Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h +0.019%

Price spread now: Bullet against Kalshi−0.025%48s7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.202% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.053%+$5 on $10k

Price spread, last 7 days+0.002%$0 · spread now −0.025%, 7d avg +0.010%

Together, before fees+0.056%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bullet is 0.035% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.053%, so the current rate has only just turned against you. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,680	0.0220	pay 0.0220% / 8h	1h 04m	$10.7M	$758.9M	6.4x
Short	Bullet BTC-USD	85,658.3	0.0100	get 0.0013% / 1h	4m 18s	$191K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$25.17
Price spread: −0.025% → +0.010%: −$3.53
Slippage, 4 orders: −$2.2
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$48.9
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Bullet: 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 Kalshi live order book, 5 min ago	0.06 bp	5.7 bp −$6	6.7 bp −$67	7.6 bp −$760	12.1 bp −$6,035
Sell Bullet live order book, 5 min ago	0.17 bp	4.8 bp −$5	7.9 bp −$79	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-PERP	−0.0438%	1h	85,697.9	+0.021%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.053%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	−0.015%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,645.2	−0.041%	$368K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,644.4	−0.042%	$417.0M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	−0.013%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	85,632.8	−0.055%	$919.6M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.6	−0.012%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,641.2	−0.045%	$516.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,650.4	−0.035%	$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-USDT	+0.0058%	8h	85,658.7	−0.025%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,659.5	−0.024%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,644.6	−0.041%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.148%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,650.2	−0.035%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,653.1	−0.031%	$5.06B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,651.2	−0.034%	$9.34B	$23.94B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,663	−0.020%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,656.8	−0.027%	$2.27B	$937.0M	200x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,681.3	+0.002%	$149.5M	$481.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,679.4	−0.001%	$174.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,672	−0.009%	$23.9M	$149.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,649	−0.036%	$8.4M	$52.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,691.1	+0.013%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,629	−0.060%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,731.8	+0.060%	$3.74B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,697	+0.020%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,658.2	−0.025%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,664.4	−0.018%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,655	−0.029%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,638.6	−0.048%	$6.8M	$97.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,660.2	−0.023%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.6	−0.053%	$35.9M	$174.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.043%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,676.9	−0.004%	$279.7M	$918.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,772.7	+0.108%	$215.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,779.4	+0.116%	$140.2M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	−0.040%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.022%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,652	−0.033%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,658.3	−0.025%	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,659	−0.025%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.7	−0.032%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,633.1	−0.055%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.044%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,629.5	−0.059%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,653.8	−0.031%	—	$106.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,709.3	+0.034%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,702.3	+0.026%	$122.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,683.3	+0.004%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,708.7	+0.034%	$189.2M	$953.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,675.6	−0.005%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,667.8	−0.014%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,724.2	+0.052%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPlong	+0.0220%	8h	85,680	long leg	$10.7M	$758.9M	6.4x
Perpl BTC	+0.0447%	43m	85,685.9	+0.007%	$500K	$19.0M	6.7x	as long as short