Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.016%

Price spread now: Lighter RH against Kalshi+0.064%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Kalshi Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 7 days−0.095%−$10 · spread now +0.064%, 7d avg +0.034%

Together, before fees+0.033%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.031% dearer against Kalshi than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of +0.034%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 39 hours. Mind the row above: over the last 7 days funding on this pair paid +0.128%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,745.2	0.0159	pay 0.0159% / 8h	1h 32m	$7.6M	$669.2M	4.9x
Short	Lighter RH ETH	2,747	0.0096	get 0.0012% / 1h	32m 42s	$24.6M	$103.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$13.17
Price spread: +0.064% → +0.034%: $3.06
Slippage, 4 orders: −$3.71
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$23.82
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Lighter RH: live order book, 6 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, 1 min ago	0.36 bp	5.4 bp −$5	7.1 bp −$71	10.5 bp −$1,048	16.8 bp −$8,391
Sell Lighter RH live order book, 6 min ago	1.26 bp	1.7 bp −$2	2.4 bp −$24	9.9 bp −$993	69.2 bp −$34.6K

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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.3	+0.004%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.076%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.1	−0.005%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.1	−0.004%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,744.7	−0.018%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.2	0.000%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	0.000%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,745.8	+0.022%	$183K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.142%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDT	+0.0050%	8h	2,745.3	+0.005%	—	$1.15B	—	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	+0.0064%	8h	2,745.4	+0.005%	$1.70B	$10.57B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,745.3	+0.004%	$383.4M	$584.1M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.2	+0.036%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.8	−0.015%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,745	−0.007%	$252.4M	$841.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742.5	−0.100%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,745.2	0.000%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,745.2	+0.001%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.6	+0.015%	$112.8M	$433.5M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,747	+0.064%	$24.6M	$103.8M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.8	−0.016%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.4	+0.044%	$58.7M	$4.28B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,744.8	−0.013%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.2	+0.182%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	+0.011%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.8	−0.015%	$13.9M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.3	+0.076%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.8	+0.022%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.7	+0.017%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.9	−0.011%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.1	+0.031%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.134%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.5	+0.011%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.4	+0.006%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.4	−0.030%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.165%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,740.6	−0.169%	$182.1M	$690.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,742.9	−0.082%	$159.5M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.6	−0.095%	$21.2M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.3	+0.003%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.9	+0.025%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.8	−0.014%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.5	+0.049%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.4	−0.028%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.1	−0.004%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745	−0.007%	$267.0M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.6	−0.022%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,742.2	−0.109%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPlong	+0.0159%	8h	2,745.2	long leg	$7.6M	$669.2M	4.9x
Deribit ETH-PERPETUAL	+0.0165%	1h	2,746.4	+0.042%	$258.8M	$196.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,747.1	+0.070%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746	+0.028%	$87.0M	$310.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,744.7	−0.019%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,743.5	−0.063%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0292%	8h	2,745.4	+0.007%	$285.2M	$182.1M	150x	as long as short