Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0106%/8h= +11.7% APRpaid last 24h −0.007%

Price spread now: Kalshi against SoDEX+0.030%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now +0.030%, 7d avg +0.002%

Together, before fees−0.019%−$2 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 0.028% dearer against SoDEX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	86,438	0.0100	pay 0.0013% / 1h	14m 04s	$60.4M	$338.1M	40x
Short	Kalshi KXBTCPERP	86,464	0.0206	get 0.0206% / 8h	4h 14m	$10.0M	$750.2M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.030%Rate

Funding earned: $22.34
Price spread: +0.030% → +0.002%: $2.81
Slippage, 4 orders: −$0.6
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $6.56
Costs to cover: 0.186%
Break-even: 4.9 days

Slippage from SoDEX: 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.9 bp −$592	44.7 bp −$22.4K
Sell Kalshi live order book, 5 min ago	0.17 bp	5.2 bp −$5	6.7 bp −$67	7.3 bp −$732	11.9 bp −$5,949

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	86,476	+0.044%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,431	−0.008%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.108%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,446.9	+0.010%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,448.4	+0.012%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,452.2	+0.016%	$414K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,452.9	+0.017%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	86,438.1	0.000%	$501.3M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	86,439.9	+0.002%	$833.8M	$729.0M	125x	as long as short
Reya BTCRUSDPERP	+0.0035%	1h	86,435.4	−0.003%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,419.5	−0.021%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,442	+0.005%	$150.6M	$478.5M	150x	as long as short
Bitget BTCUSDT	+0.0054%	8h	86,434.2	−0.004%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,456.7	+0.022%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,432.2	−0.007%	$5.16B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,426.1	−0.014%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,433.7	−0.005%	$9.43B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,430.8	−0.008%	$5.85B	$10.80B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,446.3	+0.010%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,452.5	+0.017%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,429	−0.010%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,436.2	−0.002%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,418	−0.023%	$195K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,480.2	+0.049%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,446.1	+0.009%	$21.8M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,512	+0.086%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,466.6	+0.033%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,446.9	+0.010%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	+0.009%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,465.1	+0.031%	$7.4M	$95.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	+0.013%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,428.4	−0.011%	$37.9M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,485.4	+0.055%	$157.1M	$568.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,437.7	0.000%	$279.2M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.7	0.000%	$216.9M	$172.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,437.6	0.000%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,464	+0.030%	$30.7M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,484.9	+0.054%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,430	−0.009%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,436.8	−0.001%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,429.8	−0.009%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,464.5	+0.031%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,469.1	+0.036%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,426.1	−0.014%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,438	long leg	$60.4M	$338.1M	40x
HTX BTC-USDT	+0.0100%	8h	86,425.1	−0.015%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,419.4	−0.021%	$45.6M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,460.4	+0.026%	—	$99.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,468.9	+0.036%	$192.6M	$953.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,480	+0.049%	$132.1M	$5.64B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0127%	1h	86,483.2	+0.052%	$911.9M	$1.48B	50x	as long as short
Aftermath Perps BTCUSD	+0.0157%	1h	86,461.3	+0.027%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,527.5	+0.104%	$729K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,434.4	−0.004%	$415.8M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0222%	1h	86,447.1	+0.010%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0206%	8h	86,464	+0.030%	$10.0M	$750.2M	6.4x