Funding you earn now, next payment 06:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.025%
Price spread now: Kalshi against Reya−0.013%7-day average +0.033% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.025%−$3 on $10k
+Price spread, last 7 days+0.056%+$6 · spread now −0.013%, 7d avg +0.033%
=Together, before fees+0.031%+ Points / potential airdropReya: Active · farm board+$3 on $10k · with fees, hour by hour
Funding pays, the price is against you. Kalshi is 0.046% cheaper against Reya than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.033%). If the spread goes back, that is −$5 on $10k: about 2.4 days of funding at the current rate (+$2 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya BTCRUSDPERP | 85,176.4 | 0.0115 | pay 0.0014% / 1h | 24m 47s | $6.6M | $147.4M | 40x |
| Short | Kalshi KXBTCPERP | 85,165 | 0.0179 | get 0.0179% / 8h | 6h 24m | $11.4M | $743.8M | 6.4x |
Reya BTCRUSDPERP
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Reya. 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
- $13.45
- Price spread: −0.013% → +0.033%
- −$4.61
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$7.16
- Costs to cover
- 0.160%
- Break-even
- 10.7 days
Slippage unknown: Reya: 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 Reya no order-book sample | — | — | — | — | — |
| Sell Kalshi live order book, 4 min ago | 0.23 bp | 5.4 bp −$5 | 6.8 bp −$68 | 7.3 bp −$732 | 11.7 bp −$5,856 |
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 | 85,189.1 | +0.015% | $524K | $18.5M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,134 | −0.050% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,103 | −0.086% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,148.6 | −0.033% | $921.3M | $763.8M | 125x | as long as short |
| BloFin BTC-USDT | −0.0036% | 8h | 85,188.1 | +0.014% | $419.5M | $679.4M | 150x | as long as short |
| Aster BTCUSDT | −0.0017% | 8h | 85,152.2 | −0.028% | $511.9M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,204.2 | +0.033% | $374K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,176 | 0.000% | $16.7M | $21.5M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,193.8 | +0.020% | $36.4M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | +0.057% | $338K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0032% | 1h | 85,126.5 | −0.059% | $24.7M | $222.5M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,188.2 | +0.014% | $186.9M | $953.8M | 100x | as long as short |
| BingX BTC-USDC | +0.0067% | 8h | 85,133.2 | −0.051% | — | $17.4M | — | as long as short |
| Phemex BTCUSDT | +0.0076% | 8h | 85,168.6 | −0.009% | $147.7M | $504.8M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,173.8 | −0.003% | $2.4M | $6.7M | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0082% | 1h | 85,211.3 | +0.041% | $868.3M | $1.61B | 50x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 85,166.5 | −0.012% | $5.05B | $5.72B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 85,162.8 | −0.016% | $9.41B | $24.80B | 150x | as long as short |
| Bitget BTCUSDT | +0.0085% | 8h | 85,169.9 | −0.008% | $2.95B | $5.15B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,172.1 | −0.005% | $170.9M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,176.3 | 0.000% | $23.6M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,191 | +0.017% | $8.3M | $55.7M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,206 | +0.035% | $117.0M | $5.37B | 50x | as long as short |
| Bullet BTC-USD | +0.0099% | 1h | 85,188.2 | +0.014% | $205K | $3.3M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,160 | −0.019% | $239K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,241.7 | +0.077% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,239 | +0.074% | $3.74B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,189.8 | +0.016% | $40.1M | $599.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,174 | −0.003% | $5.14B | $9.96B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,180 | +0.004% | $2.57B | $12.16B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,166 | −0.012% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,176.1 | 0.000% | $4.6M | $99.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,183.8 | +0.009% | $678.4M | $603.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,148.6 | −0.033% | $5.49B | $10.97B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,142.2 | −0.040% | $36.3M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,082 | −0.111% | $154.2M | $566.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,094.5 | −0.096% | $278.9M | $945.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,198.3 | +0.026% | $214.1M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,090.5 | −0.101% | $139.1M | $315.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,120 | −0.066% | $30.0M | $206.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,233.3 | +0.067% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,180 | +0.004% | $11.0M | $14.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,185.6 | +0.011% | $2.5M | $9.3M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,220 | +0.051% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,161.3 | −0.018% | $29.9M | $48.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,164.1 | −0.014% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,176 | 0.000% | $59.6M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,164.6 | −0.014% | $2.25B | $941.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,109.6 | −0.078% | $45.2M | $239.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,189.2 | +0.015% | — | $106.8M | 500x | as long as short |
| Reya BTCRUSDPERPlong | +0.0115% | 1h | 85,176.4 | long leg | $6.6M | $147.4M | 40x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,190.4 | +0.016% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERPshort | +0.0179% | 8h | 85,165 | −0.013% | $11.4M | $743.8M | 6.4x | |
| Aftermath Perps BTCUSD | +0.0221% | 1h | 85,186.1 | +0.011% | $78K | $226K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,129.5 | −0.055% | $716K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,211.9 | +0.042% | $8.7M | $43.2M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Aevo BTC-PERP
Deribit BTC-PERPETUAL
MEXC BTC_USDT
Binance BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Bullet BTC-USD
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
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC