Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.028%

Price spread now: Kalshi against Hyperliquid−0.092%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 7 days+0.095%+$9 · spread now −0.092%, 7d avg −0.048%

Together, before fees+0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.045% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.048%). If the spread goes back, that is −$4 on $10k: about 7.4 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.054%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,602	0.0173	pay 0.0022% / 1h	38m 09s	$3.84B	$5.13B	40x
Short	Kalshi KXBTCPERP	85,523	0.0193	get 0.0193% / 8h	3h 38m	$10.6M	$738.3M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.092%Rate

Funding earned: $4.22
Price spread: −0.092% → −0.048%: −$4.46
Slippage, 4 orders: −$0.66
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$19.9
Costs to cover: 0.197%
Break-even: 40.0 days

Slippage from Hyperliquid: live order book, 6 min ago; Kalshi: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.1 bp −$511	doesn't fit
Sell Kalshi live order book, 6 min ago	0.18 bp	5.3 bp −$5	6.6 bp −$66	7.4 bp −$743	11.4 bp −$5,681

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	−0.2014%	1h	85,561.5	−0.047%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,472	−0.152%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,480.2	−0.142%	$423.0M	$682.1M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.192%	$307K	$24.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,505.4	−0.113%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,523.9	−0.091%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	85,507.3	−0.111%	$937.8M	$776.4M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,500	−0.119%	$503.0M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0055%	1h	85,512	−0.105%	$16.8M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,528.9	−0.085%	$186.4M	$946.9M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,484	−0.138%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,517.7	−0.098%	—	$1.57B	—	as long as short
Lighter BTC	+0.0096%	1h	85,524.6	−0.090%	$170.6M	$943.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,521.7	−0.094%	$23.6M	$134.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,510	−0.107%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,499.5	−0.120%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0098%	1h	85,491.7	−0.129%	$24.1M	$217.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,473	−0.151%	$266K	$8.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,522.6	−0.093%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,508.8	−0.109%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,510.4	−0.107%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,515.4	−0.101%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,512.8	−0.104%	$2.61B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,507	−0.111%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,513.2	−0.104%	$4.6M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.119%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,518.2	−0.098%	$5.51B	$9.89B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,508	−0.110%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,514.4	−0.102%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,513.7	−0.103%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.7	−0.205%	$156.0M	$543.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,437.3	−0.192%	$283.3M	$960.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	−0.216%	$214.5M	$154.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	−0.196%	$136.7M	$312.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.7	−0.153%	$30.1M	$218.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,577.7	−0.028%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	−0.107%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,522	−0.093%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,511.5	−0.106%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,502.5	−0.116%	$3.0M	$6.8M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,508	−0.110%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,500	−0.119%	$2.26B	$973.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,523.5	−0.092%	$161.8M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,486.5	−0.135%	$45.8M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,486.6	−0.135%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,559	−0.050%	$111.7M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,501.7	−0.117%	$6.6M	$138.6M	40x	as long as short
Derive BTC-PERP	+0.0161%	1h	85,508.7	−0.109%	$28.9M	$52.4M	15x	as long as short
Hyperliquid BTClong	+0.0173%	1h	85,602	long leg	$3.84B	$5.13B	40x
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,520.3	−0.095%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0193%	8h	85,523	−0.092%	$10.6M	$738.3M	6.4x
RISEx BTC/USDC	+0.0194%	1h	85,522.7	−0.093%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0256%	1h	85,565.8	−0.042%	$828.0M	$1.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0308%	1h	85,508.9	−0.109%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,487.4	−0.134%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,524.3	−0.091%	$466K	$18.1M	6.7x	as long as short