Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h +0.018%

Price spread now: Extended against Kalshi−0.163%54s7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.160% of the position

Long on Kalshi Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.163%, 7d avg −0.041%

Together, before fees+0.242%+ Points / potential airdropExtended: Active · farm board+$24 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 Extended is 0.122% cheaper against Kalshi than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.041%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.141%, so the current rate has only just turned against you. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,779.5	0.0115	pay 0.0115% / 8h	5h 37m	$8.7M	$673.4M	4.9x
Short	Extended ETH-USD	2,775	0.0104	get 0.0013% / 1h	37m 19s	$31.6M	$74.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.163%Rate

Funding earned: −$2.32
Price spread: −0.163% → −0.041%: −$12.2
Slippage, 4 orders: −$1.04
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$30.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Extended: 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	0.18 bp	5.3 bp −$5	6.2 bp −$62	10.2 bp −$1,019	17.1 bp −$8,564
Sell Extended live order book, 2 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	5.3 bp −$530	14.7 bp −$7,342

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	2,776.3	−0.114%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.1	−0.123%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.2	−0.083%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	−0.086%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,776.1	−0.122%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0021%	1h	2,778.1	−0.049%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.2	−0.048%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.011%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.2	−0.121%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,775.3	−0.152%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0016%	8h	2,775.6	−0.139%	$270.0M	$68.5M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,775.3	−0.153%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.6	−0.106%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,776	−0.127%	$256.5M	$989.7M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,775.8	−0.133%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,776	−0.126%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,775.5	−0.144%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,775.4	−0.148%	$6.44B	$17.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.1	−0.160%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,775.5	−0.146%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,775.9	−0.130%	$3.29B	$9.58B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,777.2	−0.083%	$258.3M	$221.9M	50x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,775.4	−0.149%	$2.52B	$4.59B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,775.4	−0.146%	$1.08B	$1.32B	200x	as long as short
SoDEX ETH-USD	+0.0096%	1h	2,775.4	−0.148%	$55.3M	$228.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,777.1	−0.088%	$115.1M	$498.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	−0.052%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.5	−0.072%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,775.6	−0.141%	$426.1M	$737.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.7	−0.135%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777	−0.090%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.8	−0.061%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777	−0.090%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.9	−0.130%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.2	−0.045%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.065%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.5	−0.035%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.079%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,778.3	−0.043%	$180.1M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.7	−0.064%	$161.5M	$90.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	−0.059%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.2	+0.025%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.098%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.8	−0.097%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776.3	−0.114%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.9	−0.058%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.6	−0.142%	$973K	$14.0M	100x	as long as short
Extended ETH-USDshort	+0.0104%	1h	2,775	−0.163%	$31.6M	$74.6M	50x
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.8	−0.098%	$60.3M	$4.59B	50x	as long as short
Kalshi KXETHPERPlong	+0.0115%	8h	2,779.5	long leg	$8.7M	$673.4M	4.9x
Hibachi ETH/USDT-P	+0.0136%	1h	2,781.1	+0.057%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,778.3	−0.044%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,776.6	−0.103%	$86.2M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,778.4	−0.039%	$285.3M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,775.2	−0.155%	$7.4M	$1.1M	25x	as long as short