Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h −0.034%

Price spread now: Kalshi against Derive−0.056%7-day average −0.085% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.298%+$30 · spread now −0.056%, 7d avg −0.085%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.029% dearer against Derive than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.085%. Mind the row above: over the last 7 days funding on this pair cost −0.209%, 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	Derive ETH-PERP	2,746.5	0.0100	pay 0.0013% / 1h	41m 54s	$41.6M	$29.5M	15x
Short	Kalshi KXETHPERP	2,745	0.0154	get 0.0154% / 8h	1h 41m	$7.7M	$668.4M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now −0.056%Rate

Funding earned: $11.27
Price spread: −0.056% → −0.085%: $2.91
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$1.83
Costs to cover: 0.160%
Break-even: 8.1 days

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	0.55 bp	6.1 bp −$6	7.6 bp −$76	12.1 bp −$1,207	19.2 bp −$9,607

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0112%	43m	2,743.9	−0.095%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.7	−0.176%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.125%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745	−0.057%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.4	−0.079%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745	−0.058%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.216%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,744.8	−0.064%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,738.6	−0.291%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,739.1	−0.271%	$1.70B	$10.56B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,742.7	−0.141%	$383.8M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,745.2	−0.051%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,744.4	−0.078%	$252.4M	$841.6M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,739.4	−0.259%	$1.55B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,741.7	−0.177%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,739.1	−0.273%	$6.37B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0090%	1h	2,744.5	−0.073%	$183K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,745.3	−0.047%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.4	−0.006%	$24.7M	$103.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.6	−0.106%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746	−0.020%	$59.0M	$4.28B	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,744	−0.093%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,748.2	+0.059%	$16.1M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	−0.078%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	−0.075%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746	−0.020%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.3	−0.045%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739	−0.273%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	−0.136%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.1	−0.053%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	−0.110%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.8	−0.245%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740	−0.238%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	−0.117%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.224%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.5	−0.183%	$182.2M	$693.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.246%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,743.1	−0.125%	$8.9M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.8	−0.136%	$21.2M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.2	−0.048%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.8	−0.027%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.5	−0.075%	$21K	$20K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,746.5	long leg	$41.6M	$29.5M	15x
SunX ETH-USDT	+0.0100%	8h	2,743.9	−0.096%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.8	−0.064%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.3	−0.080%	$267.0M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.2	−0.267%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,743.6	−0.107%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPshort	+0.0154%	8h	2,745	−0.056%	$7.7M	$668.4M	4.9x
Deribit ETH-PERPETUAL	+0.0176%	1h	2,746.2	−0.014%	$258.8M	$195.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,746.6	+0.003%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,743	−0.128%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.6	−0.033%	$87.3M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,744.3	−0.084%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.4	−0.150%	$249K	$1.4M	20x	as long as short