Funding you earn now, next payment 07:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h −0.004%
Price spread now: Kalshi against Bulk+0.023%7-day average −0.003% · 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−$15as in the Price arb table
costs, in and out, $10k−$180.176% of the position
Funding, last 4 days (all we have)−0.047%−$5 on $10k
+Price spread, last 7 days+0.002%$0 · spread now +0.023%, 7d avg −0.003%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.026% dearer against Bulk than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.003%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,294.8 | 0.0100 | pay 0.0013% / 1h | 48m 47s | $682.6M | $475.0M | 40x |
| Short | Kalshi KXBTCPERP | 85,314 | 0.0196 | get 0.0196% / 8h | 5h 48m | $11.5M | $742.8M | 6.4x |
Bulk BTC-USD
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Bulk. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $20.2
- Price spread: +0.023% → −0.003%
- $2.56
- Slippage, 4 orders
- −$0.6
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $5.17
- Costs to cover
- 0.176%
- Break-even
- 5.2 days
Slippage from Bulk: live order book, just now; 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 Bulk live order book, just now | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.8 bp −$379 | 4.7 bp −$2,363 |
| Sell Kalshi live order book, 5 min ago | 0.06 bp | 5.3 bp −$5 | 6.5 bp −$65 | 7.3 bp −$731 | 11.4 bp −$5,707 |
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 | −0.0082% | 1h | 85,370 | +0.088% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,326 | +0.037% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0048% | 8h | 85,287.9 | −0.008% | $925.6M | $772.3M | 125x | as long as short |
| BloFin BTC-USDT | −0.0024% | 8h | 85,283.2 | −0.014% | $421.4M | $683.3M | 150x | as long as short |
| Aster BTCUSDT | −0.0010% | 8h | 85,283.1 | −0.014% | $512.6M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,343.9 | +0.058% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,309 | +0.017% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,315.7 | +0.025% | $526K | $18.2M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,302.6 | +0.009% | $36.5M | — | 200x | as long as short |
| ApeX Omni BTCUSDT | +0.0025% | 1h | 85,333.8 | +0.046% | $139.5M | $314.5M | 100x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
ApeX Omni BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0042% | 1h | 85,285 | −0.011% | $24.5M | $222.6M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | +0.129% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,289.9 | −0.006% | — | $1.56B | — | as long as short |
| Bitget BTCUSDT | +0.0088% | 8h | 85,279.3 | −0.018% | $2.95B | $5.18B | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,288.8 | −0.007% | $186.8M | $956.2M | 100x | as long as short |
| Phemex BTCUSDT | +0.0095% | 8h | 85,291 | −0.004% | $149.9M | $508.7M | 150x | as long as short |
| MEXC BTC_USDT | +0.0095% | 8h | 85,287.8 | −0.008% | $4.99B | $5.73B | 500x | as long as short |
| Binance BTCUSDT | +0.0096% | 8h | 85,286.8 | −0.009% | $9.42B | $24.99B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,290.8 | −0.005% | $170.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,294 | −0.001% | $23.6M | $147.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,304 | +0.011% | $8.3M | $56.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,273.5 | −0.025% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,276 | −0.022% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,361.4 | +0.078% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,367 | +0.085% | $3.74B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,333 | +0.045% | $39.9M | $602.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,281.8 | −0.015% | $5.14B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,283.1 | −0.014% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,350 | +0.065% | $3.8M | $17.2M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,300.1 | +0.006% | $4.6M | $98.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,290.1 | −0.005% | $5.50B | $10.96B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,291.7 | −0.004% | $36.7M | $179.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,300.3 | +0.006% | $155.0M | $558.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,312.4 | +0.021% | $279.5M | $951.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,305.3 | +0.012% | $214.1M | $167.2M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,345 | +0.059% | $30.1M | $205.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,360.6 | +0.077% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,284 | −0.013% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,292 | −0.003% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,287 | −0.009% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,313.2 | +0.022% | $193K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,257.9 | −0.043% | $29.9M | $47.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,277.1 | −0.021% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,274 | −0.024% | $59.7M | $336.9M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,275.4 | −0.023% | $2.25B | $968.7M | 200x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,294.8 | long leg | $682.6M | $475.0M | 40x | |
| Extended BTC-USD | +0.0104% | 1h | 85,259.6 | −0.041% | $44.6M | $240.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,363.9 | +0.081% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,314 | +0.023% | $116.9M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0124% | 1h | 85,279.8 | −0.018% | $6.6M | $147.6M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0132% | 1h | 85,324.4 | +0.035% | $864.7M | $1.63B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,300 | +0.006% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,325.1 | +0.036% | $8.7M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERPshort | +0.0196% | 8h | 85,314 | +0.023% | $11.5M | $742.8M | 6.4x | |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,327.4 | +0.038% | $689K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0249% | 1h | 85,359.6 | +0.076% | $79K | $229K | 20x | as long as short |
Nado BTC-PERP
Injective BTC/USDC PERP
BingX BTC-USDT
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
Phemex BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD