Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0105%/8h= +11.5% APRpaid last 24h −0.019%

Price spread now: Kalshi against Pacifica+0.151%7-day average −0.027% · you sell dearer than you buy

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

Long on Pacifica Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days−0.133%−$13 · spread now +0.151%, 7d avg −0.027%

Together, before fees−0.184%+ Points / potential airdropPacifica: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.178% dearer against Pacifica than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.027%. Mind the row above: over the last 7 days funding on this pair cost −0.051%, 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	Pacifica BTC	85,984	0.0100	pay 0.0013% / 1h	3m 36s	$40.7M	$560.8M	50x
Short	Kalshi KXBTCPERP	86,114	0.0205	get 0.0205% / 8h	3h 03m	$10.2M	$766.1M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Pacifica. 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 PacificabpFee KalshibpOrdersPrice spread, now +0.151%Rate

Funding earned: $21.97
Price spread: +0.151% → −0.027%: $17.78
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $21.75
Costs to cover: 0.180%
Break-even: 0.1 days

Slippage unknown: Pacifica: live order book, 1 min ago; 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 Pacifica live order book, 1 min ago	0.06 bp	4.1 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	0.06 bp	5.2 bp −$5	5.8 bp −$58	7.1 bp −$713	11.4 bp −$5,694

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	−0.0129%	1h	86,215	+0.269%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,961	−0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,944.2	−0.046%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,144.7	+0.187%	$518K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,126.9	+0.166%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	−0.039%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.443%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,945.8	−0.044%	$498.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,915.2	−0.080%	$825.7M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,101.2	+0.136%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	85,960	−0.028%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,943.3	−0.047%	—	$1.57B	—	as long as short
HTX BTC-USDT	+0.0056%	8h	86,045.8	+0.072%	$2.28B	$959.1M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,939.2	−0.052%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,057.3	+0.085%	$155.2M	$473.2M	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	86,066	+0.095%	$60.3M	$338.3M	40x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,947.8	−0.042%	$5.73B	$10.68B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,069.6	+0.100%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,938.7	−0.053%	$9.35B	$24.35B	150x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,925.9	−0.068%	$5.09B	$5.78B	500x	as long as short
Bluefin BTC-PERP	+0.0087%	1h	86,118	+0.156%	$144K	$666K	40x	as long as short
Lighter BTC	+0.0096%	1h	85,960.1	−0.028%	$169.8M	$998.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,961.9	−0.026%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,941	−0.050%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,923	−0.071%	$202K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,946.5	−0.044%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900.1	−0.098%	$21.8M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,000	+0.019%	$3.76B	$4.98B	40x	as long as short
Pacifica BTClong	+0.0100%	1h	85,984	long leg	$40.7M	$560.8M	50x
Bybit BTCUSDT	+0.0100%	8h	85,945.9	−0.044%	$5.23B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,971.8	−0.014%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,943	−0.048%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,949.8	−0.040%	$7.3M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,014	+0.035%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.111%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.151%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.111%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,088.3	+0.121%	$140.8M	$320.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,109.6	+0.146%	$30.6M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,028.5	+0.052%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,112	+0.149%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,116.5	+0.154%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	+0.112%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,088.5	+0.122%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,047.1	+0.073%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.183%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,919.3	−0.075%	$45.7M	$223.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,080.4	+0.112%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,084.4	+0.117%	$132.2M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	86,090	+0.123%	$190.1M	$954.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,108.8	+0.145%	$724K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,174.5	+0.222%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	86,111.8	+0.149%	$902.8M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,079.9	+0.112%	$415.6M	$640.3M	150x	as long as short
Kalshi KXBTCPERPshort	+0.0205%	8h	86,114	+0.151%	$10.2M	$766.1M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,121.5	+0.160%	$14.5M	—	200x	as long as short