Funding arb · Price arb /

LTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.025%

Price spread now: Backpack against Kalshi−0.102%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$340.341% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)−0.278%−$28 · spread now −0.102%, 7d avg −0.039%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.063% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of −0.039%). If the spread goes back, that is −$6 on $10k: about 2.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLTCPERP	61.590	0	get 0.0000% / 8h	5h 13m	$339K	$4.1M	4x
Short	Backpack LTC_USDC_PERP	61.527	0.0100	get 0.0013% / 1h	13m 25s	$158K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.102%Rate

Funding earned: $21
Price spread: −0.102% → −0.039%: −$6.28
Slippage, 4 orders: −$14.1
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$19.38
Costs to cover: 0.341%
Break-even: 13.5 days

Slippage from Kalshi: live order book, 5 min ago; Backpack: 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 Kalshi live order book, 5 min ago	2.19 bp	8.7 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.08 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit

LTC on 37 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
GMX LTC/USD [ETH-USDC]	L −0.0074% / S +0.0278%	1h	61.544	−0.075%	$112K	—	200x	as long as short
Variational Omni LTC	−0.0062%	8h	61.507	−0.134%	$3.6M	$4.0M	—	as long as short
Kalshi KXLTCPERPlong	0.0000%	8h	61.590	long leg	$339K	$4.1M	4x
gTrade (Gains Network) LTC/USD	L +0.0002% / S −0.0003%	1h	61.508	−0.134%	$30K	—	150x	as long as short
Injective LTC/USDC PERP	+0.0033%	1h	58.730	−4.644%	$5K	$22K	12x	as long as short
Gate LTC_USDT	+0.0046%	8h	61.500	−0.146%	$12.9M	$21.2M	75x	as long as short
Polymarket Perps LTC-USD	+0.0076%	1h	61.463	−0.206%	$85K	$378K	10x	as long as short
Kraken Futures PF_LTCUSD	+0.0087%	1h	61.583	−0.011%	$6.8M	$5.8M	50x	as long as short
Orderly PERP_LTC_USDC	+0.0100%	8h	61.550	−0.065%	$12K	$213K	20x	as long as short
Paradex LTC-USD-PERP	+0.0100%	8h	61.512	−0.127%	$14K	$10K	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LTC-PERP	+0.0100%	1h	61.508	−0.134%	$253K	$321K	10x	as long as short
Hyperliquid LTC	+0.0100%	1h	61.546	−0.071%	$37.3M	$23.8M	10x	as long as short
Aster LTCUSDT	+0.0100%	8h	61.560	−0.049%	$2.6M	$2.2M	75x	as long as short
Pacifica LTC	+0.0100%	1h	61.523	−0.109%	$538K	$84K	10x	as long as short
Binance LTCUSDT	+0.0100%	8h	61.510	−0.130%	$95.2M	$222.5M	75x	as long as short
Bybit LTCUSDT	+0.0100%	8h	61.470	−0.195%	$77.9M	$59.8M	75x	as long as short
OKX LTC-USDT-SWAP	+0.0100%	8h	61.500	−0.146%	$27.4M	$74.6M	50x	as long as short
MEXC LTC_USDT	+0.0100%	8h	61.500	−0.146%	$61.4M	$34.8M	200x	as long as short
KuCoin LTCUSDTM	+0.0100%	8h	61.510	−0.130%	$19.0M	$12.6M	75x	as long as short
Bitget LTCUSDT	+0.0100%	8h	61.490	−0.162%	$31.9M	$22.0M	75x	as long as short
BingX LTC-USDT	+0.0100%	8h	61.480	−0.179%	—	$37.4M	—	as long as short
Backpack LTC_USDC_PERPshort	+0.0100%	1h	61.527	−0.102%	$158K	$266K	10x
edgeX LTCUSDC	+0.0100%	4h	61.529	−0.100%	$42K	$357K	20x	as long as short
GRVT LTC_USDT_Perp	+0.0100%	8h	61.530	−0.097%	$351K	$2.0M	10x	as long as short
ApeX Omni LTCUSDT	+0.0100%	1h	61.550	−0.065%	$103K	$708K	50x	as long as short
SunX LTC-USDT	+0.0100%	8h	61.660	+0.114%	$17K	$4.2M	30x	as long as short
SoDEX LTC-USD	+0.0100%	1h	61.550	−0.065%	$634	$5K	10x	as long as short
HTX LTC-USDT	+0.0100%	8h	61.540	−0.081%	$1.9M	$4.8M	75x	as long as short
Phemex LTCUSDT	+0.0100%	8h	61.590	0.000%	$22.0M	$9.1M	50x	as long as short
Lighter LTC	+0.0104%	1h	61.593	+0.005%	$1.3M	$1.2M	10x	as long as short
Extended LTC-USD	+0.0104%	1h	61.487	−0.167%	$685K	$1.1M	25x	as long as short
Aevo LTC-PERP	+0.0104%	1h	61.551	−0.064%	$470K	$499	3x	as long as short
Deribit LTC_USDC-PERPETUAL	+0.0140%	1h	61.580	−0.016%	$694K	$1.1M	50x	as long as short
BloFin LTC-USDT	+0.0220%	8h	61.560	−0.049%	$4.8M	$11.7M	50x	as long as short
Reya LTCRUSDPERP	+0.0334%	1h	61.487	−0.167%	$8K	—	25x	as long as short
Coinbase International LTC-PERP-INTX	+0.0760%	1h	61.780	+0.308%	$1.2M	$2.2M	50x	as long as short
dYdX LTC-USD	+0.0967%	1h	61.538	−0.085%	$433K	$8K	10x	as long as short