Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0107%/8h= +11.7% APRpaid last 24h −0.019%

Price spread now: Kalshi against Nado+0.043%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Nado Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.043%, 7d avg −0.009%

Together, before fees−0.077%+ Points / potential airdropNado: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.052% dearer against Nado than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.009%. Mind the row above: over the last 3 days funding on this pair cost −0.059%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,446.1	0.0100	pay 0.0012% / 1h	14m 36s	$21.8M	$234.3M	50x
Short	Kalshi KXBTCPERP	86,483	0.0207	get 0.0207% / 8h	4h 14m	$10.0M	$749.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. 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 NadobpFee KalshibpOrdersPrice spread, now +0.043%Rate

Funding earned: $22.38
Price spread: +0.043% → −0.009%: $5.21
Slippage, 4 orders: −$0.6
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $9.99
Costs to cover: 0.176%
Break-even: 3.9 days

Slippage from Nado: live order book, 5 min ago; Kalshi: live order book, 5 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 Nado live order book, 5 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.7 bp −$470	9.7 bp −$4,861
Sell Kalshi live order book, 5 min ago	0.17 bp	5.2 bp −$5	6.7 bp −$67	7.3 bp −$732	11.9 bp −$5,949

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	86,476	+0.035%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,431	−0.017%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.117%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,446.9	+0.001%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,448.4	+0.003%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,463.5	+0.020%	$412K	$22.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,462.9	+0.019%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	86,443.2	−0.003%	$501.4M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0018%	8h	86,447.6	+0.002%	$833.9M	$728.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0035%	1h	86,435.4	−0.012%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0042%	8h	86,437.7	−0.010%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0052%	8h	86,448.1	+0.002%	$150.5M	$478.7M	150x	as long as short
Bitget BTCUSDT	+0.0054%	8h	86,429.1	−0.020%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,456.7	+0.012%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,437.9	−0.009%	$5.16B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,435.5	−0.012%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,432.4	−0.016%	$9.43B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,431.4	−0.017%	$5.85B	$10.80B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,446.3	0.000%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,454.8	+0.010%	$23.9M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,429	−0.020%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,435.6	−0.012%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,418	−0.032%	$195K	$7.1M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,447	+0.001%	$60.4M	$338.2M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,480.2	+0.040%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,446.1	long leg	$21.8M	$234.3M	50x
Hyperliquid BTC	+0.0100%	1h	86,514	+0.079%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,466.6	+0.024%	$41.1M	$535.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,446.9	+0.001%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	0.000%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,465.1	+0.022%	$7.4M	$95.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,449	+0.003%	$572.1M	$12.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,431.4	−0.017%	$37.9M	$157.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,485.4	+0.046%	$157.1M	$568.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,437.7	−0.010%	$279.2M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.7	−0.010%	$216.9M	$172.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,437.6	−0.010%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,464	+0.021%	$30.7M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,484.9	+0.045%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,430	−0.019%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,450.3	+0.005%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,443.2	−0.003%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,469.1	+0.027%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,476	+0.035%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,456.3	+0.012%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,433.5	−0.015%	$2.29B	$968.4M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	86,487.8	+0.048%	$912.2M	$1.48B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	86,426.9	−0.022%	$45.6M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,502.6	+0.065%	—	$99.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,472.1	+0.030%	$192.7M	$953.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,478.5	+0.038%	$132.1M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0156%	1h	86,470.8	+0.029%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,527.5	+0.094%	$729K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,434.4	−0.013%	$415.8M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0222%	1h	86,456	+0.012%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0207%	8h	86,483	+0.043%	$10.0M	$749.8M	6.4x