Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0345%/8h= +37.8% APRpaid last 24h +0.055%

Price spread now: Kalshi against Deribit+0.063%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.063%, 7d avg −0.031%

Together, before fees+0.021%+$2 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 0.094% dearer against Deribit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.031%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.083% in total (about 4.3% 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	Deribit BCH_USDC-PERPETUAL	270.26	−0.0345	get 0.0043% / 1h	3m 45s	$458K	$265K	25x
Short	Kalshi KXBCHPERP	270.43	0	get 0.0000% / 8h	5h 03m	$1.3M	$11.8M	2.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.063%Rate

Funding earned: $72.53
Price spread: +0.063% → −0.031%: $9.44
Slippage, 4 orders: −$28.2
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $36.77
Costs to cover: 0.452%
Break-even: 3.5 days

Slippage from Deribit: live order book, 15 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 Deribit live order book, 15 min ago	4.49 bp	8.2 bp −$8	13.3 bp −$133	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	5.37 bp	18.6 bp −$19	25.1 bp −$251	doesn't fit	doesn't fit

BCH on 32 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
Deribit BCH_USDC-PERPETUALlong	−0.0345%	1h	270.26	long leg	$458K	$265K	25x
Phemex BCHUSDT	−0.0188%	8h	270.16	−0.037%	$4.9M	$6.5M	50x	as long as short
SoDEX BCH-USD	−0.0172%	1h	270.17	−0.033%	$2K	$6K	10x	as long as short
Injective BCH/USDC PERP	−0.0154%	1h	270.20	−0.022%	$721	$130K	12x	as long as short
Variational Omni BCH	−0.0126%	8h	269.81	−0.165%	$83K	$294K	—	as long as short
Bybit BCHUSDT	−0.0068%	8h	270.30	+0.015%	$39.5M	$33.1M	75x	as long as short
Extended BCH-USD	−0.0040%	1h	270.34	+0.030%	$116K	$653K	25x	as long as short
MEXC BCH_USDT	−0.0040%	8h	270.88	+0.229%	$71.0M	$6.7M	200x	as long as short
Binance BCHUSDT	−0.0039%	8h	270.44	+0.065%	$75.2M	$234.5M	75x	as long as short
dYdX BCH-USD	0.0000%	1h	270.57	+0.115%	$5K	$248	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXBCHPERPshort	0.0000%	8h	270.43	+0.063%	$1.3M	$11.8M	2.7x
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	270.35	+0.034%	$4K	—	150x	as long as short
Gate BCH_USDT	+0.0014%	8h	270.38	+0.044%	$8.4M	$14.9M	75x	as long as short
GRVT BCH_USDT_Perp	+0.0016%	8h	269.89	−0.137%	$393K	$17K	10x	as long as short
Coinbase International BCH-PERP-INTX	+0.0016%	1h	269.78	−0.178%	$241K	$2.1M	50x	as long as short
Orderly PERP_BCH_USDC	+0.0024%	8h	270.16	−0.037%	$2K	$176	10x	as long as short
Bitget BCHUSDT	+0.0029%	8h	270.40	+0.052%	$19.5M	$29.5M	75x	as long as short
BingX BCH-USDT	+0.0059%	8h	270.43	+0.063%	—	$30.5M	—	as long as short
OKX BCH-USDT-SWAP	+0.0060%	8h	270.40	+0.052%	$26.4M	$78.6M	50x	as long as short
BloFin BCH-USDT	+0.0078%	8h	270.01	−0.093%	$4.0M	$4.2M	50x	as long as short
Nado BCH-PERP	+0.0095%	1h	269.98	−0.105%	$442K	$428K	10x	as long as short
Lighter BCH	+0.0096%	1h	270.48	+0.080%	$379K	$588K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	270.72	+0.171%	$6.1M	$4.2M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	270.38	+0.044%	$218K	$703K	75x	as long as short
Pacifica BCH	+0.0100%	1h	270.43	+0.064%	$164K	$467K	10x	as long as short
KuCoin BCHUSDTM	+0.0100%	8h	270.49	+0.085%	$9.3M	$8.0M	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	269.48	−0.288%	$19K	$290K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	269.68	−0.215%	$73K	$214K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	270.01	−0.093%	$1K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	270.02	−0.089%	$776K	$1.7M	75x	as long as short
Kraken Futures PF_BCHUSD	+0.0112%	1h	270.48	+0.080%	$819K	$3.2M	50x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0335% / S −0.0340%	1h	270.40	+0.052%	$27K	—	100x	as long as short