Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h −0.008%

Price spread now: Kalshi against Ondo Perps−0.012%7-day average −0.018% · you buy dearer than you sell

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

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days+0.298%+$30 · spread now −0.012%, 7d avg −0.018%

Together, before fees+0.256%+ Points / potential airdropOndo Perps: Active · farm board+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BTC-USD.P	85,279	0.0100	pay 0.0013% / 1h	10m 19s	$3.8M	$17.3M	25x
Short	Kalshi KXBTCPERP	85,269	0.0172	get 0.0172% / 8h	4h 10m	$12.0M	$737.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. 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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now −0.012%Rate

Funding earned: $15.13
Price spread: −0.012% → −0.018%: $0.63
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $0.76
Costs to cover: 0.150%
Break-even: 6.6 days

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: live order book, 4 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	0.18 bp	5.3 bp −$5	6.6 bp −$66	7.5 bp −$746	12.0 bp −$6,013

Ondo Perps: 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
Hotstuff BTC-PERP	−0.0080%	1h	85,279	0.000%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,304	+0.029%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.2	−0.045%	$421.3M	$686.0M	150x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	85,282.3	+0.004%	$927.5M	$777.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,276.8	−0.003%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,292.4	+0.016%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	85,289.9	+0.013%	$509.4M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0018%	1h	85,277.8	−0.001%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,296.3	+0.020%	$185.6M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,269.2	−0.011%	—	$17.4M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,200	−0.093%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,282.1	+0.004%	$5.09B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0091%	1h	85,243.7	−0.041%	$24.1M	$221.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0096%	1h	85,281.8	+0.003%	$139.7M	$312.0M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,266.7	−0.014%	$168.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,266.2	−0.015%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,270	−0.011%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,279.8	+0.001%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,283.9	+0.006%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,246	−0.039%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.2	+0.012%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	+0.009%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,281.8	+0.003%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,280.1	+0.001%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	85,279	long leg	$3.8M	$17.3M	25x
Arcus BTC-USD	+0.0100%	1h	85,279.8	+0.001%	$4.7M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,286.3	+0.009%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,287.5	+0.010%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,254.9	−0.028%	$36.9M	$190.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,228.2	−0.060%	$155.9M	$548.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.111%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,282.2	+0.004%	$214.0M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,236.4	−0.050%	$30.0M	$214.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,353.6	+0.088%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,289	+0.012%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,295.1	+0.019%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,290.9	+0.014%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,325	+0.054%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,275.3	−0.004%	$28.8M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,259.3	−0.023%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,280	+0.001%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,240.6	−0.045%	$2.25B	$974.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,256	−0.027%	$158.9M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.046%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,258.8	−0.024%	$45.4M	$241.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,250.6	−0.033%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,304	+0.029%	$111.8M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0105%	1h	85,376	+0.114%	$3.79B	$5.11B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,318.2	+0.046%	$835.8M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,285.6	+0.008%	$6.6M	$142.1M	40x	as long as short
Kalshi KXBTCPERPshort	+0.0172%	8h	85,269	−0.012%	$12.0M	$737.8M	6.4x
RISEx BTC/USDC	+0.0174%	1h	85,290.6	+0.014%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,288.3	+0.011%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0264%	1h	85,301.7	+0.027%	$696K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,269.2	−0.012%	$79K	$246K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,306.4	+0.032%	$464K	$18.4M	6.7x	as long as short