BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0198%/8h= −21.7% APRnext payment −$1.98 per $10,000 · paid last 24h −0.011%

Price spread now: BloFin against Kalshi−0.029%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Kalshi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now −0.029%, 7d avg −0.007%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.021% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.98 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,959	0.0156	pay 0.0156% / 8h	1h 02m	$12.5M	$737.3M	6.4x
Short	BloFin BTC-USDT	85,934.4	−0.0042	pay 0.0042% / 8h	5h 02m	$422.0M	$551.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kalshi. 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 KalshibpFee BloFinbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$41.67
Price spread: −0.029% → −0.007%: −$2.14
Slippage, 4 orders: −$1.15
Fee Kalshi: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$66.96
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; BloFin: 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 Kalshi live order book, 4 min ago	0.35 bp	5.6 bp −$6	7.0 bp −$70	7.5 bp −$750	12.0 bp −$5,976
Sell BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$681	doesn't fit

BTC on 56 exchanges

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	−0.0133%	1h	85,907	−0.060%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,946	−0.015%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0042%	8h	85,934.4	−0.029%	$422.0M	$551.2M	150x
01 Exchange BTCUSD	−0.0032%	1h	85,948.1	−0.013%	$368K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0001%	1h	85,937	−0.026%	$65.9M	$187.5M	40x	as long as short
Perpl BTC	0.0000%	43m	85,936.7	−0.026%	$467K	$13.4M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,889.3	−0.081%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,937.6	−0.025%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,958	−0.001%	$320K	$31.3M	52x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,924.7	−0.040%	$511.5M	$845.8M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,951.7	−0.008%	$192.2M	$749.2M	100x	as long as short
BingX BTC-USDC	+0.0043%	8h	85,907.1	−0.060%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,950	−0.010%	$8.6M	$45.6M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,927.8	−0.036%	$942.9M	$636.4M	125x	as long as short
Phemex BTCUSDT	+0.0054%	8h	85,935.9	−0.027%	$170.2M	$476.2M	150x	as long as short
Bybit BTCUSDT	+0.0059%	8h	85,929.5	−0.034%	$5.14B	$8.04B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,931.2	−0.032%	$2.27B	$780.5M	200x	as long as short
MEXC BTC_USDT	+0.0077%	8h	85,924.1	−0.041%	$5.16B	$4.92B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	85,924	−0.041%	$9.42B	$20.26B	150x	as long as short
Gate BTC_USDT	+0.0078%	8h	85,932.9	−0.030%	$5.51B	$9.06B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,924.3	−0.040%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,930.3	−0.033%	$3.00B	$3.88B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,962.6	+0.004%	$173.0M	$877.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,958.1	−0.001%	$23.7M	$121.9M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	85,889.3	−0.081%	$215.8M	$132.8M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,921	−0.044%	$230K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,968.6	+0.011%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,932.4	−0.031%	$23.3M	$190.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,974.7	+0.018%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,939.1	−0.023%	$2.63B	$9.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,938	−0.024%	$3.9M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,941.4	−0.020%	$4.9M	$91.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,916.8	−0.049%	$38.0M	$194.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,877.2	−0.095%	$155.8M	$472.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,862.2	−0.113%	$289.6M	$738.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,898.9	−0.070%	$137.9M	$288.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,924	−0.041%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,988.8	+0.035%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,950	−0.010%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,950.5	−0.010%	$211K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,935.3	−0.028%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,968.3	+0.011%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.106%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,953.6	−0.006%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,889.6	−0.081%	$714.2M	$91.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,901.6	−0.067%	$47.2M	$193.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,954.4	−0.005%	—	$79.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,982.3	+0.027%	$111.9M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0156%	1h	86,029	+0.081%	$3.95B	$4.18B	40x	as long as short
Kalshi KXBTCPERPlong	+0.0156%	8h	85,959	long leg	$12.5M	$737.3M	6.4x
Reya BTCRUSDPERP	+0.0171%	1h	85,926.7	−0.038%	$6.6M	$127.8M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,940.4	−0.022%	$9.0M	$35.7M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0211%	1h	85,991.3	+0.038%	$820.3M	$1.50B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,906.8	−0.061%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,955.7	−0.004%	$693K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0350%	1h	85,893.5	−0.076%	$79K	$228K	20x	as long as short