Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0137%/8h= +15.0% APRpaid last 24h +0.024%

Price spread now: Kalshi against GMX+0.012%7-day average −0.055% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.012%, 7d avg −0.055%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.068% dearer against GMX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,729.4	L −0.0010% / S +0.0043%	get 0.0001% / 1h	56m 14s	$11.9M	—	200x
Short	Kalshi KXETHPERP	2,729.7	0.0127	get 0.0127% / 8h	6h 56m	$6.4M	$688.1M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now +0.012%Rate

Funding earned: $28.77
Price spread: +0.012% → −0.055%: $6.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $13.55
Costs to cover: 0.220%
Break-even: 3.7 days

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	0.37 bp	5.4 bp −$5	7.5 bp −$75	10.7 bp −$1,067	16.5 bp −$8,241

GMX: 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	−0.0335%	43m	2,728.1	−0.045%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.3	−0.112%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0020%	8h	2,729	−0.014%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,729.4	long leg	$11.9M	—	200x
Phoenix ETH	−0.0006%	1h	2,727.6	−0.065%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	−0.026%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.6	+0.010%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,726.5	−0.105%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0030%	8h	2,728.6	−0.028%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,728.5	−0.031%	$2.36B	$4.40B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,729.2	−0.006%	$186K	$785K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0054%	1h	2,730.5	+0.041%	$258.5M	$203.1M	50x	as long as short
SunX ETH-USDT	+0.0058%	8h	2,728.7	−0.024%	$958K	$11.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,728.6	−0.029%	$378.2M	$576.0M	100x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,728	−0.051%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,729.1	−0.009%	$252.5M	$843.0M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,727.5	−0.069%	$4.9M	$155K	20x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,728.7	−0.024%	$177K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,728.6	−0.027%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,728.6	−0.028%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,729	−0.014%	$6.33B	$15.97B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,728.6	−0.029%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0087%	8h	2,729	−0.012%	$264.2M	$64.1M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.2	−0.006%	$112.0M	$428.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.9	+0.057%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729	−0.014%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	−0.039%	$500K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.1	+0.027%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.053%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.9	+0.056%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.6	+0.009%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	+0.009%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.7	−0.024%	$1.5M	$16.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.8	−0.022%	$3.33B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.6	−0.027%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.5	−0.031%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.116%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.1	−0.118%	$183.4M	$673.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.4	−0.072%	$158.7M	$87.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.2	+0.031%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.7	+0.013%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.7	+0.012%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.8	+0.016%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.9	+0.058%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.4	+0.001%	$54.4M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.088%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.8	−0.022%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,730.4	+0.039%	$50.1M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,728.6	−0.026%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERPshort	+0.0127%	8h	2,729.7	+0.012%	$6.4M	$688.1M	4.9x
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,729.8	+0.015%	$83.0M	$316.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,732	+0.097%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,727.5	−0.069%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,732.3	+0.109%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0332%	8h	2,730.6	+0.046%	$283.8M	$174.7M	150x	as long as short