Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.020%

Price spread now: GMX against Kalshi−0.023%7-day average +0.056% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.023%, 7d avg +0.056%

Together, before fees+0.059%+$6 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 GMX is 0.080% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,739.1	0	get 0.0000% / 8h	7h 56m	$6.8M	$680.0M	4.9x
Short	GMX ETH/USD [ETH-USDC]	2,738.5	L −0.0010% / S +0.0043%	pay 0.0005% / 1h	56m 40s	$11.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$9.1
Price spread: −0.023% → +0.056%: −$7.99
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$39.09
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; GMX: 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, 2 min ago	0.18 bp	6.0 bp −$6	7.5 bp −$75	11.3 bp −$1,128	17.8 bp −$8,919
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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	2,738.4	−0.024%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.4	−0.026%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]short	L −0.0010% / S +0.0043%	1h	2,738.5	−0.023%	$11.9M	—	200x
dYdX ETH-USD	0.0000%	1h	2,737.7	−0.051%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,739.1	long leg	$6.8M	$680.0M	4.9x
Phoenix ETH	0.0000%	1h	2,739.6	+0.018%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738.6	−0.020%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0022%	8h	2,737.2	−0.068%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0031%	1h	2,738	−0.040%	$180K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,737.9	−0.044%	$187K	$819K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0043%	8h	2,736.7	−0.088%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0051%	8h	2,736.6	−0.091%	$2.37B	$4.36B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,738.4	−0.026%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,737.2	−0.069%	$380.2M	$574.1M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,738.1	−0.037%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,737.1	−0.075%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,738.1	−0.038%	$265.9M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0091%	8h	2,738.2	−0.031%	$251.1M	$842.2M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738.1	−0.037%	$113.1M	$430.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.5	+0.014%	$23.5M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,738.1	−0.038%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.4	−0.136%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,739.5	+0.015%	$118K	$22.5M	52x	as long as short
Binance ETHUSDT	+0.0099%	8h	2,737.3	−0.064%	$6.36B	$15.89B	150x	as long as short
MEXC ETH_USDT	+0.0099%	8h	2,737	−0.076%	$1.56B	$2.53B	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,741.9	+0.103%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737	−0.077%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.9	−0.007%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.1	+0.037%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.2	−0.033%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.5	−0.095%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.9	−0.045%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.198%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737	−0.076%	$3.34B	$8.82B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.2	−0.069%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,737.3	−0.067%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.3	−0.065%	$134.0M	$324.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.4	−0.025%	$184.2M	$669.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.2	−0.032%	$159.3M	$86.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.5	−0.022%	$21.1M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.2	+0.002%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.9	+0.029%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738.7	−0.015%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.8	+0.025%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.8	−0.048%	$960K	$11.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.3	−0.101%	$30.4M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.9	−0.044%	$5.7M	$11.7M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0108%	1h	2,739.3	+0.008%	$260.3M	$197.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,737.4	−0.060%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,739.5	+0.013%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,739.1	0.000%	$83.6M	$315.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,740.3	+0.045%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,737.4	−0.061%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,739.7	+0.021%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0396%	8h	2,737.7	−0.052%	$283.3M	$175.9M	150x	as long as short