h | 85,475.1 | +0.026% | $22.5M | $221.6M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,511.2 | +0.068% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0016% | 8h | 85,457.6 | +0.005% | $906.4M | $747.4M | 125x | as long as short |
| Aster BTCUSDT | +0.0018% | 8h | 85,468.5 | +0.018% | $515.3M | $1.11B | 200x | as long as short |
| ApeX Omni BTCUSDT | +0.0039% | 1h | 85,508 | +0.064% | $139.8M | $316.2M | 100x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,484.7 | +0.037% | — | $1.53B | — | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
ApeX Omni BTCUSDT
BingX BTC-USDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0065% | 1h | 85,468.5 | +0.018% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0066% | 8h | 85,468.7 | +0.018% | $2.94B | $5.01B | 150x | as long as short |
| HTX BTC-USDT | +0.0069% | 8h | 85,490.5 | +0.044% | $2.27B | $930.7M | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | +0.192% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,486.2 | +0.039% | $2.4M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0084% | 8h | 85,467.6 | +0.017% | $2.9M | $6.2M | 100x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,493.6 | +0.048% | $5.07B | $5.58B | 500x | as long as short |
| Binance BTCUSDT | +0.0085% | 8h | 85,475.6 | +0.026% | $9.33B | $23.83B | 150x | as long as short |
| SoDEX BTC-USD | +0.0092% | 1h | 85,492 | +0.046% | $59.8M | $336.3M | 40x | as long as short |
| Phemex BTCUSDT | +0.0094% | 8h | 85,489 | +0.042% | $148.1M | $479.5M | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,480.3 | +0.032% | $169.4M | $984.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,487.3 | +0.040% | $23.9M | $147.3M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,476 | +0.027% | $8.4M | $51.7M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,549 | +0.112% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USDlong | +0.0100% | 8h | 85,453 | long leg | $197K | $7.6M | 50x | |
| Hyperliquid BTC | +0.0100% | 1h | 85,533 | +0.094% | $3.77B | $4.92B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,518.4 | +0.076% | $40.1M | $571.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,479.4 | +0.031% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,481 | +0.033% | $2.56B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,492 | +0.046% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,444.1 | −0.010% | $7.3M | $96.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,482.5 | +0.035% | $608.2M | $317.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,491 | +0.044% | $5.56B | $10.41B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,483.4 | +0.036% | $35.0M | $170.4M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,620.9 | +0.196% | $154.3M | $550.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,490 | +0.043% | $278.1M | $928.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,638.3 | +0.217% | $215.0M | $160.7M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,530 | +0.090% | $30.2M | $211.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,534.4 | +0.095% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,475 | +0.026% | $11.0M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,504.8 | +0.061% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,486.6 | +0.039% | $2.4M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,526.6 | +0.086% | $196K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,488.4 | +0.041% | $30.0M | $52.6M | 15x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,471.2 | +0.021% | $44.3M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,508.7 | +0.065% | — | $104.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,536.1 | +0.097% | $130.6M | $5.06B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,506.1 | +0.062% | $8.3M | $42.2M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0128% | 1h | 85,535.3 | +0.096% | $894.9M | $1.52B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0139% | 1h | 85,523.7 | +0.083% | $187.2M | $949.2M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0195% | 1h | 85,571.7 | +0.139% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,552.1 | +0.116% | $682K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0181% | 1h | 85,509.5 | +0.066% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERPshort | +0.0211% | 8h | 85,546 | +0.109% | $10.3M | $760.0M | 6.4x | |
| Perpl BTC | +0.0447% | 43m | 85,532.4 | +0.093% | $519K | $19.6M | 6.7x | as long as short |
Reya BTCRUSDPERP
Bitget BTCUSDT
HTX BTC-USDT
Injective BTC/USDC PERP
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
SoDEX BTC-USD
Phemex BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Perpl BTC