Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.008%

Price spread now: Kalshi against Bullet+0.064%48s7-day average −0.010% · 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—prices read too far apart to compare

costs, in and out, $10k−$210.207% of the position

Long on Bullet Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.064%, 7d avg −0.010%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.074% dearer against Bullet than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,438	0.0100	pay 0.0013% / 1h	14m 29s	$199K	$3.3M	20x
Short	Kalshi KXBTCPERP	85,493	0.0183	get 0.0183% / 8h	5h 14m	$11.9M	$741.5M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bullet. 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 BulletbpFee KalshibpOrdersPrice spread, now +0.064%Rate

Funding earned: $17.45
Price spread: +0.064% → −0.010%: $7.4
Slippage, 4 orders: −$2.71
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $4.15
Costs to cover: 0.207%
Break-even: 5.3 days

Slippage from Bullet: 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 Bullet live order book, 5 min ago	0.29 bp	5.3 bp −$5	8.0 bp −$80	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	0.23 bp	5.5 bp −$5	6.5 bp −$65	7.7 bp −$770	12.9 bp −$6,459

BTC on 55 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	85,513	+0.088%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,454	+0.019%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,457.4	+0.023%	$929.6M	$775.5M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,463.7	+0.030%	$419.8M	$682.3M	150x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,455.4	+0.020%	$513.1M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,461.9	+0.028%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,500.1	+0.073%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,473.9	+0.042%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,474.3	+0.042%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,455.1	+0.020%	$24.2M	$222.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0048%	1h	85,499.4	+0.072%	$861.4M	$1.63B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.224%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,429.3	−0.010%	—	$17.5M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	85,484	+0.054%	$8.5M	$56.7M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,476.1	+0.045%	$186.0M	$956.4M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,436.5	−0.002%	$2.97B	$5.16B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,473.7	+0.042%	$170.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,472	+0.040%	$23.6M	$148.4M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,454.4	+0.019%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0097%	8h	85,432.7	−0.006%	$5.14B	$9.99B	150x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,454	+0.019%	$5.03B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,442.8	+0.006%	$9.43B	$24.93B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,437	−0.001%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,518.9	+0.095%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,528.1	+0.105%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,492.2	+0.063%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,445.1	+0.008%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,449	+0.013%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,443.1	+0.006%	$5.1M	$97.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	+0.072%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,459.1	+0.025%	$5.56B	$11.07B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452.6	+0.017%	$37.2M	$179.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,450.4	+0.015%	$156.4M	$558.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,505.1	+0.079%	$280.1M	$953.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,525	+0.102%	$214.7M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,519	+0.095%	$139.8M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,466.6	+0.033%	$30.1M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.2	+0.083%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,445	+0.008%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,438	long leg	$199K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,462.2	+0.028%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,500.1	+0.073%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,455.3	+0.020%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,458	+0.023%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,455.2	+0.020%	$2.26B	$964.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,471.1	+0.039%	$154.6M	$512.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,422.2	−0.019%	$44.9M	$240.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,489.3	+0.060%	—	$104.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,498	+0.070%	$113.0M	$5.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0132%	1h	85,431.5	−0.008%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERPshort	+0.0183%	8h	85,493	+0.064%	$11.9M	$741.5M	6.4x
RISEx BTC/USDC	+0.0193%	1h	85,477.9	+0.047%	$8.8M	$42.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,472.1	+0.040%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,514.1	+0.089%	$686K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,501.5	+0.074%	$79K	$231K	20x	as long as short