Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against Kalshi+0.068%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 7 days−0.073%−$7 · spread now +0.068%, 7d avg +0.047%

Together, before fees−0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.021% dearer against Kalshi than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.047%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 22 hours. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,491	0.0176	pay 0.0176% / 8h	5h 06m	$12.0M	$739.3M	6.4x
Short	Hyperliquid BTC	85,549	0.0100	get 0.0013% / 1h	6m 10s	$3.75B	$5.06B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$15.88
Price spread: +0.068% → +0.047%: $2.09
Slippage, 4 orders: −$0.71
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$33.51
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	0.18 bp	5.3 bp −$5	6.6 bp −$66	7.5 bp −$750	12.1 bp −$6,028
Sell Hyperliquid live order book, 8 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.2 bp −$524	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
Phoenix BTC	−0.0082%	1h	85,478	−0.015%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	−0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,438.7	−0.061%	$929.1M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,468.2	−0.027%	$421.1M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,453.2	−0.044%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,478.2	−0.015%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	−0.060%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,475.9	−0.018%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,469.8	−0.025%	$36.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0031%	1h	85,493.5	+0.003%	$853.8M	$1.64B	50x	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	+0.0045%	1h	85,463.2	−0.033%	$24.1M	$219.9M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.285%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,450.2	−0.048%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,474.8	−0.019%	$186.1M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,465.8	−0.029%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0093%	8h	85,452.6	−0.045%	$5.14B	$9.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,474.1	−0.020%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,473.5	−0.020%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	−0.028%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,448.7	−0.049%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,457	−0.040%	$59.8M	$336.6M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,468.2	−0.027%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,461.4	−0.035%	$9.43B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,448	−0.050%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,528.5	+0.044%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,549	+0.068%	$3.75B	$5.06B	40x
Pacifica BTC	+0.0100%	1h	85,497.4	+0.008%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,466.7	−0.028%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	−0.036%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,459.7	−0.037%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,466.6	−0.029%	$5.56B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.6	−0.039%	$37.3M	$181.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.125%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.099%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	−0.060%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	−0.060%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,428.5	−0.073%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,513	+0.026%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,468	−0.027%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,458	−0.039%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,457.3	−0.039%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,476.4	−0.017%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	−0.046%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,462.5	−0.033%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.6	−0.059%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,464.5	−0.031%	$156.7M	$512.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.091%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,417.2	−0.086%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,481.6	−0.011%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493	+0.002%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,452.5	−0.045%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,475.6	−0.018%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0176%	8h	85,491	long leg	$12.0M	$739.3M	6.4x
RISEx BTC/USDC	+0.0193%	1h	85,494.9	+0.005%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,442	−0.057%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,471.2	−0.023%	$79K	$242K	20x	as long as short