Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.027%

Price spread now: Derive against Kalshi−0.069%7-day average +0.086% · you buy dearer than you sell

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

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.069%, 7d avg +0.086%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.155% cheaper against Kalshi than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.086%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.202%, 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	2,750.8	0.0139	pay 0.0139% / 8h	2h 29m	$7.7M	$674.4M	4.9x
Short	Derive ETH-PERP	2,748.9	0.0100	get 0.0013% / 1h	29m 00s	$41.8M	$29.3M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.069%Rate

Funding earned: −$8.19
Price spread: −0.069% → +0.086%: −$15.47
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$39.66
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Derive: no order-book sample. 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 Kalshi live order book, 5 min ago	0.36 bp	5.4 bp −$5	7.0 bp −$70	10.8 bp −$1,077	17.3 bp −$8,653
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 54 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	2,751.1	+0.010%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.055%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.5	−0.010%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.093%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.082%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.051%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.2	+0.013%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.1	−0.099%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.5	−0.011%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,748.4	−0.086%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,748.7	−0.077%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0047%	8h	2,746.5	−0.156%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0064%	8h	2,748.3	−0.091%	$252.9M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,745.2	−0.205%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0073%	8h	2,748.7	−0.076%	$1.56B	$2.56B	500x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,746.9	−0.143%	$380.8M	$605.7M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,748.8	−0.071%	$6.36B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748	−0.103%	$59.0M	$4.37B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,748.2	−0.096%	$2.07B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.8	−0.109%	$112.9M	$442.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.8	−0.072%	$24.8M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.5	+0.027%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,748.6	−0.081%	$3.39B	$8.86B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.197%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.8	−0.036%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.2	+0.014%	$14.0M	$113.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.6	−0.007%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.8	+0.036%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.2	−0.060%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.4	−0.015%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.9	+0.005%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.1	−0.136%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.122%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.107%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.182%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	−0.029%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.044%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.2	−0.094%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.4	−0.087%	$21K	$22K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,748.9	−0.069%	$41.8M	$29.3M	15x
SunX ETH-USDT	+0.0100%	8h	2,747.3	−0.128%	$962K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.142%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.1	−0.135%	$267.0M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.250%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.7	−0.003%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,748	−0.102%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.5	−0.155%	$30.5M	$74.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,748.2	−0.095%	$258.5M	$200.3M	50x	as long as short
Kalshi KXETHPERPlong	+0.0139%	8h	2,750.8	long leg	$7.7M	$674.4M	4.9x
Orderly PERP_ETH_USDC	+0.0169%	8h	2,750.2	−0.023%	$32.3M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,750.4	−0.014%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.9	−0.105%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,748.3	−0.092%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.4	−0.125%	$89.9M	$316.4M	100x	as long as short