Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h +0.019%

Price spread now: Ondo Perps against Kalshi−0.037%7-day average +0.010% · you buy dearer than you sell

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

Long on Kalshi Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days−0.166%−$17 · spread now −0.037%, 7d avg +0.010%

Together, before fees−0.105%+ Points / potential airdropOndo Perps: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Ondo Perps is 0.047% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.061%, 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	86,579	0.0209	pay 0.0209% / 8h	4h 38m	$9.7M	$744.3M	6.4x
Short	Ondo Perps BTC-USD.P	86,547	0.0100	get 0.0013% / 1h	38m 08s	$3.9M	$18.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$22.84
Price spread: −0.037% → +0.010%: −$4.68
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$42.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 6 min ago; Ondo Perps: 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, 6 min ago	0.12 bp	5.4 bp −$5	6.7 bp −$67	7.3 bp −$732	11.8 bp −$5,881
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
Phoenix BTC	−0.0118%	1h	86,598	+0.022%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,545	−0.039%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.013%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,566.4	−0.015%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,574.7	−0.005%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,556.7	−0.026%	$502.1M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,592.3	+0.015%	$916.5M	$1.48B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,572.1	−0.008%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	86,561.9	−0.020%	$850.7M	$715.4M	125x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,538.7	−0.046%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0028%	1h	86,566.4	−0.015%	$6.7M	$145.4M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,563.9	−0.017%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,559.6	−0.022%	$150.5M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,561.1	−0.021%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,564.2	−0.017%	$5.15B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0071%	8h	86,555.2	−0.027%	$9.43B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,543.7	−0.041%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,563.2	−0.018%	$5.88B	$10.75B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,564.4	−0.017%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,576.3	−0.003%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,569	−0.012%	$8.5M	$52.6M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,555	−0.028%	$60.5M	$337.7M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,565.4	−0.016%	$5.27B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,542	−0.043%	$197K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,577.3	−0.002%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,514.6	−0.074%	$21.8M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,635.5	+0.065%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,568.8	−0.012%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,562.9	−0.019%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,547	−0.037%	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,590.5	+0.013%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,560.7	−0.021%	$38.4M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,585.8	+0.008%	$157.4M	$570.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,569.6	−0.011%	$279.6M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,600.3	+0.025%	$217.5M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.6	+0.022%	$141.5M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,558	−0.024%	$30.7M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,608.9	+0.035%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	−0.006%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.6	−0.022%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,556.4	−0.026%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,585.1	+0.007%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,581.7	+0.003%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.1	−0.050%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,544.2	−0.040%	$2.30B	$970.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	−0.019%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,528.7	−0.058%	$45.4M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,546.9	−0.037%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,590.4	+0.013%	$194.2M	$952.4M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,578.9	0.000%	$416K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,603.4	+0.028%	$132.6M	$5.68B	50x	as long as short
Aftermath Perps BTCUSD	+0.0127%	1h	86,603.6	+0.028%	$79K	$218K	20x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,525.3	−0.062%	$415.4M	$658.3M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,567.2	−0.014%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0193% / S −0.0215%	1h	86,567.4	−0.013%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0209%	8h	86,579	long leg	$9.7M	$744.3M	6.4x