Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h +0.014%

Price spread now: Kraken Futures against Kalshi−0.021%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.021%, 7d avg +0.019%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kraken Futures is 0.040% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,341	0.0217	pay 0.0217% / 8h	35m 26s	$10.4M	$758.6M	6.4x
Short	Kraken Futures PF_XBTUSD	85,323.3	0.0171	get 0.0021% / 1h	35m 26s	$187.7M	$955.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$9.74
Price spread: −0.021% → +0.019%: −$4.02
Slippage, 4 orders: −$1.36
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$35.13
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: live order book, 4 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, 4 min ago	0.29 bp	5.5 bp −$6	7.1 bp −$71	8.2 bp −$816	14.5 bp −$7,229
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.3 bp −$5	6.5 bp −$65	7.5 bp −$751	9.6 bp −$4,796

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	−0.0179%	1h	85,363	+0.026%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0164%	1h	85,324.5	−0.019%	$206K	$739K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,366	+0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,396.2	+0.065%	$364K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,377.5	+0.043%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	85,374.2	+0.039%	$919.4M	$750.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,295.7	−0.053%	$36.4M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,376.2	+0.041%	$514.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,373	+0.038%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,379	+0.045%	$5.0M	$97.5M	40x	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	+0.0051%	1h	85,392.6	+0.060%	$25.6M	$221.5M	50x	as long as short
BingX BTC-USDT	+0.0061%	8h	85,397.3	+0.066%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,391.3	+0.059%	$2.95B	$5.06B	150x	as long as short
Reya BTCRUSDPERP	+0.0080%	1h	85,376	+0.041%	$6.6M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,287.1	−0.063%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,402.6	+0.072%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,396.9	+0.066%	$9.35B	$24.10B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,374.4	+0.039%	$172.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,380.7	+0.047%	$23.8M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,397	+0.066%	$8.4M	$52.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,438.2	+0.114%	$4.4M	$8.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,370	+0.034%	$213K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,472	+0.154%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,419.1	+0.092%	$40.0M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,389.3	+0.057%	$5.22B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,406.3	+0.077%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,365	+0.028%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,398.3	+0.067%	$5.51B	$10.66B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,333.9	−0.008%	$35.6M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,260.9	−0.094%	$153.4M	$563.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,394.8	+0.063%	$279.0M	$918.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,377.6	+0.043%	$214.3M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,377.8	+0.043%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,424	+0.097%	$30.2M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,438.8	+0.115%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,390	+0.057%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,283	−0.068%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,286.1	−0.064%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,280	−0.071%	$29.9M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,271.1	−0.082%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,291	−0.059%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,314	−0.032%	$2.26B	$942.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,316.5	−0.029%	$149.2M	$485.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.202%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,371.2	+0.035%	$44.1M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,331.2	−0.012%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,365.9	+0.029%	$116.6M	$5.17B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,336.2	−0.006%	$894.5M	$1.54B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.232%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0171%	1h	85,323.3	−0.021%	$187.7M	$955.3M	100x
RISEx BTC/USDC	+0.0194%	1h	85,421.5	+0.094%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,315.9	−0.029%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,456.7	+0.136%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,293.9	−0.055%	$13.4M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0217%	8h	85,341	long leg	$10.4M	$758.6M	6.4x
Perpl BTC	+0.0447%	43m	85,392.4	+0.060%	$504K	$18.9M	6.7x	as long as short