Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h +0.037%

Price spread now: Deribit against Kalshi+0.026%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

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

costs, in and out, $10k−$180.177% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.026%, 7d avg +0.050%

Together, before fees−0.019%−$2 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 Deribit is 0.024% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,555	0.0207	pay 0.0207% / 8h	6h 06m	$11.6M	$743.1M	6.4x
Short	Deribit BTC-PERPETUAL	85,577.2	0.0062	get 0.0008% / 1h	6m 49s	$867.2M	$1.62B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$30.5
Price spread: +0.026% → +0.050%: −$2.43
Slippage, 4 orders: −$0.66
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$50.6
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Deribit: live order book, 2 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	5.3 bp −$5	6.7 bp −$67	7.5 bp −$748	12.0 bp −$5,984
Sell Deribit live order book, 2 min ago	0.03 bp	3.6 bp −$4	4.2 bp −$42	7.6 bp −$760	15.3 bp −$7,643

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
Perpl BTC	−0.0112%	43m	85,529.7	−0.030%	$525K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,557	+0.002%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,520	−0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,521.4	−0.039%	$929.6M	$772.1M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,524.7	−0.035%	$417.9M	$683.9M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,531.6	−0.027%	$514.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,545.7	−0.011%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,494.9	−0.070%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,548.5	−0.008%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.241%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0044%	1h	85,517.8	−0.044%	$24.7M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,557	+0.002%	$188.6M	$953.9M	100x	as long as short
Deribit BTC-PERPETUALshort	+0.0062%	1h	85,577.2	+0.026%	$867.2M	$1.62B	50x
BingX BTC-USDT	+0.0069%	8h	85,539.7	−0.018%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,542	−0.015%	$149.0M	$506.8M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,549.8	−0.006%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,551.3	−0.004%	$171.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,546.7	−0.010%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,533	−0.026%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,529.1	−0.030%	$5.01B	$5.76B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,534.4	−0.024%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,578	+0.027%	$117.0M	$5.45B	50x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,539.4	−0.018%	$9.46B	$24.91B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,502	−0.062%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,577.2	+0.026%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.075%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,553.8	−0.001%	$40.1M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,536.2	−0.022%	$5.16B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,545.4	−0.011%	$2.59B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,525	−0.035%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,527.7	−0.032%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,501.7	−0.062%	$682.6M	$531.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,536.7	−0.021%	$5.52B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,528.1	−0.031%	$36.5M	$178.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,517.5	−0.044%	$155.0M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,513.1	−0.049%	$280.1M	$951.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.7	−0.005%	$214.8M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,544.6	−0.012%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,499.8	−0.065%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,589.8	+0.041%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,527	−0.033%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,541.4	−0.016%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,550.5	−0.005%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	84,694.1	−1.006%	$196K	$790K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,525.1	−0.035%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,505.8	−0.058%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,540	−0.018%	$59.9M	$336.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,525	−0.035%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,492.4	−0.073%	$44.5M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,527.1	−0.033%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0119%	1h	85,531.4	−0.028%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,543.8	−0.013%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0207%	8h	85,555	long leg	$11.6M	$743.1M	6.4x
Aftermath Perps BTCUSD	+0.0225%	1h	85,499.5	−0.065%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,524.4	−0.036%	$694K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,544.3	−0.013%	$8.7M	$43.2M	25x	as long as short