Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h +0.013%

Price spread now: Bulk against Kalshi−0.183%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.053%+$5 on $10k

Price spread, last 7 days+0.151%+$15 · spread now −0.183%, 7d avg +0.014%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bulk is 0.197% cheaper against Kalshi than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.014%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,768.6	0.0109	pay 0.0109% / 8h	3h 17m	$8.1M	$677.7M	4.9x
Short	Bulk ETH-USD	2,763.5	0.0100	get 0.0013% / 1h	17m 02s	$172.0M	$292.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$1.94
Price spread: −0.183% → +0.014%: −$19.69
Slippage, 4 orders: −$0.92
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$39.55
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bulk: 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 Kalshi live order book, 2 min ago	0.36 bp	5.5 bp −$6	6.7 bp −$67	10.8 bp −$1,081	17.1 bp −$8,557
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.9 bp −$2,425

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
Injective ETH/USDC PERP	−0.0752%	1h	2,765.8	−0.101%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,768	−0.022%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.3	−0.048%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	−0.018%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,768.2	−0.014%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.123%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.3	−0.010%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.2	−0.051%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,766	−0.094%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,769.1	+0.018%	$1.70B	$11.15B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0030%	1h	2,767	−0.058%	$55.1M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,767.6	−0.034%	$256.3M	$885.8M	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.6	−0.071%	$12.7M	—	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.3	−0.119%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,767.9	−0.024%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769	+0.013%	$6.48B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,768.3	−0.012%	$3.38B	$9.06B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,768.3	−0.012%	$2.10B	$2.87B	150x	as long as short
Aftermath Perps ETHUSD	+0.0078%	1h	2,769.6	+0.037%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,768.7	+0.003%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,767.8	−0.029%	—	$876K	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,767.2	−0.051%	$269.3M	$67.3M	150x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,766.2	−0.086%	$1.07B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,768	−0.023%	$420.5M	$604.4M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,767.4	−0.043%	$114.9M	$459.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.9	+0.009%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	−0.015%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.6	+0.072%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768	−0.022%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.022%	$14.6M	$113.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.4	+0.065%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.1	−0.017%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.6	+0.036%	$2.51B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.9	−0.061%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.7	+0.002%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,763.5	−0.183%	$172.0M	$292.0M	25x
BingX ETH-USDC	+0.0100%	8h	2,767.8	−0.030%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.8	−0.031%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.002%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	−0.018%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.006%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.9	−0.025%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	−0.036%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.4	−0.042%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.5	−0.002%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767	−0.059%	$971K	$13.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.2	−0.085%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,767.5	−0.041%	—	$36.2M	500x	as long as short
Kalshi KXETHPERPlong	+0.0109%	8h	2,768.6	long leg	$8.1M	$677.7M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,768.5	−0.003%	$97.8M	$320.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.2	+0.021%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.6	+0.001%	$259.1M	$203.2M	50x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,766.5	−0.075%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,767.2	−0.051%	$287.6M	$178.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,766.8	−0.064%	$7.3M	$1.1M	25x	as long as short