BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0109%/8h= −11.9% APRnext payment −$1.09 per $10,000 · paid last 24h +0.018%

Price spread now: Bybit against Kalshi+0.025%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 7 days−0.058%−$6 · spread now +0.025%, 7d avg +0.004%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.021% dearer against Kalshi than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of +0.004%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.008% in total) that is about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,457	0.0206	pay 0.0206% / 8h	4h 18m	$9.9M	$749.0M	6.4x
Short	Bybit BTCUSDT	86,478.3	0.0097	get 0.0097% / 8h	18m 35s	$5.26B	$9.80B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$22.79
Price spread: +0.025% → +0.004%: $2.1
Slippage, 4 orders: −$0.94
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.63
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Bybit: 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 Kalshi live order book, 6 min ago	0.35 bp	5.5 bp −$5	6.7 bp −$67	7.3 bp −$730	11.5 bp −$5,766
Sell Bybit live order book, 6 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.6 bp −$557	7.0 bp −$3,493

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
Phoenix BTC	−0.0118%	1h	86,367	−0.104%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,465	+0.009%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.130%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,497.8	+0.047%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,484.6	+0.032%	$359K	$2.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,446.2	−0.012%	$411K	$22.7M	6.7x	as long as short
Aster BTCUSDT	+0.0003%	8h	86,485.4	+0.033%	$501.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.2	+0.028%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,461	+0.005%	$853.5M	$716.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0033%	1h	86,460.3	+0.004%	$6.7M	$145.5M	40x	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	+0.0042%	8h	86,489.8	+0.038%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,461.8	+0.006%	$150.3M	$478.6M	150x	as long as short
Bitget BTCUSDT	+0.0053%	8h	86,489.8	+0.038%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,455.1	−0.002%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,470.5	+0.016%	$5.16B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,487	+0.035%	$9.43B	$24.56B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,457.3	0.000%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,486.8	+0.034%	$5.86B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,466.1	+0.011%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,487.3	+0.035%	$23.9M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,487	+0.035%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDTshort	+0.0097%	8h	86,478.3	+0.025%	$5.26B	$9.80B	150x
SoDEX BTC-USD	+0.0099%	1h	86,465	+0.009%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,466	+0.010%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,523.4	+0.077%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,410.7	−0.054%	$21.8M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,534	+0.089%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,497.3	+0.047%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,496.8	+0.046%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,476	+0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,518.8	+0.071%	$7.4M	$95.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	−0.009%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,463.3	+0.007%	$38.0M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.093%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.149%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.119%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.117%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	−0.053%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.4	+0.039%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,460	+0.003%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,462	+0.006%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,459	+0.002%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,498.6	+0.048%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,493.7	+0.042%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.3	−0.063%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,436.5	−0.024%	$2.29B	$968.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,473	+0.019%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,418.6	−0.044%	—	$99.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	86,506.1	+0.057%	$913.7M	$1.48B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.9	+0.047%	$191.9M	$953.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,509.5	+0.061%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	86,441.8	−0.018%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,433.7	−0.027%	$728K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0190%	8h	86,444.8	−0.014%	$416.1M	$658.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,476.3	+0.022%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0206%	8h	86,457	long leg	$9.9M	$749.0M	6.4x