Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2077%/8h= −227.4% APRpaid last 24h −0.118%

Price spread now: Bluefin against Kalshi+0.010%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Kalshi Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.384%−$38 on $10k

Price spread, last 4 days (all we have)−0.206%−$21 · spread now +0.010%, 7d avg −0.015%

Together, before fees−0.590%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.025% dearer against Kalshi than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.015%): +$3 on $10k if it goes back. Holding the pair costs −$62 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 7 days (−0.384% in total) that is about 11 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.384% in total (about -20.0% 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	Kalshi KXBTCPERP	85,547	0.0193	pay 0.0193% / 8h	3h 36m	$10.7M	$738.1M	6.4x
Short	Bluefin BTC-PERP	85,555.9	−0.1884	pay 0.0236% / 1h	36m 57s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$436.16
Price spread: +0.010% → −0.015%: $2.52
Slippage, 4 orders: −$6.92
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$457.56
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bluefin: live order book, 62 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, 2 min ago	0.06 bp	5.6 bp −$6	6.5 bp −$65	7.5 bp −$750	12.3 bp −$6,141
Sell Bluefin live order book, 62 min ago	1.14 bp	6.5 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit

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-PERPshort	−0.1884%	1h	85,555.9	+0.010%	$194K	$796K	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,510	−0.043%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,508.2	−0.045%	$423.0M	$682.0M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.127%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,528.1	−0.022%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,521.7	−0.030%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,500.5	−0.054%	$938.8M	$777.8M	125x	as long as short
Aster BTCUSDT	+0.0032%	8h	85,495.6	−0.060%	$503.0M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0055%	1h	85,512	−0.041%	$16.8M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,517.8	−0.034%	$186.4M	$946.6M	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	85,531	−0.019%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,489.6	−0.067%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0095%	1h	85,516.3	−0.036%	$24.1M	$217.3M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,519.9	−0.032%	$170.7M	$944.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,517	−0.035%	$23.6M	$134.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,516	−0.036%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,501.8	−0.053%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,499	−0.056%	$266K	$8.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,556.5	+0.011%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,545.5	−0.002%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,503.1	−0.051%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,504.6	−0.050%	$5.09B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,501.4	−0.053%	$2.61B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,534	−0.015%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,531.2	−0.018%	$4.7M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.055%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,509.6	−0.044%	$5.51B	$9.89B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,504.1	−0.050%	$5.06B	$5.74B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,502.5	−0.052%	$2.98B	$5.16B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,500.7	−0.054%	$37.8M	$193.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.7	−0.141%	$156.0M	$543.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,465.2	−0.096%	$283.4M	$960.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,496.9	−0.059%	$214.7M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,492.3	−0.064%	$136.9M	$312.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,495.4	−0.060%	$30.1M	$218.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,586	+0.046%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,537	−0.012%	$10.9M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,523.4	−0.028%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,511.3	−0.042%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,527.2	−0.023%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,501	−0.054%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.5	−0.038%	$2.26B	$972.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,518.8	−0.033%	$162.1M	$517.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,483	−0.075%	$45.8M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,531.9	−0.018%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,546	−0.001%	$111.8M	$5.45B	50x	as long as short
Derive BTC-PERP	+0.0138%	1h	85,573.4	+0.031%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,506.1	−0.048%	$6.6M	$138.5M	40x	as long as short
Hyperliquid BTC	+0.0173%	1h	85,595	+0.056%	$3.84B	$5.13B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,522.3	−0.029%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0193%	8h	85,547	long leg	$10.7M	$738.1M	6.4x
RISEx BTC/USDC	+0.0194%	1h	85,542.7	−0.005%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	85,552.3	+0.006%	$828.1M	$1.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0311%	1h	85,518.8	−0.033%	$81K	$250K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,487.4	−0.070%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,533.3	−0.016%	$467K	$18.1M	6.7x	as long as short