BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0104%/8h= +11.3% APRnext payment +$1.04 per $10,000 · paid last 24h −0.019%

Price spread now: Kalshi against SunX+0.075%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on SunX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.075%, 7d avg +0.007%

Together, before fees−0.031%−$3 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 0.068% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,877	0.0100	pay 0.0100% / 8h	7h 01m	$3.2M	$5.6M	100x
Short	Kalshi KXBTCPERP	85,941	0.0204	get 0.0204% / 8h	3h 01m	$10.2M	$766.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SunX. 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 SunXbpFee KalshibpOrdersPrice spread, now +0.075%Rate

Funding earned: $21.76
Price spread: +0.075% → +0.007%: $6.79
Slippage, 4 orders: −$5.93
Fee SunX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $4.62
Costs to cover: 0.239%
Break-even: 5.5 days

Slippage from SunX: live order book, 7 min ago; Kalshi: live order book, 3 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 SunX live order book, 7 min ago	0.85 bp	8.1 bp −$8	9.1 bp −$91	11.3 bp −$1,132	14.1 bp −$7,071
Sell Kalshi live order book, 3 min ago	0.23 bp	5.3 bp −$5	7.1 bp −$71	8.4 bp −$844	14.2 bp −$7,124

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	85,869	−0.009%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,906	+0.034%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,880.4	+0.004%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,918.5	+0.048%	$523K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,877.7	+0.001%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,906.5	+0.034%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.324%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,870.2	−0.008%	$498.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,873.1	−0.005%	$822.4M	$718.7M	125x	as long as short
HTX BTC-USDT	+0.0048%	8h	85,874.6	−0.003%	$2.28B	$961.0M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,862	−0.018%	$6.7M	$145.9M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,890	+0.015%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,851	−0.030%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,891	+0.016%	$60.2M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,872.9	−0.005%	$2.95B	$5.08B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,877.7	+0.001%	$5.71B	$10.74B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,887.6	+0.012%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,874.9	−0.002%	$5.09B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,858.9	−0.021%	$9.34B	$24.39B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,922.2	+0.053%	$169.7M	$999.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,924.1	+0.055%	$23.4M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,884	+0.008%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,862	−0.017%	$200K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,932.5	+0.065%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900	+0.027%	$22.0M	$226.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,948	+0.083%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,944.2	+0.078%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,857.7	−0.023%	$5.23B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,863.4	−0.016%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,894	+0.020%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,893.1	+0.019%	$7.0M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,887.8	+0.013%	$35.3M	$162.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.236%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,951.8	+0.087%	$277.5M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.235%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,961.3	+0.098%	$140.7M	$320.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,886.8	+0.011%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,941.5	+0.075%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,875	−0.002%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,873	−0.005%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,854.8	−0.026%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,919.7	+0.050%	$144K	$666K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,911.6	+0.040%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,877	long leg	$3.2M	$5.6M	100x
Phemex BTCUSDT	+0.0100%	8h	85,898.7	+0.025%	$154.9M	$473.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.308%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,868.2	−0.010%	$45.4M	$224.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,912.5	+0.041%	—	$100.4M	500x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,911.3	+0.040%	$720K	$8.0M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,925.9	+0.057%	$131.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,918.6	+0.048%	$187.5M	$958.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,070.9	+0.226%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	85,917.9	+0.048%	$414.9M	$641.1M	150x	as long as short
Kalshi KXBTCPERPshort	+0.0204%	8h	85,941	+0.075%	$10.2M	$766.8M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0203%	1h	85,878.5	+0.002%	$13.7M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,941.6	+0.075%	$902.7M	$1.51B	50x	as long as short