Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0320%/8h= +35.0% APRpaid last 24h +0.031%

Price spread now: Kalshi against Phoenix−0.016%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.016%, 7d avg −0.051%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kalshi is 0.035% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.099% in total (about 5.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,577	−0.0111	get 0.0014% / 1h	4m 33s	$2.1M	$10.4M	40x
Short	Kalshi KXBTCPERP	85,563	0.0209	get 0.0209% / 8h	6h 04m	$11.4M	$743.3M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.016%Rate

Funding earned: $67.12
Price spread: −0.016% → −0.051%: $3.49
Slippage, 4 orders: −$0.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $52.84
Costs to cover: 0.178%
Break-even: 1.5 days

Slippage from Phoenix: live order book, 4 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 Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.2 bp −$1,021	doesn't fit
Sell Kalshi live order book, 5 min ago	0.06 bp	5.2 bp −$5	6.6 bp −$66	7.4 bp −$740	11.8 bp −$5,899

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
Perpl BTC	−0.0112%	43m	85,574.8	−0.003%	$524K	$18.3M	6.7x	as long as short
Phoenix BTClong	−0.0111%	1h	85,577	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,524	−0.062%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,492.8	−0.098%	$929.0M	$771.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,517.3	−0.070%	$417.9M	$684.0M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,497.3	−0.093%	$514.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,514.2	−0.073%	$354K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,549.1	−0.033%	$868.7M	$1.62B	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,535.9	−0.048%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,533.5	−0.051%	$36.5M	—	200x	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	+0.0023%	1h	85,349	−0.266%	$339K	$26.8M	52x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,499.8	−0.090%	$24.6M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,536.2	−0.048%	$188.5M	$953.9M	100x	as long as short
BingX BTC-USDT	+0.0069%	8h	85,501.7	−0.088%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,514.7	−0.073%	$148.9M	$507.0M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,497.3	−0.093%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,505	−0.084%	$171.4M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,508.8	−0.080%	$23.7M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,505	−0.084%	$8.4M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,508.5	−0.080%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,561	−0.019%	$117.4M	$5.45B	50x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,497.9	−0.092%	$5.02B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,504.5	−0.085%	$9.46B	$24.92B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,477	−0.117%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,551.1	−0.030%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,582	+0.006%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,529.4	−0.056%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,502.1	−0.088%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,510.5	−0.078%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,491	−0.100%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,502.5	−0.087%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.088%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,506.5	−0.082%	$5.52B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.4	−0.080%	$36.6M	$178.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	−0.048%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,505.3	−0.084%	$280.0M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,535.3	−0.049%	$214.9M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,531.6	−0.053%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,542	−0.041%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,599.5	+0.026%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,523	−0.063%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.061%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,532.7	−0.052%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,554.8	−0.026%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,496.2	−0.094%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,512.8	−0.075%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,517	−0.070%	$59.8M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,520.5	−0.066%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,472.9	−0.122%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,569.5	−0.009%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0120%	1h	85,516.8	−0.070%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,532	−0.053%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0209%	8h	85,563	−0.016%	$11.4M	$743.3M	6.4x
Aftermath Perps BTCUSD	+0.0223%	1h	85,522	−0.064%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,559.3	−0.021%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,530	−0.055%	$8.8M	$43.3M	25x	as long as short