Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h −0.014%

Price spread now: Kalshi against Kraken Futures−0.077%57s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Kraken Futures Short on Kalshi

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)+0.150%+$15 · spread now −0.077%, 7d avg −0.019%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.057% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.019%). If the spread goes back, that is −$6 on $10k: about 4.1 days of funding at the current rate (+$1 a day). The two prices were read 57 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	Kraken Futures PF_XBTUSD	85,406.7	0.0170	pay 0.0021% / 1h	35m 24s	$187.7M	$955.6M	100x
Short	Kalshi KXBTCPERP	85,341	0.0217	get 0.0217% / 8h	35m 24s	$10.4M	$758.6M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.077%Rate

Funding earned: $9.78
Price spread: −0.077% → −0.019%: −$5.75
Slippage, 4 orders: −$1.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$17.33
Costs to cover: 0.214%
Break-even: 19.4 days

Slippage from Kraken Futures: live order book, 4 min ago; Kalshi: 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 Kraken Futures live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.9 bp −$59	6.8 bp −$677	8.7 bp −$4,375
Sell Kalshi live order book, 4 min ago	0.29 bp	5.4 bp −$5	6.8 bp −$68	8.2 bp −$822	13.0 bp −$6,523

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	−0.051%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0122%	1h	85,426.8	+0.024%	$207K	$739K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,366	−0.048%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,396.2	−0.012%	$364K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,377.5	−0.034%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	85,374.1	−0.038%	$919.4M	$751.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,399.1	−0.009%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,380.8	−0.030%	$514.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,373	−0.039%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,379	−0.032%	$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	−0.017%	$25.6M	$221.5M	50x	as long as short
BingX BTC-USDC	+0.0061%	8h	85,372.1	−0.041%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,389.3	−0.020%	$2.94B	$5.06B	150x	as long as short
Reya BTCRUSDPERP	+0.0080%	1h	85,376	−0.036%	$6.6M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,382.9	−0.028%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,391.4	−0.018%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,395.4	−0.013%	$9.35B	$24.10B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,374.4	−0.038%	$172.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,380.7	−0.030%	$23.8M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,397	−0.011%	$8.4M	$52.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,438.2	+0.037%	$4.4M	$8.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,370	−0.043%	$213K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,472	+0.076%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,419.1	+0.015%	$40.0M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,380.5	−0.031%	$5.22B	$9.76B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,392.5	−0.017%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,365	−0.049%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,388.7	−0.021%	$5.50B	$10.66B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,333.9	−0.085%	$35.6M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,260.9	−0.171%	$153.4M	$563.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,394.8	−0.014%	$279.0M	$918.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,377.6	−0.034%	$214.3M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,377.8	−0.034%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,424	+0.020%	$30.2M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,438.8	+0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,390	−0.020%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,391.1	−0.018%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,395.4	−0.013%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,385.5	−0.025%	$29.9M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,373.9	−0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,390	−0.020%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,314	−0.109%	$2.26B	$942.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,316.5	−0.106%	$149.2M	$485.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.125%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,365.6	−0.048%	$44.1M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.6	+0.004%	—	$107.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,428	+0.025%	$116.8M	$5.17B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.155%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,434.6	+0.033%	$894.5M	$1.54B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0170%	1h	85,406.7	long leg	$187.7M	$955.6M	100x
RISEx BTC/USDC	+0.0194%	1h	85,421.5	+0.017%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,315.9	−0.106%	$696K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,397.1	−0.011%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,440.8	+0.040%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERPshort	+0.0217%	8h	85,341	−0.077%	$10.4M	$758.6M	6.4x
Perpl BTC	+0.0447%	43m	85,392.4	−0.017%	$504K	$18.9M	6.7x	as long as short