Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0859%/8h= −94.0% APRpaid last 24h −0.010%

Price spread now: Injective against Kalshi−0.036%66s7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as 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−$680.683% of the position

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now −0.036%, 7d avg +0.093%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Injective is 0.129% cheaper against Kalshi than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.093%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.257% in total (about 13.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,774.2	0.0107	pay 0.0107% / 8h	3h 39m	$8.1M	$685.3M	4.9x
Short	Injective ETH/USDC PERP	2,773.2	−0.0752	pay 0.0094% / 1h	39m 49s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.036%Rate

Funding earned: −$180.36
Price spread: −0.036% → +0.093%: −$12.88
Slippage, 4 orders: −$58.26
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$261.52
Costs to cover: 0.683%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Injective: live order book, 4 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, 4 min ago	0.36 bp	5.6 bp −$6	6.5 bp −$65	10.6 bp −$1,059	17.0 bp −$8,497
Sell Injective live order book, 4 min ago	10.98 bp	46.4 bp −$46	47.6 bp −$476	47.7 bp −$4,770	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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,773.2	−0.036%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,773.6	−0.023%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,772.7	−0.053%	$321K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	−0.094%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,773.9	−0.011%	$168K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0008%	8h	2,774	−0.008%	$270.1M	$67.4M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,774.6	+0.014%	$879K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.1	−0.041%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.5	+0.011%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,774.2	0.000%	$1.71B	$11.35B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0023%	1h	2,773.7	−0.018%	$184K	$1.7M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774.4	+0.006%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,774	−0.007%	$55.3M	$208.4M	40x	as long as short
Aster ETHUSDT	+0.0041%	8h	2,774.2	+0.001%	$257.0M	$893.3M	200x	as long as short
Aftermath Perps ETHUSD	+0.0054%	1h	2,773.1	−0.039%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.3	−0.068%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,774.1	−0.005%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,774.1	−0.002%	$6.48B	$16.56B	150x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,774.1	−0.004%	$3.36B	$8.96B	200x	as long as short
HTX ETH-USDT	+0.0067%	8h	2,773.9	−0.011%	$1.08B	$1.27B	200x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,774.4	+0.007%	$2.10B	$2.91B	150x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	−0.057%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.2	+0.035%	$60.4M	$4.49B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,774.6	+0.013%	$421.0M	$641.9M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,773.5	−0.024%	—	$880K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,774.8	+0.023%	$115.3M	$456.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.8	+0.057%	$25.4M	$110.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.4	−0.029%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	−0.022%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.8	−0.014%	$14.9M	$116.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.7	+0.090%	$3.18B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	−0.026%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.5	+0.009%	$2.51B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.068%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.4	+0.007%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.154%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,774	−0.006%	—	$1.22B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775	+0.029%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.8	−0.086%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.071%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.004%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772	−0.079%	$21.4M	$60.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	−0.014%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774	−0.007%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776	+0.066%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.1	−0.040%	$972K	$13.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.5	−0.025%	$32.5M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,774.3	+0.004%	—	$38.3M	500x	as long as short
Kalshi KXETHPERPlong	+0.0107%	8h	2,774.2	long leg	$8.1M	$685.3M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.4	+0.044%	$93.4M	$322.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,775.4	+0.045%	$259.1M	$210.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,776.5	+0.084%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,775.5	+0.046%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.2	−0.108%	$287.5M	$187.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,773.6	−0.021%	$7.4M	$1.2M	25x	as long as short