Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.041%

Price spread now: Hibachi against Kalshi+0.130%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.130%, 7d avg +0.037%

Together, before fees−0.307%+ Points / potential airdropHibachi: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hibachi is 0.093% dearer against Kalshi than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.037%. Mind the row above: over the last 7 days funding on this pair cost −0.186%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,778.3	0.0126	pay 0.0126% / 8h	5h 18m	$8.4M	$678.8M	4.9x
Short	Hibachi ETH/USDT-P	2,781.9	0.0216	get 0.0027% / 1h	18m 57s	$271K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.130%Rate

Funding earned: $19
Price spread: +0.130% → +0.037%: $9.31
Slippage, 4 orders: −$6.16
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $3.15
Costs to cover: 0.252%
Break-even: 5.8 days

Slippage from Kalshi: live order book, 5 min ago; Hibachi: 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	0.36 bp	6.2 bp −$6	7.2 bp −$72	11.2 bp −$1,121	20.1 bp −$10.1K
Sell Hibachi live order book, 5 min ago	0.02 bp	5.2 bp −$5	11.9 bp −$119	doesn't fit	doesn't fit

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	2,777.6	−0.027%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.5	−0.066%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.2	−0.004%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.047%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.3	−0.036%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0016%	1h	2,777.7	−0.021%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.4	−0.032%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	+0.047%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.5	+0.006%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,776.6	−0.062%	—	$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	+0.0019%	8h	2,776.9	−0.050%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,777.9	−0.014%	$270.1M	$68.6M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,778.4	+0.003%	$13.0M	—	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,777.9	−0.014%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,777.4	−0.031%	$256.7M	$992.0M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,778.5	+0.006%	$258.4M	$222.4M	50x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,776.9	−0.050%	$14.3M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0064%	8h	2,777.5	−0.029%	$1.62B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.9	−0.088%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,777.1	−0.042%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,777	−0.046%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,777.1	−0.044%	$3.29B	$9.64B	200x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,780.3	+0.070%	$8.8M	$32.6M	100x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,777	−0.047%	$55.3M	$228.9M	40x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,777	−0.048%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,776.9	−0.049%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,777.9	−0.014%	$115.3M	$502.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.9	+0.022%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.3	−0.035%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.7	−0.023%	$423.0M	$739.6M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.5	−0.065%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.1	−0.043%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.8	+0.054%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.1	−0.044%	$31.3M	$302.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.1	−0.079%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.2	−0.005%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	+0.022%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.4	−0.032%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	+0.011%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779.6	+0.048%	$181.9M	$783.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	+0.091%	$161.7M	$91.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779	+0.025%	$21.5M	$58.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.1	+0.029%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.9	−0.015%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.3	+0.036%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.5	−0.066%	$973K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.2	−0.003%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.4	−0.068%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.2	−0.004%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERPlong	+0.0126%	8h	2,778.3	long leg	$8.4M	$678.8M	4.9x
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.7	+0.051%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.2	−0.003%	$86.0M	$332.1M	100x	as long as short
BloFin ETH-USDT	+0.0185%	8h	2,776.9	−0.051%	$283.9M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,777.8	−0.019%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-Pshort	+0.0216%	1h	2,781.9	+0.130%	$271K	$1.5M	20x