Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.009%

Price spread now: gTrade (Gains Network) against Kalshi−0.007%7-day average −0.001% · 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−$20as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.007%, 7d avg −0.001%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.031% in total (about -3.5% 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	85,700	0.0219	pay 0.0219% / 8h	1h 03m	$10.7M	$759.5M	6.4x
Short	gTrade (Gains Network) BTC/USD	85,694	L +0.0004% / S −0.0004%	get 0.0001% / 1h	3m 11s	$36.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.007%Rate

Funding earned: −$45.17
Price spread: −0.007% → −0.001%: −$0.56
Slippage, 4 orders: −$1.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$64.72
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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	0.06 bp	5.7 bp −$6	6.7 bp −$67	7.6 bp −$760	12.1 bp −$6,035
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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	−0.0416%	1h	85,721	+0.025%	$195K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.076%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	−0.050%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,664.5	−0.041%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,673.8	−0.031%	$417.2M	$665.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	−0.037%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	85,664.8	−0.041%	$919.9M	$751.6M	125x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,694	−0.007%	$36.6M	—	200x
Aster BTCUSDT	+0.0016%	8h	85,663.9	−0.042%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,658.7	−0.048%	$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-USDC	+0.0058%	8h	85,667.2	−0.038%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,679.3	−0.024%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,679.5	−0.024%	$6.7M	$146.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,688	−0.014%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,671	−0.034%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,673.8	−0.031%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,680	−0.023%	$5.06B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0088%	1h	85,674	−0.030%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,663.5	−0.043%	$2.27B	$936.1M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,684.5	−0.018%	$174.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,691.7	−0.010%	$23.9M	$149.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,666	−0.040%	$8.4M	$52.4M	100x	as long as short
Phemex BTCUSDT	+0.0099%	8h	85,682.5	−0.020%	$149.7M	$481.1M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,669.1	−0.036%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,633	−0.078%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,762	+0.072%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675	−0.029%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,683.8	−0.019%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,694.3	−0.007%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.079%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.4	−0.081%	$6.8M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.2	−0.020%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	−0.037%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.067%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,634.2	−0.077%	$279.7M	$919.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,643.7	−0.066%	$215.1M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,661.1	−0.045%	$140.0M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	−0.063%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,721.2	+0.025%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,682	−0.021%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,684.3	−0.018%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.2	−0.028%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,673.9	−0.030%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,643.2	−0.066%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.068%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,649.5	−0.059%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,678.6	−0.025%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,707	+0.008%	$122.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,681.1	−0.022%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,716.3	+0.019%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,693.5	−0.008%	$188.9M	$953.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,681.4	−0.022%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,690.5	−0.011%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,716.5	+0.019%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPlong	+0.0219%	8h	85,700	long leg	$10.7M	$759.5M	6.4x
Perpl BTC	+0.0447%	43m	85,681.1	−0.022%	$500K	$19.0M	6.7x	as long as short