Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.025%

Price spread now: Reya against Kalshi−0.099%45s7-day average −0.033% · you buy dearer than you sell

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

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$3 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.099%, 7d avg −0.033%

Together, before fees+0.082%+ Points / potential airdropReya: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Reya is 0.067% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.033%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	85,181	0.0179	pay 0.0179% / 8h	6h 23m	$11.5M	$744.0M	6.4x
Short	Reya BTCRUSDPERP	85,096.4	0.0116	get 0.0014% / 1h	23m 26s	$6.6M	$147.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.099%Rate

Funding earned: −$13.35
Price spread: −0.099% → −0.033%: −$6.65
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$36
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 6 min ago; Reya: 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	0.23 bp	5.4 bp −$5	6.9 bp −$69	7.6 bp −$759	12.4 bp −$6,194
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Perpl BTC	−0.0112%	43m	85,115	−0.077%	$525K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.055%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,150	−0.036%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,090	−0.107%	$920.9M	$763.7M	125x	as long as short
BloFin BTC-USDT	−0.0036%	8h	85,188.1	+0.008%	$419.5M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,095	−0.101%	$511.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,119.9	−0.072%	$372K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176	−0.006%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,121.8	−0.069%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.052%	$338K	$26.8M	52x	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	+0.0035%	1h	85,138	−0.051%	$24.7M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,193.3	+0.014%	$186.9M	$953.8M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,098.9	−0.096%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,213.8	+0.039%	$867.5M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,165.6	−0.018%	$147.5M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,172.7	−0.010%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,103.2	−0.091%	$5.04B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,097.8	−0.098%	$2.94B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,105.7	−0.088%	$9.40B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,126.4	−0.064%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,130.6	−0.059%	$23.6M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,101	−0.094%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,218	+0.043%	$116.9M	$5.38B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,075	−0.124%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,186.7	+0.007%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,181	0.000%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,151.2	−0.035%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,099.2	−0.096%	$5.14B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,105.9	−0.088%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,107	−0.087%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,109.5	−0.084%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.003%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,115.9	−0.076%	$5.51B	$10.98B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,149.8	−0.037%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.116%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,094.5	−0.102%	$278.9M	$945.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,181.8	+0.001%	$213.9M	$166.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.106%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,181.9	+0.001%	$30.1M	$206.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,188.1	+0.008%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,100	−0.095%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,104	−0.090%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,173.2	−0.009%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,217.4	+0.043%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,152.4	−0.034%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,158.9	−0.026%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,182	+0.001%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,158.9	−0.026%	$2.25B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,076.6	−0.123%	$45.2M	$239.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,177.8	−0.004%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERPshort	+0.0116%	1h	85,096.4	−0.099%	$6.6M	$147.4M	40x
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,173.2	−0.009%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0179%	8h	85,181	long leg	$11.5M	$744.0M	6.4x
Aftermath Perps BTCUSD	+0.0224%	1h	85,166	−0.018%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,206.5	+0.030%	$687K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,124.7	−0.066%	$8.7M	$43.2M	25x	as long as short