Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.021%

Price spread now: Kalshi against Hyperliquid−0.051%46s7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.201% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.051%, 7d avg −0.048%

Together, before fees−0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.133%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,720.6	0.0100	pay 0.0013% / 1h	39m 18s	$3.08B	$2.04B	25x
Short	Kalshi KXETHPERP	2,719.2	0.0158	get 0.0158% / 8h	6h 39m	$6.2M	$690.6M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.051%Rate

Funding earned: $12.08
Price spread: −0.051% → −0.048%: −$0.33
Slippage, 4 orders: −$1.06
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$8.32
Costs to cover: 0.201%
Break-even: 11.8 days

Slippage from Hyperliquid: live order book, 5 min ago; Kalshi: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.1 bp −$512	7.3 bp −$3,640
Sell Kalshi live order book, 5 min ago	0.18 bp	5.4 bp −$5	7.2 bp −$72	11.5 bp −$1,150	17.9 bp −$8,968

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	2,717.6	−0.112%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.4	−0.081%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0014%	8h	2,717.9	−0.101%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.2	−0.051%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,724.5	+0.143%	$817K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,720	−0.024%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,719.1	−0.055%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0015%	1h	2,719.1	−0.056%	$10.7M	$42.3M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,719.5	−0.042%	—	$1.14B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,717.6	−0.110%	$185K	$788K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0041%	8h	2,719.3	−0.049%	$2.35B	$4.42B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0044%	1h	2,720.2	−0.015%	$258.8M	$204.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,723.9	+0.122%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0065%	8h	2,718.9	−0.064%	$953K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0068%	1h	2,718.5	−0.077%	$178K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,718.5	−0.078%	$374.7M	$577.9M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,717.2	−0.124%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,719.5	−0.040%	$251.7M	$845.0M	200x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,718.5	−0.077%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,719.6	−0.039%	$6.30B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,719.5	−0.041%	$1.65B	$10.79B	100x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,719.3	−0.048%	$263.0M	$64.2M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.6	−0.075%	$111.1M	$432.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,719.8	−0.029%	$23.3M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,717.6	−0.110%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,720.5	−0.002%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,719.1	−0.055%	$13.7M	$105.0M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,720.6	long leg	$3.08B	$2.04B	25x
Pacifica ETH	+0.0100%	1h	2,719.5	−0.040%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,718	−0.096%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,718.6	−0.072%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.119%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,719.7	−0.034%	$3.31B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,719.4	−0.043%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,719	−0.059%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,720.3	−0.011%	$133.3M	$326.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.8	+0.155%	$183.0M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721.5	+0.034%	$158.3M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,722.4	+0.065%	$8.6M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,719.1	−0.055%	$20.9M	$73.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,719.9	−0.027%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,719.2	−0.051%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.6	−0.037%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,720.8	+0.006%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,719	−0.059%	$54.1M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,718.9	−0.064%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,718	−0.095%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720.1	−0.018%	$49.7M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,718	−0.096%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERPshort	+0.0158%	8h	2,719.2	−0.051%	$6.2M	$690.6M	4.9x
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.6	−0.036%	$82.7M	$316.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,722	+0.050%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,718	−0.095%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,722.9	+0.083%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,717.8	−0.103%	$281.5M	$174.1M	150x	as long as short