Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.018%

Price spread now: Kalshi against Extended+0.132%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

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

costs, in and out, $10k−$160.160% of the position

Long on Extended Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.132%, 7d avg +0.041%

Together, before fees−0.211%+ Points / potential airdropExtended: Active · farm board−$21 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 0.091% dearer against Extended than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.041%. Mind the row above: over the last 7 days funding on this pair cost −0.141%, 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	Extended ETH-USD	2,775.8	0.0104	pay 0.0013% / 1h	37m 31s	$31.6M	$74.6M	50x
Short	Kalshi KXETHPERP	2,779.5	0.0115	get 0.0115% / 8h	5h 37m	$8.7M	$673.4M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Extended. 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 ExtendedbpFee KalshibpOrdersPrice spread, now +0.132%Rate

Funding earned: $2.32
Price spread: +0.132% → +0.041%: $9.11
Slippage, 4 orders: −$1.04
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$4.61
Costs to cover: 0.160%
Break-even: 20.9 days

Slippage from Extended: 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 Extended live order book, 2 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	4.5 bp −$452	12.1 bp −$6,045
Sell Kalshi live order book, 2 min ago	0.18 bp	5.3 bp −$5	7.4 bp −$74	10.6 bp −$1,060	17.1 bp −$8,529

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	2,776.3	+0.018%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.1	+0.009%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.2	+0.049%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.2	+0.121%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,776.1	+0.010%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0022%	1h	2,778.4	+0.093%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.2	+0.084%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.143%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,780.7	+0.177%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0010%	8h	2,778.1	+0.080%	$270.2M	$68.6M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0015%	8h	2,776.2	+0.012%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,775.6	−0.009%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,780.7	+0.174%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,776.9	+0.037%	$256.6M	$989.6M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,775.8	−0.001%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,776	+0.006%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,777.1	+0.044%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,775.6	−0.008%	$6.44B	$17.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,778.2	+0.085%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,775.3	−0.019%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.6	+0.028%	$3.29B	$9.58B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,775.4	−0.017%	$2.52B	$4.59B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,777.1	+0.044%	$115.1M	$498.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	+0.080%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.2	+0.120%	—	$41.5M	500x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,778.6	+0.100%	$1.08B	$1.31B	200x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,776.1	+0.009%	$426.1M	$737.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.7	−0.003%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777	+0.042%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.8	+0.071%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777	+0.042%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.9	+0.002%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.2	+0.087%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.198%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.5	+0.098%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.212%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,778.3	+0.089%	$180.1M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.7	+0.068%	$161.5M	$90.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.073%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.2	+0.157%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	+0.034%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.8	+0.035%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780	+0.151%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,781.1	+0.189%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777.5	+0.061%	$974K	$14.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,778.6	+0.100%	$55.3M	$228.8M	40x	as long as short
Extended ETH-USDlong	+0.0104%	1h	2,775.8	long leg	$31.6M	$74.6M	50x
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779.8	+0.141%	$60.4M	$4.60B	50x	as long as short
Kalshi KXETHPERPshort	+0.0115%	8h	2,779.5	+0.132%	$8.7M	$673.4M	4.9x
Deribit ETH-PERPETUAL	+0.0117%	1h	2,780.3	+0.160%	$258.4M	$221.8M	50x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,781.1	+0.189%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,782.7	+0.249%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,779.7	+0.139%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,778.4	+0.093%	$285.3M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,775.2	−0.023%	$7.4M	$1.1M	25x	as long as short