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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRnext payment +$1.00 per $10,000 · paid last 24h +0.004%
Price spread now: Katana Perps against Kalshi−0.051%7-day average −0.027% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on KalshiShort on Katana Perps
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.062%+$6 on $10k
Price spread, last 7 days+0.001%$0 · spread now −0.051%, 7d avg −0.027%
Together, before fees+0.063%+$6 on $10k · with fees, hour by hour
Funding pays, the price is against you. Katana Perps is 0.024% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of −0.027%). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,739.60get 0.0000% / 8h1h 30m$7.1M$660.4M4.9x
ShortKatana Perps ETH-USD2,738.20.0100get 0.0100% / 8h5h 30m$510K$3.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Katana Perps against Kalshi. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$20.96
Price spread: −0.051% → −0.027%
−$2.37
Slippage, 4 orders
no order book: not counted
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Katana Perps: 1.9 bp × 2 orders
−$3.8
Net
$4.79
Costs to cover
0.138%
Break-even
5.4 days
Slippage unknown: Kalshi: live order book, 2 min ago; Katana Perps: 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
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 2 min ago0.18 bp5.2 bp −$57.3 bp −$7311.1 bp −$1,10616.7 bp −$8,336
Sell Katana Perps no order-book sample—————
Katana Perps: 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 54 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi ETH/USDT-P−0.0088%1h2,739.9+0.012%$233K$1.2M20xas long as short
Hotstuff ETH-PERP−0.0080%1h2,746.6+0.256%$5K$1K50xas long as short
ApeX Omni ETHUSDT−0.0030%1h2,741.2+0.059%$8.2M$25.2M100xas long as short
GMX ETH/USD [ETH-USDC]L −0.0009% / S +0.0043%1h2,739.4−0.008%$12.1M—200xas long as short
Phoenix ETH−0.0009%1h2,741.7+0.077%$820K$2.8M25xas long as short
Kalshi KXETHPERPlong0.0000%8h2,739.6long leg$7.1M$660.4M4.9x
Perpl ETH0.0000%43m2,739−0.023%$268K$5.0M8.3xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,739.9+0.009%$33.1M—200xas long as short
Bybit ETHUSDT+0.0030%8h2,739.5−0.003%$2.36B$3.80B150xas long as short
01 Exchange ETHUSD+0.0056%1h2,739.4−0.007%$182K$911K50xas long as short
Show all 54 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit ETH-PERPETUAL+0.0064%1h2,739.7+0.003%$267.0M$183.3M50xas long as short
OKX ETH-USDT-SWAP+0.0067%8h2,739.7+0.002%$1.67B$9.16B100xas long as short
Aster ETHUSDT+0.0084%8h2,739.1−0.017%$257.5M$715.9M200xas long as short
MEXC ETH_USDT+0.0088%8h2,739.7+0.005%$1.59B$2.36B500xas long as short
Aevo ETH-PERP+0.0088%1h2,737.1−0.090%$4.9M$228K20xas long as short
Binance ETHUSDT+0.0089%8h2,739.5−0.004%$6.39B$13.94B150xas long as short
KuCoin ETHUSDTM+0.0090%8h2,739.4−0.009%$363.0M$437.3M100xas long as short
Lighter ETH+0.0096%1h2,739.6−0.001%$113.8M$387.2M50xas long as short
Lighter RH ETH+0.0096%1h2,740.7+0.038%$23.5M$95.3M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,739.7+0.005%—$23.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0096%1h2,739.4−0.008%$45.9M$3.87B50xas long as short
Gate ETH_USDT+0.0098%8h2,738.9−0.026%$3.27B$7.74B200xas long as short
Katana Perps ETH-USDshort+0.0100%8h2,738.2−0.051%$510K$3.5M50x
Nado ETH-PERP+0.0100%1h2,739−0.020%$14.6M$94.1M50xas long as short
Pacifica ETH+0.0100%1h2,740.2+0.021%$32.2M$322.4M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,738.5−0.040%$2.8M$14.1M25xas long as short
Arcus ETH-USD+0.0100%1h2,739.8+0.005%$1.5M$14.1M25xas long as short
Bitget ETHUSDT+0.0100%8h2,739.7+0.004%$2.10B$2.28B150xas long as short
BingX ETH-USDC+0.0100%8h2,738.2−0.051%—$18.5M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,737.6−0.072%$14.9M$35.6M50xas long as short
Variational Omni ETH+0.0100%8h2,738.4−0.043%$132.2M$283.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,739−0.021%$184.3M$579.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,741.1+0.055%$159.4M$69.7M50xas long as short
StandX ETH-USD+0.0100%1h2,739.5−0.004%$21.0M$75.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,740.6+0.037%—$337K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,740.9+0.047%$11.2M$8.6M50xas long as short
Bullet ETH-USD+0.0100%1h2,739.7+0.004%$177K$1.7M20xas long as short
SunX ETH-USDT+0.0100%8h2,739.2−0.016%$944K$8.5M100xas long as short
SoDEX ETH-USD+0.0100%1h2,738.4−0.044%$61.7M$121.7M40xas long as short
HTX ETH-USDT+0.0100%8h2,739.1−0.020%$1.05B$1.03B200xas long as short
Phemex ETHUSDT+0.0100%8h2,738.5−0.040%$262.8M$56.2M150xas long as short
Bulk ETH-USD+0.0100%1h2,744.4+0.177%$164.0M$319.7M25xas long as short
Extended ETH-USD+0.0104%1h2,737.8−0.066%$30.2M$64.5M50xas long as short
Kraken Futures PF_ETHUSD+0.0106%1h2,738.7−0.033%$82.2M$271.5M100xas long as short
Aftermath Perps ETHUSD+0.0112%1h2,742+0.088%$30K$8K20xas long as short
dYdX ETH-USD+0.0137%1h2,739.1−0.018%$15.2M$42.6M50xas long as short
Reya ETHRUSDPERP+0.0153%1h2,738.2−0.050%$7.3M$835K25xas long as short
Orderly PERP_ETH_USDC+0.0178%8h2,741.3+0.061%$32.4M$9.9M100xas long as short
Bluefin ETH-PERP+0.0186%1h2,739−0.023%$20K$13K25xas long as short
RISEx ETH/USDC+0.0206%1h2,740.4+0.031%$5.7M$10.5M25xas long as short
Hyperliquid ETH+0.0227%1h2,742.5+0.106%$3.14B$1.72B25xas long as short
BloFin ETH-USDT+0.0353%8h2,738.4−0.046%$284.3M$148.3M150xas long as short
Injective ETH/USDC PERP+0.0461%1h2,744+0.161%$275K$23.8M52xas long as short
Paradex ETH-USD-PERP+0.0591%8h2,742.5+0.106%$15.9M$6.2M50xas long as short