Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.017%

Price spread now: Kalshi against Coinbase International−0.002%7-day average −0.043% · 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−$17as in the Price arb table

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

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.002%, 7d avg −0.043%

Together, before fees−0.002%$0 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 0.041% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,250	0.0104	pay 0.0013% / 1h	35m 41s	$112.0M	$5.48B	50x
Short	Kalshi KXBTCPERP	85,248	0.0171	get 0.0171% / 8h	4h 35m	$12.1M	$737.0M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.002%Rate

Funding earned: $14.01
Price spread: −0.002% → −0.043%: $4.06
Slippage, 4 orders: −$0.75
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$2.68
Costs to cover: 0.207%
Break-even: 8.3 days

Slippage from Coinbase International: live order book, 4 min ago; Kalshi: live order book, 4 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$510	9.4 bp −$4,692
Sell Kalshi live order book, 4 min ago	0.12 bp	5.2 bp −$5	6.6 bp −$66	7.4 bp −$735	11.5 bp −$5,769

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
Hotstuff BTC-PERP	−0.0080%	1h	85,233	−0.020%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.122%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,189.4	−0.071%	$928.0M	$776.8M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,235.9	−0.017%	$420.5M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,184.4	−0.077%	$509.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,199.2	−0.060%	$346K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	−0.029%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,245.9	−0.005%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,238.4	−0.014%	$185.6M	$954.1M	100x	as long as short
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.161%	$139.8M	$312.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,184.6	−0.077%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,249	−0.001%	$338K	$24.7M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0074%	1h	85,262.8	+0.015%	$840.8M	$1.66B	50x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,177	−0.086%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,218.7	−0.037%	$24.0M	$220.5M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,185	−0.076%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,204.8	−0.053%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,204.1	−0.054%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,188	−0.073%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,228.2	−0.026%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,188	−0.073%	$5.03B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,196.7	−0.063%	$9.38B	$25.09B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,168	−0.096%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,238.6	−0.013%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,299	+0.057%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,225.7	−0.028%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,188.1	−0.073%	$2.59B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,206	−0.052%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.9	−0.056%	$4.6M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,221.6	−0.033%	$5.49B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,213.7	−0.043%	$37.3M	$186.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,196.3	−0.063%	$155.5M	$553.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,300.9	+0.060%	$282.9M	$956.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.098%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,227	−0.027%	$30.0M	$210.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,284.1	+0.040%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,222	−0.033%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,236	−0.016%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,235.4	−0.017%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,272.8	+0.027%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,206.4	−0.051%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,213.2	−0.043%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,224	−0.030%	$59.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,220	−0.035%	$2.25B	$970.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,243.4	−0.008%	$159.0M	$515.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.058%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,160.6	−0.105%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,195.9	−0.063%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,250	long leg	$112.0M	$5.48B	50x
Reya BTCRUSDPERP	+0.0139%	1h	85,213	−0.043%	$6.6M	$145.8M	40x	as long as short
Kalshi KXBTCPERPshort	+0.0171%	8h	85,248	−0.002%	$12.1M	$737.0M	6.4x
RISEx BTC/USDC	+0.0174%	1h	85,210.8	−0.046%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,240.9	−0.011%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,345.5	+0.112%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,335.3	+0.100%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,199.7	−0.059%	$476K	$18.4M	6.7x	as long as short