Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.035%

Price spread now: Hotstuff against Kalshi−0.015%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

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	Hotstuff BTC-PERP	85,667	−0.0080	pay 0.0010% / 1h	4m 29s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$62.97
Price spread: −0.015% → 0.000%: −$1.52
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$79.49
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Hotstuff: no order-book sample. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0461%	1h	85,671.5	−0.010%	$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-PERPshort	−0.0080%	1h	85,667	−0.015%	$8K	$3K	50x
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	85,647.3	−0.038%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,641.3	−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	85,655.6	−0.028%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,650.3	−0.035%	$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	85,624.6	−0.065%	$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	85,648.4	−0.037%	$9.34B	$23.94B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,630	−0.058%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0089%	8h	85,634	−0.054%	$2.27B	$936.8M	200x	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	85,652.6	−0.032%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,650	−0.035%	$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	85,659.6	−0.024%	$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-USD	+0.0100%	1h	85,658.3	−0.025%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,634.3	−0.053%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,630.2	−0.058%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,614.4	−0.077%	$2.9M	$6.1M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,656.4	−0.028%	$149.4M	$480.9M	150x	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	85,626.1	−0.063%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,662.8	−0.020%	—	$106.0M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0108%	1h	85,676.7	−0.004%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,676.6	−0.004%	$123.2M	$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	85,660.1	−0.023%	$189.1M	$953.4M	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	85,644.4	−0.042%	$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