Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.004%

Price spread now: Kalshi against Arcus−0.106%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Arcus Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days+0.138%+$14 · spread now −0.106%, 7d avg −0.034%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.072% cheaper against Arcus than usual: you would sell low and buy high (spread −0.106% now, against its 7-day average of −0.034%). If the spread goes back, that is −$7 on $10k: about 4.7 days of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ETH-USD	2,723.9	0.0100	pay 0.0013% / 1h	22m 27s	$1.5M	$16.2M	25x
Short	Kalshi KXETHPERP	2,721	0.0151	get 0.0151% / 8h	6h 22m	$6.9M	$693.1M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Arcus. 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

Position, each leg$Hold fordaysFee ArcusbpFee KalshibpOrdersPrice spread, now −0.106%Rate

Funding earned: $10.72
Price spread: −0.106% → −0.034%: −$7.22
Slippage, 4 orders: −$2.76
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$13.76
Costs to cover: 0.173%
Break-even: 16.0 days

Slippage from Arcus: 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 Arcus live order book, 2 min ago	0.24 bp	2.8 bp −$3	3.6 bp −$36	7.6 bp −$765	doesn't fit
Sell Kalshi live order book, 2 min ago	0.37 bp	5.7 bp −$6	7.2 bp −$72	10.8 bp −$1,079	18.8 bp −$9,422

ETH on 55 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 ETH	−0.0447%	43m	2,723.8	−0.005%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.5	−0.014%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,720.6	−0.122%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.1	+0.009%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.142%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,724.4	+0.017%	$32.6M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,722.8	−0.040%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.249%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,724	+0.004%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,724.7	+0.030%	$190K	$829K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,724.2	+0.012%	$2.35B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0068%	8h	2,718.9	−0.184%	$953K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,724	+0.004%	$180K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,715.8	−0.297%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,724.2	+0.012%	$373.7M	$577.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,720.6	−0.122%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,724	+0.003%	$252.0M	$845.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,718	−0.214%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,724.2	+0.013%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,724.3	+0.014%	$6.31B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,724.5	+0.021%	$1.66B	$10.81B	100x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,721.2	−0.098%	$262.2M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,723.2	−0.025%	$112.1M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.8	+0.034%	$23.5M	$103.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.4	−0.018%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,724.7	+0.031%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.5	−0.014%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.2	+0.085%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,723.7	−0.008%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722	−0.069%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USDlong	+0.0100%	1h	2,723.9	long leg	$1.5M	$16.2M	25x
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.050%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.3	+0.014%	$3.30B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.3	+0.017%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,721.4	−0.093%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.284%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,715.8	−0.297%	$184.0M	$676.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721	−0.105%	$158.3M	$86.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,720.8	−0.113%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.8	+0.033%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.4	+0.056%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,724.8	+0.035%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,722	−0.068%	$40.8M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,720.6	−0.120%	$54.2M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.8	−0.041%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,724.4	+0.021%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,722.1	−0.066%	$49.5M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,724	+0.005%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERPshort	+0.0151%	8h	2,721	−0.106%	$6.9M	$693.1M	4.9x
Deribit ETH-PERPETUAL	+0.0158%	1h	2,721.9	−0.074%	$259.3M	$207.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.5	−0.089%	$82.8M	$312.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,726.6	+0.099%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,723.4	−0.018%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,721.1	−0.103%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,720.5	−0.126%	$281.1M	$173.9M	150x	as long as short