Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.018%

Price spread now: Kraken Futures against Kalshi+0.146%57s7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as 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−$220.220% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now +0.146%, 7d avg +0.036%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.110% dearer against Kalshi than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.036%. The two prices were read 57 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	2,771.4	0.0107	pay 0.0107% / 8h	3h 37m	$8.0M	$684.8M	4.9x
Short	Kraken Futures PF_ETHUSD	2,775.4	0.0134	get 0.0017% / 1h	37m 15s	$93.5M	$317.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.146%Rate

Funding earned: $5.57
Price spread: +0.146% → +0.036%: $10.96
Slippage, 4 orders: −$2.03
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$5.5
Costs to cover: 0.220%
Break-even: 13.9 days

Slippage from Kalshi: live order book, 2 min ago; Kraken Futures: 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	7.1 bp −$71	10.7 bp −$1,070	17.8 bp −$8,911
Sell Kraken Futures live order book, 2 min ago	0.36 bp	5.6 bp −$6	5.9 bp −$59	7.4 bp −$738	10.8 bp −$5,397

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 PERP	−0.0752%	1h	2,762.9	−0.307%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,772	+0.022%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.025%	$321K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	+0.040%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0052%	8h	2,773.8	+0.087%	$270.0M	$67.4M	150x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.2	+0.029%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.004%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.038%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774	+0.095%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,773.4	+0.074%	$184K	$1.7M	20x	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	+0.0024%	8h	2,773.3	+0.068%	$1.71B	$11.25B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774	+0.094%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,773.5	+0.075%	$256.9M	$887.5M	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,773.9	+0.090%	$55.3M	$187.9M	40x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,773.3	+0.070%	$6.48B	$16.41B	150x	as long as short
MEXC ETH_USDT	+0.0056%	8h	2,773.1	+0.060%	$1.63B	$2.63B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.5	+0.004%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0060%	1h	2,772.9	+0.053%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0064%	8h	2,773.8	+0.086%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,774.2	+0.102%	$2.10B	$2.89B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,773.7	+0.082%	$3.35B	$8.97B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.3	+0.139%	$60.4M	$4.46B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,772.4	+0.037%	$420.5M	$639.6M	100x	as long as short
Vest ETH-PERP	+0.0084%	1h	2,772.7	+0.048%	—	$880K	50x	as long as short
ApeX Omni ETHUSDT	+0.0093%	1h	2,773	+0.058%	$8.7M	$32.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	+0.110%	$115.4M	$457.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.1	+0.096%	$25.8M	$111.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.9	+0.018%	$15.9M	$8.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.4	+0.036%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773	+0.058%	$14.8M	$115.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.5	+0.148%	$3.18B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.6	+0.043%	$31.4M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.6	+0.080%	$2.51B	$4.39B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.6	+0.007%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.9	+0.052%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.056%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,773.4	+0.072%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	−0.010%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.8	+0.015%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773	+0.056%	$182.0M	$786.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.002%	$161.2M	$84.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.7	+0.047%	$21.4M	$60.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.2	+0.065%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.9	+0.092%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776	+0.166%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.4	+0.001%	$971K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.5	+0.076%	$32.5M	$72.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,772.9	+0.054%	—	$38.1M	500x	as long as short
Kalshi KXETHPERPlong	+0.0107%	8h	2,771.4	long leg	$8.0M	$684.8M	4.9x
Deribit ETH-PERPETUAL	+0.0125%	1h	2,775.5	+0.148%	$259.1M	$207.8M	50x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0134%	1h	2,775.4	+0.146%	$93.5M	$317.4M	100x
Orderly PERP_ETH_USDC	+0.0149%	8h	2,776.6	+0.187%	$32.7M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.4	0.000%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,773.9	+0.091%	$288.3M	$186.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,772.8	+0.050%	$7.3M	$1.2M	25x	as long as short