Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h +0.013%

Price spread now: Kalshi against dYdX+0.023%7-day average +0.001% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 7 days−0.008%−$1 · spread now +0.023%, 7d avg +0.001%

Together, before fees+0.105%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Kalshi is 0.022% dearer against dYdX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.001%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.114% in total (about 5.9% 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	dYdX BTC-USD	85,668.5	0.0000	pay 0.0000% / 1h	3m 48s	$16.7M	$21.2M	50x
Short	Kalshi KXBTCPERP	85,688	0.0219	get 0.0219% / 8h	1h 03m	$10.7M	$759.3M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.023%Rate

Funding earned: $46.06
Price spread: +0.023% → +0.001%: $2.22
Slippage, 4 orders: −$12.49
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $15.8
Costs to cover: 0.325%
Break-even: 4.6 days

Slippage from dYdX: 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 dYdX live order book, just now	0.99 bp	8.1 bp −$8	11.0 bp −$110	12.4 bp −$1,242	16.5 bp −$8,241
Sell Kalshi live order book, 5 min ago	0.06 bp	5.2 bp −$5	6.4 bp −$64	7.3 bp −$732	11.6 bp −$5,803

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
Bluefin BTC-PERP	−0.0438%	1h	85,697.9	+0.034%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.039%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	−0.002%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,645.2	−0.027%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,644.4	−0.028%	$417.0M	$665.3M	150x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,668.5	long leg	$16.7M	$21.2M	50x
KuCoin XBTUSDTM	+0.0002%	8h	85,671.3	+0.003%	$920.0M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.6	+0.001%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,664.1	−0.005%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,650.4	−0.021%	$22.6M	$219.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	85,656	−0.015%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,648.3	−0.024%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,644.6	−0.028%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.162%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,650.2	−0.021%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,642	−0.031%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,675.8	+0.009%	$5.06B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,663	−0.006%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,656.8	−0.014%	$2.27B	$937.0M	200x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,681.3	+0.015%	$149.5M	$481.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,645.1	−0.027%	$174.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,655.6	−0.015%	$23.9M	$149.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,649	−0.023%	$8.4M	$52.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,691.1	+0.026%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,629	−0.046%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,724	+0.065%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,697	+0.033%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,665.2	−0.004%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,664.5	−0.005%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,655	−0.016%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,638.6	−0.035%	$6.8M	$97.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,687.2	+0.022%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	0.000%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.030%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,676.9	+0.010%	$279.7M	$918.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,772.7	+0.122%	$215.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,779.4	+0.129%	$140.2M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	−0.026%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.035%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,652	−0.019%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,658.3	−0.012%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,659	−0.011%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.7	−0.018%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,633.1	−0.041%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.031%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,660.3	−0.010%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,653.8	−0.017%	—	$106.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,709.3	+0.048%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,702.3	+0.039%	$122.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,683.3	+0.017%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,708.7	+0.047%	$189.2M	$953.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,675.6	+0.008%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,667.8	−0.001%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,724.2	+0.065%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPshort	+0.0219%	8h	85,688	+0.023%	$10.7M	$759.3M	6.4x
Perpl BTC	+0.0447%	43m	85,685.9	+0.020%	$500K	$19.0M	6.7x	as long as short