Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.002%

Price spread now: ApeX Omni against Kalshi−0.117%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Kalshi Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.117%, 7d avg +0.011%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and ApeX Omni is 0.129% cheaper against Kalshi than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,772.5	0.0108	pay 0.0108% / 8h	6h 01m	$8.5M	$673.8M	4.9x
Short	ApeX Omni ETHUSDT	2,769.3	0.0032	get 0.0004% / 1h	1m 37s	$8.7M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Kalshi. 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 KalshibpFee ApeX OmnibpOrdersPrice spread, now −0.117%Rate

Funding earned: −$15.8
Price spread: −0.117% → +0.011%: −$12.87
Slippage, 4 orders: −$2.69
Fee Kalshi: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$51.36
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; ApeX Omni: live order book, 3 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 Kalshi live order book, 3 min ago	0.54 bp	5.9 bp −$6	7.5 bp −$75	11.2 bp −$1,123	17.5 bp −$8,728
Sell ApeX Omni live order book, 3 min ago	0.31 bp	5.4 bp −$5	7.0 bp −$70	19.4 bp −$1,940	74.4 bp −$37.2K

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	2,771.4	−0.041%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.133%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.2	−0.047%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,770.9	−0.058%	$170K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.9	−0.058%	$884K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.3	−0.042%	$5.7M	$12.1M	25x	as long as short
Aftermath Perps ETHUSD	0.0000%	1h	2,771.7	−0.028%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.8	−0.026%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.5	0.000%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,770.9	−0.057%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0023%	8h	2,771	−0.056%	$1.71B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.4	−0.002%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,771.3	−0.044%	$266.9M	$66.0M	150x	as long as short
ApeX Omni ETHUSDTshort	+0.0032%	1h	2,769.3	−0.117%	$8.7M	$32.6M	100x
Aster ETHUSDT	+0.0033%	8h	2,770.8	−0.062%	$256.2M	$995.5M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.8	−0.134%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,770.9	−0.056%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,771	−0.054%	$6.44B	$17.23B	150x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,771.5	−0.036%	$182K	$1.8M	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,770.9	−0.060%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,771	−0.054%	$3.28B	$9.71B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.9	−0.056%	$114.7M	$516.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.4	−0.005%	$25.4M	$123.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.8	−0.027%	—	$41.8M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,770.5	−0.072%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,768.9	−0.128%	$141.0M	$320.9M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.6	−0.070%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.1	−0.050%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770	−0.089%	$14.4M	$118.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	0.000%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.050%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771	−0.055%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.3	−0.079%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	+0.017%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.056%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.3	−0.080%	$422.2M	$742.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	−0.069%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.5	−0.073%	$179.5M	$782.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.7	−0.102%	$161.1M	$96.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.8	−0.025%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.5	−0.037%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	+0.018%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	−0.019%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.026%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.9	−0.058%	$972K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,770.2	−0.083%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.6	−0.068%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.8	−0.026%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERPlong	+0.0108%	8h	2,772.5	long leg	$8.5M	$673.8M	4.9x
Deribit ETH-PERPETUAL	+0.0125%	1h	2,772.4	−0.005%	$258.5M	$225.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774.6	+0.075%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,771	−0.055%	$286.1M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,771.7	−0.029%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.6	−0.033%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.8	−0.024%	$285K	$1.5M	20x	as long as short