Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.003%

Price spread now: Kalshi against Kraken Futures+0.013%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.215% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.013%, 7d avg −0.017%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.030% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,217.9	0.0026	pay 0.0003% / 1h	34m 35s	$185.6M	$953.9M	100x
Short	Kalshi KXBTCPERP	85,229	0.0171	get 0.0171% / 8h	4h 34m	$12.1M	$736.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.013%Rate

Funding earned: $30.3
Price spread: +0.013% → −0.017%: $3.04
Slippage, 4 orders: −$1.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $11.83
Costs to cover: 0.215%
Break-even: 4.3 days

Slippage from Kraken Futures: live order book, 5 min ago; Kalshi: 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 Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	7.1 bp −$715	9.1 bp −$4,561
Sell Kalshi live order book, 5 min ago	0.12 bp	5.2 bp −$5	6.6 bp −$66	7.4 bp −$735	11.5 bp −$5,769

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
Hotstuff BTC-PERP	−0.0080%	1h	85,199	−0.022%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.160%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,228.7	+0.013%	$928.2M	$776.8M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,197.3	−0.024%	$420.3M	$682.3M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,231.5	+0.016%	$509.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,247.8	+0.035%	$343K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	+0.009%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,196.5	−0.025%	$36.4M	—	200x	as long as short
ApeX Omni BTCUSDT	+0.0020%	1h	85,214.8	−0.004%	$139.7M	$312.6M	100x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0026%	1h	85,217.9	long leg	$185.6M	$953.9M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,182.1	−0.042%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,210	−0.009%	$338K	$24.7M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	85,233.6	+0.018%	$840.8M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0079%	8h	85,231.4	+0.016%	$5.12B	$10.01B	150x	as long as short
Nado BTC-PERP	+0.0088%	1h	85,226.6	+0.010%	$24.0M	$220.6M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,182	−0.042%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,202.6	−0.018%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,200.5	−0.020%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,241	+0.027%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,184	−0.040%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,241.3	+0.028%	$9.38B	$25.11B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,190.1	−0.033%	$5.03B	$5.74B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,223	+0.006%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,240.8	+0.027%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,284	+0.078%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,226.1	+0.010%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,244.1	+0.031%	$2.60B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,228	+0.012%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,250.8	+0.039%	$4.6M	$97.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,229.2	+0.013%	$5.49B	$11.07B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,201.6	−0.019%	$37.3M	$186.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,196.3	−0.025%	$155.5M	$553.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,229.3	+0.013%	$282.6M	$957.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.136%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,195.8	−0.026%	$30.0M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.8	+0.053%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,192	−0.030%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,190.2	−0.032%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,185.9	−0.038%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,222.1	+0.005%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,169.5	−0.057%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,214.2	−0.004%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,192	−0.030%	$59.6M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200	−0.021%	$2.25B	$970.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,227.9	+0.012%	$159.0M	$515.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.096%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,216.6	−0.001%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,195.8	−0.026%	—	$106.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,239	+0.025%	$111.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0139%	1h	85,178.3	−0.046%	$6.6M	$145.7M	40x	as long as short
Kalshi KXBTCPERPshort	+0.0171%	8h	85,229	+0.013%	$12.1M	$736.8M	6.4x
RISEx BTC/USDC	+0.0174%	1h	85,262.7	+0.053%	$8.7M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,194.4	−0.028%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,246.5	+0.034%	$682K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,315.9	+0.115%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,199.6	−0.021%	$474K	$18.4M	6.7x	as long as short