Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.003%

Price spread now: Coinbase International against Kalshi−0.041%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.041%, 7d avg +0.059%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.100% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.059%). If the spread goes back, that is −$10 on $10k: about 2.8 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,727.4	0	get 0.0000% / 8h	7h 08m	$6.2M	$686.1M	4.9x
Short	Coinbase International ETH-PERP-INTX	2,726.3	0.0120	get 0.0015% / 1h	8m 27s	$50.5M	$4.27B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.041%Rate

Funding earned: $25.2
Price spread: −0.041% → +0.059%: −$10
Slippage, 4 orders: −$1.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$6.7
Costs to cover: 0.219%
Break-even: 8.9 days

Slippage from Kalshi: live order book, 6 min ago; Coinbase International: live order book, 6 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, 6 min ago	0.37 bp	5.9 bp −$6	7.1 bp −$71	10.6 bp −$1,060	17.6 bp −$8,809
Sell Coinbase International live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.7 bp −$673	18.1 bp −$9,069

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	2,725.6	−0.066%	$301K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.2	−0.044%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0018%	8h	2,725	−0.088%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.6	−0.065%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,728.7	+0.048%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,727.4	long leg	$6.2M	$686.1M	4.9x
dYdX ETH-USD	+0.0006%	1h	2,726.8	−0.023%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.7	−0.063%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0028%	8h	2,725.1	−0.085%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0036%	1h	2,725.1	−0.084%	$177K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0037%	8h	2,725.6	−0.067%	$2.36B	$4.39B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,726.3	−0.040%	$186K	$814K	50x	as long as short
SunX ETH-USDT	+0.0057%	8h	2,724.6	−0.104%	$954K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,726	−0.052%	$377.3M	$574.7M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,725.8	−0.059%	$252.1M	$842.3M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0080%	8h	2,725.8	−0.058%	$1.66B	$10.72B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,722.9	−0.164%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,725.6	−0.065%	$1.56B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,725.5	−0.068%	$6.32B	$15.94B	150x	as long as short
ApeX Omni ETHUSDT	+0.0087%	1h	2,728	+0.023%	$8.7M	$31.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,726.4	−0.037%	$258.4M	$202.6M	50x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,725.5	−0.071%	$264.1M	$64.2M	150x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,725.2	−0.081%	$54.3M	$187.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,726.3	−0.040%	$112.3M	$435.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.4	0.000%	$23.3M	$104.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.2	−0.009%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.125%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.5	−0.070%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.4	−0.001%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.6	−0.067%	$13.8M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.3	+0.033%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.8	−0.022%	$31.8M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.9	−0.092%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.4	−0.038%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	+0.030%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.8	−0.060%	$3.33B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.1	−0.049%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.079%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.015%	$134.7M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	+0.025%	$183.5M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	+0.049%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.8	+0.015%	$21.0M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727	−0.015%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.4	0.000%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.2	−0.044%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.1	−0.013%	$40.9M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,728.9	+0.056%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.8	−0.094%	$30.6M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,726.2	−0.042%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0120%	1h	2,726.3	−0.041%	$50.5M	$4.27B	50x
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,726	−0.052%	$83.4M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,728	+0.021%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,725.6	−0.068%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,726.8	−0.023%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0337%	8h	2,725.1	−0.084%	$281.4M	$174.3M	150x	as long as short