Crypto funding carry across US venues

The rule split that pays this carry survived the window. Kalshi's Sep 23 Federal Register filing (immediately effective) confirms Chapter 14 funding mechanics stay structurally distinct: a 0.002% deadband under Rule 14.10(d) pulls small premia to zero every eight hours, with a 2.00% maximum funding magnitude. Coinbase's perp-style futures keep hourly funding computed from price snapshots, per its Sep 18–19 filings. Nothing in the transcript points to a crypto-side rule change ending the differential.

The live pairs: ZEC (long KXZECPERP / short ZEC-20DEC30-CDE) ranks 1 of 16 at +45.3% gross annualized and +2.5% edge over 30 days; DOGE follows at +1.0%, then SOL (+0.7%, flipped legs — long Coinbase, short Kalshi), BTC (+0.5%) and LTC (+0.5%). All five clear their fee bars at the cap; none has a resolved day yet, so realized carry is unproven.

Variant perception: the structural read is consensus-consistent — the desk's edge is that the trade is empty of crowd (X search on the Kalshi/Coinbase funding arb returned zero posts) and that both venues are extending perps to single stocks and ETFs, which would replicate this divergence on equities. Watch CFTC action on Coinbase's stock-perp docket (approval pending since Sep 18) and any amendment touching Kalshi Rule 14.10 crypto funding. Honest caveat: one search returned junk; no direct print of current realized funding rates is in evidence.