Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.017%

Price spread now: edgeX against Kalshi−0.083%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Kalshi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$16 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.083%, 7d avg −0.024%

Together, before fees+0.203%+ Points / potential airdropedgeX: Active · farm board+$20 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 edgeX is 0.060% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.024%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.165%, 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	2,773.4	0.0124	pay 0.0124% / 8h	5h 09m	$8.3M	$681.1M	4.9x
Short	edgeX ETHUSDC	2,771.1	0.0100	get 0.0050% / 4h	1h 09m	$181.4M	$779.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$5.02
Price spread: −0.083% → −0.024%: −$5.96
Slippage, 4 orders: −$2.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$32.97
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; edgeX: live order book, 5 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, 5 min ago	0.18 bp	5.8 bp −$6	6.9 bp −$69	11.1 bp −$1,114	19.1 bp −$9,569
Sell edgeX live order book, 5 min ago	0.04 bp	4.7 bp −$5	4.7 bp −$47	4.9 bp −$488	6.3 bp −$3,132

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	−0.0447%	43m	2,773.5	+0.002%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.5	−0.032%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.011%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.224%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773	−0.014%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0004%	1h	2,773.6	+0.008%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.4	−0.037%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,773.5	+0.004%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.1	+0.026%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,773.2	−0.006%	—	$17.4M	—	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	+0.0018%	8h	2,773.7	+0.009%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,773.7	+0.009%	$270.1M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,774	+0.022%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,773.1	−0.010%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,773.4	−0.001%	$255.9M	$994.9M	200x	as long as short
Nado ETH-PERP	+0.0058%	1h	2,773.2	−0.008%	$14.2M	$118.1M	50x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,773.4	+0.001%	$6.43B	$17.22B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,773.4	+0.001%	$1.61B	$2.68B	500x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,772.2	−0.044%	$8.7M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771	−0.086%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,773.3	−0.004%	$55.2M	$228.9M	40x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773.7	+0.010%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,773.4	0.000%	$3.29B	$9.67B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,775	+0.057%	$258.5M	$222.2M	50x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,773	−0.016%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,773.8	+0.016%	$2.52B	$4.62B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	+0.018%	$115.0M	$502.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.3	+0.069%	$25.4M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.9	+0.018%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0096%	8h	2,773.3	−0.005%	$422.2M	$739.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.3	−0.038%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.3	−0.004%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.4	+0.108%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.9	−0.018%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.6	−0.065%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774	+0.021%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.093%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.1	+0.025%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.9	−0.092%	$144.7M	$334.7M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,771.1	−0.083%	$181.4M	$779.9M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.5	−0.033%	$161.3M	$91.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772	−0.050%	$21.4M	$58.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	−0.008%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.6	+0.043%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.6	+0.006%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.7	+0.084%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.6	−0.028%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.8	−0.021%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.6	+0.045%	$59.8M	$4.60B	50x	as long as short
Kalshi KXETHPERPlong	+0.0124%	8h	2,773.4	long leg	$8.3M	$681.1M	4.9x
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.2	+0.101%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.5	+0.039%	$86.0M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,773.3	−0.003%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,773.3	−0.005%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,771.7	−0.063%	$270K	$1.5M	20x	as long as short