Funding you earn now, next payment 08:00 UTC+0.0105%/8h= +11.5% APRnext payment +$1.05 per $10,000 · paid last 24h +0.009%
Price spread now: Kalshi against Phemex+0.063%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$220.225% of the position
Funding, last 7 days+0.056%+$6 on $10k
+Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.063%, 7d avg 0.000%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.062% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of 0.000%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,374.5 | 0.0073 | pay 0.0073% / 8h | 2h 46m | $149.3M | $501.1M | 150x |
| Short | Kalshi KXBTCPERP | 85,428 | 0.0178 | get 0.0178% / 8h | 6h 46m | $11.4M | $749.7M | 6.4x |
Phemex BTCUSDT
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $22.11
- Price spread: +0.063% → 0.000%
- $6.23
- Slippage, 4 orders
- −$0.49
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $5.84
- Costs to cover
- 0.225%
- Break-even
- 5.1 days
Slippage from Phemex: live order book, 2 min ago; Kalshi: live order book, 2 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 Phemex live order book, 2 min ago | 0.01 bp | 6.0 bp −$6 | 7.0 bp −$70 | 8.4 bp −$839 | doesn't fit |
| Sell Kalshi live order book, 2 min ago | 0.06 bp | 5.3 bp −$5 | 6.6 bp −$66 | 7.5 bp −$750 | 12.0 bp −$5,995 |
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 | −0.0111% | 1h | 85,432 | +0.067% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,428 | +0.063% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,353.1 | −0.025% | $919.5M | $760.8M | 125x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 85,401.9 | +0.032% | $381K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0030% | 8h | 85,357.3 | −0.020% | $420.3M | $676.2M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,363.2 | −0.013% | $513.5M | $1.10B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,420.5 | +0.054% | $533K | $18.8M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,407.8 | +0.039% | $16.8M | $21.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,397.2 | +0.027% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0012% | 1h | 85,396.1 | +0.025% | $24.6M | $223.9M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
BloFin BTC-USDT
Aster BTCUSDT
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,449 | +0.087% | $339K | $26.8M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,385.5 | +0.013% | $187.8M | $955.0M | 100x | as long as short |
| BingX BTC-USDC | +0.0064% | 8h | 85,342.8 | −0.037% | — | $17.3M | — | as long as short |
| SoDEX BTC-USD | +0.0070% | 1h | 85,358 | −0.019% | $59.8M | $335.9M | 40x | as long as short |
| Bullet BTC-USD | +0.0070% | 1h | 85,375 | +0.001% | $203K | $3.3M | 20x | as long as short |
| Phemex BTCUSDTlong | +0.0073% | 8h | 85,374.5 | long leg | $149.3M | $501.1M | 150x | |
| ApeX Omni BTCUSDT | +0.0076% | 1h | 85,463 | +0.104% | $139.7M | $315.4M | 100x | as long as short |
| Bitget BTCUSDT | +0.0081% | 8h | 85,367.1 | −0.009% | $2.95B | $5.15B | 150x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,357.7 | −0.020% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,358.7 | −0.019% | $5.07B | $5.67B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,358.7 | −0.019% | $9.43B | $24.73B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,377.7 | +0.004% | $171.7M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,372.5 | −0.002% | $23.8M | $147.4M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,394 | +0.023% | $8.4M | $55.4M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,406.1 | +0.037% | $116.8M | $5.31B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,335 | −0.046% | $238K | $8.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,415.1 | +0.048% | $5.6M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,446 | +0.084% | $3.78B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,400.8 | +0.031% | $40.1M | $595.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,359.5 | −0.018% | $5.17B | $9.89B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,371.2 | −0.004% | $2.59B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,363 | −0.013% | $3.8M | $17.5M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,368.4 | −0.007% | $4.7M | $99.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,368.6 | −0.007% | $5.53B | $10.81B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,356.1 | −0.022% | $36.5M | $174.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453.4 | +0.092% | $154.3M | $564.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,425.6 | +0.060% | $279.4M | $939.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,475.7 | +0.118% | $214.8M | $169.0M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,452.1 | +0.091% | $30.1M | $206.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,471.8 | +0.114% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,391 | +0.019% | $11.1M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,368.4 | −0.007% | $2.3M | $9.0M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,410.8 | +0.043% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,346.7 | −0.033% | $30.0M | $50.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,363.5 | −0.013% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,362.7 | −0.014% | $2.26B | $952.1M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,429 | +0.064% | $679.8M | $655.7M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,331.4 | −0.050% | $45.7M | $236.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,413.6 | +0.046% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0110% | 1h | 85,378.5 | +0.005% | $6.6M | $147.3M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0116% | 1h | 85,407 | +0.038% | $872.2M | $1.60B | 50x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,392 | +0.020% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERPshort | +0.0178% | 8h | 85,428 | +0.063% | $11.4M | $749.7M | 6.4x | |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,487.6 | +0.133% | $695K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0236% | 1h | 85,446.4 | +0.084% | $79K | $225K | 20x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,395.7 | +0.025% | $8.8M | $43.1M | 25x | as long as short |
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
SoDEX BTC-USD
Bullet BTC-USD
ApeX Omni BTCUSDT
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
RISEx BTC/USDC