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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.014%
Price spread now: Kalshi against 01 Exchange+0.019%7-day average −0.001% · 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−$18as in the Price arb table
costs, in and out, $10k−$200.198% of the position
Long on 01 ExchangeShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.031%+$3 on $10k
Price spread, last 7 days−0.016%−$2 · spread now +0.019%, 7d avg −0.001%
Together, before fees+0.015%+$1 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.031% in total (about 3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
Long01 Exchange BTCUSD86,570.8−0.0008get 0.0001% / 1h46m 26s$359K$2.4M50x
ShortKalshi KXBTCPERP86,5870.0188get 0.0188% / 8h5h 46m$9.5M$726.2M6.4x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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

Funding earned
$41.17
Price spread: +0.019% → −0.001%
$1.95
Slippage, 4 orders
−$2.75
Fee 01 Exchange: 3.5 bp × 2 orders
−$7
Fee Kalshi: 5 bp × 2 orders
−$10
Net
$23.37
Costs to cover
0.198%
Break-even
3.0 days
Slippage from 01 Exchange: live order book, 3 min ago; Kalshi: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy 01 Exchange live order book, 3 min ago0.01 bp4.6 bp −$59.2 bp −$92doesn't fitdoesn't fit
Sell Kalshi live order book, 3 min ago0.17 bp5.3 bp −$56.7 bp −$677.5 bp −$75011.6 bp −$5,807

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP−0.1760%1h86,556.4−0.017%$140K$618K40xas long as short
Aftermath Perps BTCUSD−0.0185%1h86,578.5+0.009%$79K$199K20xas long as short
Phoenix BTC−0.0159%1h86,518−0.061%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,570−0.001%$9K$3K50xas long as short
dYdX BTC-USD−0.0017%1h86,587.1+0.019%$17.5M$20.3M50xas long as short
01 Exchange BTCUSDlong−0.0008%1h86,570.8long leg$359K$2.4M50x
Aster BTCUSDT−0.0007%8h86,558.4−0.014%$505.3M$1.15B200xas long as short
Perpl BTC0.0000%43m86,570.3−0.001%$419K$24.1M6.7xas long as short
KuCoin XBTUSDTM+0.0002%8h86,548.5−0.026%$851.7M$708.5M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,586.8+0.018%$36.8M—200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
RISEx BTC/USDC+0.0006%1h86,552.1−0.022%$8.6M$43.2M25xas long as short
Reya BTCRUSDPERP+0.0022%1h86,549.8−0.024%$6.7M$144.7M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,559−0.014%$315K$26.8M52xas long as short
Hibachi BTC/USDT-P+0.0024%1h86,569.5−0.002%$733K$8.1M30xas long as short
Phemex BTCUSDT+0.0026%8h86,532.8−0.044%$149.6M$472.9M150xas long as short
BingX BTC-USDT+0.0031%8h86,569.7−0.001%—$1.59B—as long as short
Bitget BTCUSDT+0.0040%8h86,555.5−0.018%$2.95B$5.07B150xas long as short
Deribit BTC-PERPETUAL+0.0043%1h86,573.8+0.004%$925.2M$1.47B50xas long as short
Aevo BTC-PERP+0.0056%1h86,532.1−0.045%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0058%8h86,561.2−0.011%$5.19B$5.62B500xas long as short
Binance BTCUSDT+0.0059%8h86,577.1+0.007%$9.42B$24.33B150xas long as short
SoDEX BTC-USD+0.0073%1h86,533−0.044%$60.5M$336.8M40xas long as short
Gate BTC_USDT+0.0083%8h86,559−0.014%$5.85B$10.63B200xas long as short
Bybit BTCUSDT+0.0088%8h86,546.3−0.028%$5.27B$9.72B150xas long as short
Nado BTC-PERP+0.0096%1h86,563.1−0.009%$21.8M$233.6M50xas long as short
Lighter BTC+0.0096%1h86,559.2−0.013%$172.3M$998.5M50xas long as short
Lighter RH BTC+0.0096%1h86,566.7−0.005%$24.0M$151.6M50xas long as short
Popdex BTCUSDT+0.0096%1h86,546−0.029%$8.5M$52.2M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,534−0.043%$206K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,586.7+0.018%$4.7M$8.3M50xas long as short
Hyperliquid BTC+0.0100%1h86,627+0.065%$3.81B$5.09B40xas long as short
Pacifica BTC+0.0100%1h86,580.6+0.011%$40.9M$504.7M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,547.1−0.027%$2.55B$12.69B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,559−0.014%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,618.1+0.055%$7.4M$93.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,527.4−0.050%$571.7M$19.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,548.8−0.025%$38.3M$152.7M75xas long as short
Variational Omni BTC+0.0100%8h86,521.5−0.057%$156.7M$571.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,522.6−0.056%$279.4M$942.8M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,535.2−0.041%$217.1M$182.2M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,530.4−0.047%$141.4M$322.9M100xas long as short
StandX BTC-USD+0.0100%1h86,567.6−0.004%$30.7M$202.9M40xas long as short
Vest BTC-PERP+0.0100%1h86,597.8+0.031%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,548−0.026%$11.1M$13.5M50xas long as short
Bullet BTC-USD+0.0100%1h86,566.3−0.005%$194K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,544.2−0.031%$2.4M$8.6M100xas long as short
Derive BTC-PERP+0.0100%1h86,537−0.039%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,549.5−0.025%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,553.8−0.020%$2.30B$958.8M200xas long as short
Extended BTC-USD+0.0104%1h86,529.2−0.048%$46.4M$224.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,584+0.015%—$98.5M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,574+0.004%$132.1M$5.74B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,565.4−0.006%$191.3M$936.7M100xas long as short
BloFin BTC-USDT+0.0178%8h86,540.3−0.035%$415.3M$653.8M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0180% / S −0.0208%1h86,578.4+0.009%$15.1M—200xas long as short
Kalshi KXBTCPERPshort+0.0188%8h86,587+0.019%$9.5M$726.2M6.4x