Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.043%

Price spread now: dYdX against Kalshi+0.018%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

Price spread, last 7 days+0.052%+$5 · spread now +0.018%, 7d avg +0.004%

Together, before fees+0.282%+$28 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,775.3	0	get 0.0000% / 8h	3h 58m	$8.1M	$689.5M	4.9x
Short	dYdX ETH-USD	2,775.8	0	get 0.0000% / 1h	58m 45s	$12.7M	$45.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0
Price spread: +0.018% → +0.004%: $1.38
Slippage, 4 orders: −$6.23
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$24.84
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; dYdX: live order book, just now.

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	0.18 bp	5.5 bp −$6	7.2 bp −$72	11.3 bp −$1,126	18.1 bp −$9,051
Sell dYdX live order book, just now	0.72 bp	7.9 bp −$8	12.8 bp −$128	21.3 bp −$2,127	30.8 bp −$15.4K

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
Injective ETH/USDC PERP	−0.0752%	1h	2,782	+0.241%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,774.2	−0.040%	$286K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,774.8	−0.018%	$5.6M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776	+0.025%	$5K	$2K	50x	as long as short
Bullet ETH-USD	−0.0028%	1h	2,774	−0.046%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	−0.0024%	1h	2,773.3	−0.072%	$55.2M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,773.8	−0.054%	$8.7M	$32.9M	100x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,775.8	+0.018%	$12.7M	$45.9M	50x
01 Exchange ETHUSD	0.0000%	1h	2,775.9	+0.022%	$168K	$1.2M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,775.3	long leg	$8.1M	$689.5M	4.9x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix ETH	+0.0003%	1h	2,776	+0.025%	$877K	$3.6M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.1	−0.043%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,771.8	−0.127%	$1.71B	$11.89B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0024%	1h	2,774.8	−0.017%	$259.1M	$222.1M	50x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,773.9	−0.052%	$270.2M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,774	−0.048%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0033%	1h	2,774.5	−0.029%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,772.2	−0.113%	$255.9M	$1.00B	200x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,772.2	−0.112%	$1.61B	$2.62B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.4	−0.067%	$5.0M	$312K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,772.2	−0.112%	$6.46B	$17.29B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,771.9	−0.124%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0066%	8h	2,772.3	−0.107%	$3.29B	$8.87B	200x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,771.9	−0.124%	$422.6M	$738.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.3	−0.001%	$60.7M	$4.59B	50x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,772.4	−0.106%	—	$1.24B	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.5	−0.174%	$115.1M	$455.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.7	−0.131%	$25.3M	$109.3M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,775.2	−0.004%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.7	−0.022%	$15.9M	$10.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775	−0.010%	$14.4M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.4	−0.032%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.2	−0.005%	$31.3M	$319.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.5	−0.100%	$2.51B	$4.62B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774	−0.047%	$2.8M	$17.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.3	+0.001%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.213%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.092%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.053%	$151.5M	$345.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.8	−0.054%	$182.1M	$785.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776	+0.026%	$161.4M	$88.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.6	+0.011%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.1	−0.007%	$10.6M	$8.0M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.020%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	−0.010%	$973K	$13.9M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,773.8	−0.053%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.8	−0.126%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775.6	+0.012%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,774.8	−0.019%	$90.8M	$338.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0145%	8h	2,776.1	+0.028%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,773.3	−0.074%	$286.9M	$193.4M	150x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,777.1	+0.066%	$253K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.4	−0.033%	$7.4M	$1.2M	25x	as long as short
Bluefin ETH-PERP	+0.2664%	1h	2,775.1	−0.008%	$21K	$24K	25x	as long as short