BTC

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.028%

7d average+0.006%if it closes, per $10,000$3funding while held, a day+$3.00

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,977	0	get 0.0000% / 8h	1h 54m	$12.3M	$647.8M	6.4x
Short	Orderly PERP_BTC_USDC	85,952.8	0.0100	get 0.0100% / 8h	5h 54m	$2.4M	$7.4M	100x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee KalshibpFee OrderlybpOrdersClose when spread is

Spread captured: −$2.81
Funding while held: $3
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.81
Spread needed to break even: 0.160%

Slippage unknown: Kalshi: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0100%
Per $10,000 a day: +$3.00
Average in range /8h: —

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, 1 min ago	0.12 bp	5.3 bp −$5	6.4 bp −$64	7.3 bp −$734	12.3 bp −$6,125
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective85,720cheapest Variational Omni85,805.8+0.100%Phoenix85,844+0.145%edgeX85,853.4+0.156%ApeX Omni85,860.2+0.164%Aftermath Perps85,871.1+0.176%StandX85,880.1+0.187%Arcus85,892.1+0.201%Hibachi85,893.5+0.202%BloFin85,894.2+0.203%Ondo Perps85,911+0.223%Hotstuff85,911+0.223%Bulk85,911.1+0.223%Popdex85,912+0.224%HTX85,912+0.224%Katana Perps85,918+0.231%Aster85,918.3+0.231%Perpl85,921.4+0.235%KuCoin85,925.8+0.240%Bitget85,926.9+0.241%Nado85,929.4+0.244%Aevo85,929.5+0.244%Binance85,930+0.245%Bullet85,930.1+0.245%SoDEX85,931+0.246%MEXC85,931.1+0.246%Jupiter Perps85,931.4+0.247%Bybit85,932.7+0.248%Gate85,934.4+0.250%Reya85,934.5+0.250%Phemex85,935.1+0.251%BingX85,935.9+0.252%Extended85,937.1+0.253%OKX85,939.7+0.256%01 Exchange85,941.7+0.259%SunX85,942.3+0.259%Lighter85,945.1+0.263%Polymarket Perps85,946+0.264%Lighter RH85,946.7+0.264%RISEx85,946.8+0.265%Pacifica85,952.4+0.271%

Orderly85,952.8+0.272%

Backpack85,955.3+0.274%Derive85,962.3+0.283%GMX85,964.4+0.285%gTrade (Gains Network)85,965.8+0.287%Kraken Futures85,967.9+0.289%Vest85,971.6+0.294%Bluefin85,973.7+0.296%dYdX85,974+0.296%

Kalshi85,977+0.300%

Paradex85,978.7+0.302%Coinbase International86,005.1+0.333%Deribit86,007.8+0.336%Hyperliquid86,029+0.360%

BTC on 55 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.299%	−0.0006%	1h	$307K	$27.0M	52x	as long as short
Variational Omni BTC	−0.199%	+0.0068%	8h	$170.5M	$505.8M	—	as long as short
Phoenix BTC	−0.155%	−0.0082%	1h	$1.9M	$11.0M	40x	as long as short
edgeX BTCUSDC	−0.144%	+0.0100%	4h	$280.3M	$881.3M	100x	as long as short
ApeX Omni BTCUSDT	−0.136%	−0.0018%	1h	$139.6M	$319.6M	100x	as long as short
Aftermath Perps BTCUSD	−0.123%	+0.0035%	1h	$86K	$152K	20x	as long as short
StandX BTC-USD	−0.113%	+0.0100%	1h	$30.7M	$216.9M	40x	as long as short
Arcus BTC-USD	−0.099%	−0.0299%	1h	$6.7M	$85.4M	40x	as long as short
Hibachi BTC/USDT-P	−0.097%	+0.0112%	1h	$751K	$6.6M	30x	as long as short
BloFin BTC-USDT	−0.096%	−0.0093%	8h	$422.5M	$567.9M	150x	as long as short

Show all 55 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Ondo Perps BTC-USD.P	−0.077%	+0.0100%	1h	$3.9M	$17.0M	25x	as long as short
Hotstuff BTC-PERP	−0.077%	−0.0080%	1h	$9K	$4K	50x	as long as short
Bulk BTC-USD	−0.077%	+0.0002%	1h	$562.2M	$127.9M	40x	as long as short
Popdex BTCUSDT	−0.076%	+0.0072%	1h	$8.5M	$46.7M	100x	as long as short
HTX BTC-USDT	−0.076%	+0.0100%	8h	$2.29B	$840.4M	200x	as long as short
Katana Perps BTC-USD	−0.069%	+0.0100%	8h	$190K	$5.8M	50x	as long as short
Aster BTCUSDT	−0.068%	+0.0014%	8h	$505.0M	$1.10B	200x	as long as short
Perpl BTC	−0.065%	−0.0447%	43m	$406K	$26.2M	6.7x	as long as short
KuCoin XBTUSDTM	−0.060%	−0.0007%	8h	$803.4M	$618.7M	125x	as long as short
Bitget BTCUSDT	−0.058%	−0.0001%	8h	$2.96B	$4.68B	150x	as long as short
Nado BTC-PERP	−0.055%	+0.0100%	1h	$23.1M	$227.0M	50x	as long as short
Aevo BTC-PERP	−0.055%	+0.0024%	1h	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	−0.055%	+0.0027%	8h	$9.47B	$22.07B	150x	as long as short
Bullet BTC-USD	−0.055%	+0.0100%	1h	$236K	$3.3M	20x	as long as short
SoDEX BTC-USD	−0.054%	+0.0043%	1h	$60.9M	$284.7M	40x	as long as short
MEXC BTC_USDT	−0.053%	+0.0026%	8h	$5.17B	$5.06B	500x	as long as short
Jupiter Perps WBTC-PERP	−0.053%	L +0.0104% / S +0.0048%	1h	—	$84.5M	500x	as long as short
Bybit BTCUSDT	−0.052%	+0.0022%	8h	$5.27B	$8.63B	150x	as long as short
Gate BTC_USDT	−0.050%	+0.0030%	8h	$6.06B	$9.56B	200x	as long as short
Reya BTCRUSDPERP	−0.049%	−0.0017%	1h	$6.7M	$138.3M	40x	as long as short
Phemex BTCUSDT	−0.049%	−0.0018%	8h	$147.9M	$420.8M	150x	as long as short
BingX BTC-USDC	−0.048%	−0.0001%	8h	—	$14.7M	—	as long as short
Extended BTC-USD	−0.046%	+0.0080%	1h	$48.5M	$200.2M	50x	as long as short
OKX BTC-USDT-SWAP	−0.043%	+0.0020%	8h	$2.66B	$11.57B	100x	as long as short
01 Exchange BTCUSD	−0.041%	−0.0032%	1h	$310K	$2.4M	50x	as long as short
SunX BTC-USDT	−0.040%	+0.0100%	8h	$3.4M	$5.8M	100x	as long as short
Lighter BTC	−0.037%	+0.0096%	1h	$171.9M	$940.9M	50x	as long as short
Polymarket Perps BTC-USD	−0.036%	+0.0100%	1h	$11.0M	$11.9M	50x	as long as short
Lighter RH BTC	−0.035%	+0.0096%	1h	$24.5M	$137.0M	50x	as long as short
RISEx BTC/USDC	−0.035%	+0.0031%	1h	$9.1M	$38.6M	25x	as long as short
Pacifica BTC	−0.029%	+0.0100%	1h	$36.6M	$407.0M	50x	as long as short
Orderly PERP_BTC_USDCshort	−0.028%	+0.0100%	8h	$2.4M	$7.4M	100x
Backpack BTC_USDC_PERP	−0.025%	+0.0100%	1h	$37.6M	$131.6M	75x	as long as short
Derive BTC-PERP	−0.017%	+0.0100%	1h	$30.5M	$58.9M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	−0.015%	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
gTrade (Gains Network) BTC/USD	−0.013%	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
Kraken Futures PF_XBTUSD	−0.011%	−0.0019%	1h	$188.3M	$816.0M	100x	as long as short
Vest BTC-PERP	−0.006%	+0.0100%	1h	—	$11.5M	50x	as long as short
Bluefin BTC-PERP	−0.004%	+0.0100%	1h	$143K	$411K	40x	as long as short
dYdX BTC-USD	−0.003%	−0.0003%	1h	$17.2M	$18.1M	50x	as long as short
Kalshi KXBTCPERPlong	0.000%	0.0000%	8h	$12.3M	$647.8M	6.4x
Paradex BTC-USD-PERP	+0.002%	+0.0098%	8h	$4.4M	$6.9M	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.033%	+0.0200%	1h	$129.1M	$5.86B	50x	as long as short
Deribit BTC-PERPETUAL	+0.036%	+0.0125%	1h	$916.2M	$1.10B	50x	as long as short
Hyperliquid BTC	+0.060%	+0.0168%	1h	$3.96B	$4.44B	40x	as long as short