Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h −0.013%

Price spread now: Kalshi against Bulk+0.183%7-day average −0.014% · 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+$2as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.053%−$5 on $10k

Price spread, last 7 days−0.151%−$15 · spread now +0.183%, 7d avg −0.014%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Kalshi is 0.197% dearer against Bulk than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.014%. Mind the row above: over the last 3 days funding on this pair cost −0.053%, 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	Bulk ETH-USD	2,763.5	0.0100	pay 0.0013% / 1h	17m 15s	$172.0M	$292.0M	25x
Short	Kalshi KXETHPERP	2,768.6	0.0109	get 0.0109% / 8h	3h 17m	$8.1M	$677.7M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now +0.183%Rate

Funding earned: $1.94
Price spread: +0.183% → −0.014%: $19.72
Slippage, 4 orders: −$0.92
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $3.74
Costs to cover: 0.179%
Break-even: from the start

Slippage from Bulk: 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 Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.7 bp −$470	6.0 bp −$2,993
Sell Kalshi live order book, 2 min ago	0.36 bp	5.4 bp −$5	7.2 bp −$72	11.6 bp −$1,162	18.4 bp −$9,216

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
Injective ETH/USDC PERP	−0.0752%	1h	2,765.8	+0.082%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,768	+0.161%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.3	+0.135%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	+0.165%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,768.2	+0.169%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.306%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.3	+0.173%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.2	+0.132%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,766	+0.089%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,766.6	+0.112%	$1.70B	$11.13B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0030%	1h	2,767	+0.125%	$55.1M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,767.5	+0.144%	$256.3M	$885.8M	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.6	+0.112%	$12.7M	—	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.3	+0.064%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,766.7	+0.114%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,767.9	+0.158%	$6.47B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,766.7	+0.115%	$3.38B	$9.06B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,767.2	+0.132%	$2.10B	$2.87B	150x	as long as short
Aftermath Perps ETHUSD	+0.0078%	1h	2,769.6	+0.221%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,768.7	+0.186%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,767.8	+0.154%	—	$876K	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,767.2	+0.132%	$269.3M	$67.3M	150x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,766.2	+0.097%	$1.07B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,768.1	+0.164%	$420.6M	$604.6M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,767.4	+0.141%	$114.9M	$459.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.9	+0.192%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.168%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.6	+0.255%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768	+0.162%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	+0.161%	$14.6M	$113.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.2	+0.241%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.1	+0.166%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.3	+0.172%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.9	+0.122%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.7	+0.185%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,763.5	long leg	$172.0M	$292.0M	25x
BingX ETH-USDC	+0.0100%	8h	2,766.7	+0.113%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.7	+0.151%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.181%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	+0.165%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.189%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.9	+0.158%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	+0.147%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.4	+0.141%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.5	+0.181%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767	+0.124%	$971K	$13.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.2	+0.098%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,767.5	+0.142%	—	$36.2M	500x	as long as short
Kalshi KXETHPERPshort	+0.0109%	8h	2,768.6	+0.183%	$8.1M	$677.7M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,768.5	+0.180%	$97.8M	$320.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.2	+0.204%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.6	+0.185%	$259.1M	$203.2M	50x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,766.5	+0.108%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,767.2	+0.132%	$287.6M	$178.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,766.8	+0.119%	$7.3M	$1.1M	25x	as long as short