Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h +0.019%

Price spread now: Polymarket Perps against Kalshi−0.029%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Kalshi Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.029%, 7d avg −0.007%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Polymarket Perps is 0.022% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.066%, 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	85,517	0.0217	pay 0.0217% / 8h	40m 21s	$10.3M	$758.8M	6.4x
Short	Polymarket Perps BTC-USD	85,492	0.0100	get 0.0013% / 1h	40m 21s	$11.0M	$14.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$24.56
Price spread: −0.029% → −0.007%: −$2.24
Slippage, 4 orders: −$0.96
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$45.75
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Polymarket Perps: 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	0.06 bp	5.3 bp −$5	6.3 bp −$63	7.3 bp −$733	12.1 bp −$6,032
Sell Polymarket Perps live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.2 bp −$42	7.1 bp −$708	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
Bluefin BTC-PERP	−0.0368%	1h	85,515.6	−0.002%	$207K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.154%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	−0.007%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,501.5	−0.018%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,454.3	−0.073%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	85,487.7	−0.034%	$919.5M	$750.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,485.8	−0.036%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,479.8	−0.044%	$515.1M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	85,483.8	−0.039%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.8	−0.031%	$6.9M	$97.2M	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	+0.0058%	1h	85,490.1	−0.032%	$22.8M	$219.0M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,466.1	−0.060%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,468.1	−0.057%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,484.7	−0.038%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,474.4	−0.050%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,499.1	−0.021%	$5.05B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,485.4	−0.037%	$9.36B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,451	−0.077%	$173.0M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,467	−0.058%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,512	−0.006%	$8.4M	$52.7M	100x	as long as short
Phemex BTCUSDT	+0.0098%	8h	85,453.8	−0.074%	$149.6M	$484.3M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	−0.041%	$226K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.1	+0.035%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,580	+0.074%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,532.6	+0.018%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,474	−0.050%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,491.5	−0.030%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,513	−0.005%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,497	−0.023%	$5.53B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471.2	−0.054%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	−0.074%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.012%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	−0.007%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.006%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,450	−0.078%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,542.3	+0.030%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,492	−0.029%	$11.0M	$14.2M	50x
Bullet BTC-USD	+0.0100%	1h	85,496.7	−0.024%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,484.6	−0.038%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,475.7	−0.048%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,474.2	−0.050%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,465	−0.061%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	−0.078%	$2.26B	$940.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	−0.004%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,457.8	−0.069%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,521	+0.005%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,504.6	−0.015%	$117.0M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.026%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	85,511.2	−0.007%	$894.0M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,470.5	−0.054%	$188.3M	$954.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,496.3	−0.024%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,530.2	+0.015%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,496.4	−0.024%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,522.7	+0.007%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPlong	+0.0217%	8h	85,517	long leg	$10.3M	$758.8M	6.4x
Perpl BTC	+0.0447%	43m	85,519.8	+0.003%	$497K	$18.9M	6.7x	as long as short