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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h −0.017%
Price spread now: Kalshi against Backpack+0.026%7-day average −0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$36as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$210.208% of the position
Long on BackpackShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 7 days−0.149%−$15 on $10k
Price spread, last 7 days+0.733%+$73 · spread now +0.026%, 7d avg −0.004%
Together, before fees+0.583%+$58 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.030% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.004%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,770.60.0100pay 0.0013% / 1h9m 44s$15.1M$44.2M50x
ShortKalshi KXETHPERP2,771.30.0107get 0.0107% / 8h4h 09m$8.2M$687.7M4.9x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$1.53
Price spread: +0.026% → −0.004%
$3.02
Slippage, 4 orders
−$0.83
Fee Backpack: 5 bp × 2 orders
−$10
Fee Kalshi: 5 bp × 2 orders
−$10
Net
−$16.29
Costs to cover
0.208%
Break-even
81.7 days
Slippage from Backpack: live order book, 4 min ago; Kalshi: live order book, 4 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 Backpack live order book, 4 min ago0.02 bp5.0 bp −$57.0 bp −$7028.8 bp −$2,878doesn't fit
Sell Kalshi live order book, 4 min ago0.18 bp5.5 bp −$57.2 bp −$7210.8 bp −$1,07517.3 bp −$8,639

ETH on 55 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
Perpl ETH−0.0223%43m2,770.7+0.004%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,772.2+0.057%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.306%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,769.5−0.039%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0023%1h2,770.5−0.003%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,772.2+0.059%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,771.3+0.026%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,771.8+0.044%$876K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,771.1+0.017%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,769.4−0.042%$1.70B$11.87B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,770.9+0.011%$12.8M—200xas long as short
Phemex ETHUSDT+0.0027%8h2,770−0.020%$270.0M$68.9M150xas long as short
Aster ETHUSDT+0.0031%8h2,770.2−0.013%$255.7M$1.00B200xas long as short
Aftermath Perps ETHUSD+0.0032%1h2,771.5+0.034%$29K$22K20xas long as short
SoDEX ETH-USD+0.0032%1h2,770.3−0.010%$55.2M$228.8M40xas long as short
Bullet ETH-USD+0.0037%1h2,770.3−0.011%$181K$1.7M20xas long as short
Binance ETHUSDT+0.0056%8h2,769.6−0.034%$6.45B$17.30B150xas long as short
MEXC ETH_USDT+0.0056%8h2,769.3−0.046%$1.62B$2.66B500xas long as short
Aevo ETH-PERP+0.0056%1h2,768.8−0.063%$5.0M$636K20xas long as short
Bitget ETHUSDT+0.0065%8h2,770.3−0.011%$2.10B$3.10B150xas long as short
Gate ETH_USDT+0.0068%8h2,770.2−0.013%$3.29B$9.69B200xas long as short
KuCoin ETHUSDTM+0.0081%8h2,769.5−0.038%$421.0M$738.4M100xas long as short
Deribit ETH-PERPETUAL+0.0082%1h2,772.1+0.054%$259.0M$222.1M50xas long as short
Bybit ETHUSDT+0.0088%8h2,769.6−0.036%$2.50B$4.63B150xas long as short
BingX ETH-USDC+0.0088%8h2,769.9−0.026%—$17.5M—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,771.4+0.029%$60.2M$4.59B50xas long as short
HTX ETH-USDT+0.0094%8h2,769.7−0.030%$1.08B$1.32B200xas long as short
Lighter ETH+0.0096%1h2,770.2−0.012%$115.0M$500.7M50xas long as short
Lighter RH ETH+0.0096%1h2,772+0.052%$25.3M$122.0M50xas long as short
Nado ETH-PERP+0.0096%1h2,771.4+0.032%$14.3M$118.2M50xas long as short
Vest ETH-PERP+0.0096%1h2,770.9+0.012%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,769.1−0.053%$15.9M$10.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,771.4+0.030%$475K$2.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,772.6+0.073%$3.17B$2.36B25xas long as short
Pacifica ETH+0.0100%1h2,770.1−0.016%$31.2M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,769.6−0.035%$2.8M$17.2M25xas long as short
Arcus ETH-USD+0.0100%1h2,772.8+0.081%$2.7M$17.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,773+0.086%$170.1M$265.7M25xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,770.6long leg$15.1M$44.2M50x
Variational Omni ETH+0.0100%8h2,768.4−0.077%$147.1M$335.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,770−0.021%$181.8M$783.7M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.4−0.006%$161.1M$89.8M50xas long as short
StandX ETH-USD+0.0100%1h2,770.5−0.003%$21.4M$58.6M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,771.7+0.041%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,771.7+0.040%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,770−0.020%$973K$13.9M100xas long as short
Derive ETH-PERP+0.0100%1h2,773+0.086%$42.7M$29.4M15xas long as short
Extended ETH-USD+0.0104%1h2,769.8−0.027%$32.5M$78.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,771+0.016%—$43.7M500xas long as short
Kalshi KXETHPERPshort+0.0107%8h2,771.3+0.026%$8.2M$687.7M4.9x
Kraken Futures PF_ETHUSD+0.0123%1h2,771.5+0.034%$90.4M$338.6M100xas long as short
Orderly PERP_ETH_USDC+0.0143%8h2,773.2+0.093%$32.6M$12.2M100xas long as short
BloFin ETH-USDT+0.0176%8h2,768.4−0.078%$286.2M$194.2M150xas long as short
Reya ETHRUSDPERP+0.0205%1h2,770.2−0.013%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0208%1h2,770.7+0.005%$252K$1.6M20xas long as short