Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h +0.017%

Price spread now: Nado against Kalshi−0.029%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.051%+$5 on $10k

Price spread, last 7 days−0.005%$0 · spread now −0.029%, 7d avg +0.024%

Together, before fees+0.046%+ Points / potential airdropNado: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Nado is 0.053% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.024%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.051%, 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	2,743.4	0.0158	pay 0.0158% / 8h	1h 34m	$7.7M	$669.3M	4.9x
Short	Nado ETH-PERP	2,742.6	0.0100	get 0.0012% / 1h	34m 07s	$13.9M	$105.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.029%Rate

Funding earned: −$12.24
Price spread: −0.029% → +0.024%: −$5.25
Slippage, 4 orders: −$1.3
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$35.8
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Nado: 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	0.37 bp	5.4 bp −$5	7.1 bp −$71	10.3 bp −$1,029	16.4 bp −$8,175
Sell Nado live order book, 5 min ago	0.18 bp	3.9 bp −$4	4.2 bp −$42	6.0 bp −$596	13.8 bp −$6,898

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	2,742.4	−0.036%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.011%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.1	−0.013%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742	−0.050%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,741.9	−0.055%	$304K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.2	−0.008%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.5	−0.069%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,742.7	−0.026%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0050%	8h	2,743.6	+0.007%	—	$18.5M	—	as long as short
ApeX Omni ETHUSDT	+0.0055%	1h	2,738.9	−0.163%	$8.8M	$30.9M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0064%	8h	2,743.6	+0.008%	$383.4M	$586.9M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0064%	8h	2,744	+0.022%	$1.70B	$10.58B	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,742.8	−0.023%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,742.6	−0.031%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,744	+0.021%	$252.3M	$841.1M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,743.6	+0.007%	$1.56B	$2.54B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,740.8	−0.096%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,744.1	+0.026%	$6.38B	$15.69B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,743.1	−0.011%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,743.7	+0.012%	$112.8M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.3	+0.071%	$24.6M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.6	+0.009%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745	+0.058%	$58.7M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,745.6	+0.081%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742	−0.051%	$468K	$3.0M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,742.6	−0.029%	$13.9M	$105.5M	50x
Hyperliquid ETH	+0.0100%	1h	2,745.9	+0.091%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.1	−0.047%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.2	+0.028%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741	−0.087%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.7	−0.027%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.068%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,744.6	+0.044%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.6	+0.042%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.8	−0.022%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.099%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.1	−0.230%	$181.9M	$690.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740	−0.125%	$159.3M	$83.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.3	−0.040%	$21.2M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.2	−0.008%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.3	−0.004%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743	−0.013%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745	+0.059%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.8	−0.021%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.2	−0.007%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.5	+0.004%	$266.8M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.5	−0.032%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0134%	1h	2,741.7	−0.063%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPlong	+0.0158%	8h	2,743.4	long leg	$7.7M	$669.3M	4.9x
Deribit ETH-PERPETUAL	+0.0166%	1h	2,744.6	+0.044%	$258.8M	$196.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,745.4	+0.074%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.4	+0.038%	$86.9M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,742	−0.050%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,743.5	+0.003%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,743	−0.013%	$285.0M	$182.0M	150x	as long as short