Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h +0.018%

Price spread now: Ondo Perps against Kalshi+0.018%7-day average −0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$14 on $10k

Price spread, last 7 days−0.370%−$37 · spread now +0.018%, 7d avg −0.017%

Together, before fees−0.235%+ Points / potential airdropOndo Perps: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.035% dearer against Kalshi than usual: you sell high and buy low (spread +0.018% now, against its 7-day average of −0.017%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 7.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.135%, 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	2,773	0.0116	pay 0.0116% / 8h	6h 26m	$8.6M	$672.3M	4.9x
Short	Ondo Perps ETH-USD.P	2,773.5	0.0100	get 0.0013% / 1h	26m 27s	$2.9M	$16.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$3.39
Price spread: +0.018% → −0.017%: $3.51
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$14.89
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Ondo 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 3 min ago	0.36 bp	5.4 bp −$5	7.5 bp −$75	11.4 bp −$1,144	18.5 bp −$9,248
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 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
Perpl ETH	−0.0112%	43m	2,774.5	+0.054%	$290K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.249%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	−0.040%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,774.4	+0.050%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,768.8	−0.151%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,774.1	+0.038%	$5.8M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0008%	1h	2,768.6	−0.160%	$8.8M	$32.5M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.8	+0.029%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.6	+0.023%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,770.4	−0.095%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0012%	8h	2,772.6	−0.015%	$266.9M	$66.1M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,773.7	+0.025%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,773.5	+0.017%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,773.9	+0.034%	$256.4M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,776.5	+0.126%	$1.61B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,774.3	+0.048%	$6.44B	$17.21B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,770.9	−0.076%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,773.8	+0.029%	$3.30B	$9.64B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,774.3	+0.045%	$2.10B	$3.12B	150x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,776.1	+0.114%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,768.2	−0.172%	$140.3M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,774.8	+0.066%	$115.3M	$513.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.5	+0.089%	$25.4M	$122.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.7	−0.010%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.5	+0.019%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.4	+0.050%	$482K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.2	+0.008%	$14.7M	$117.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776	+0.108%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.6	+0.058%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.1	+0.040%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,773.5	+0.018%	$2.9M	$16.6M	25x
Arcus ETH-USD	+0.0100%	1h	2,775.8	+0.102%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.255%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,775.3	+0.084%	$424.2M	$741.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,773.6	+0.022%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774	+0.038%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.7	−0.229%	$177.8M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.6	−0.158%	$161.0M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.6	−0.123%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.4	+0.051%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.7	+0.097%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	+0.010%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.3	+0.083%	$42.7M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.072%	$972K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,773.1	+0.004%	$55.2M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,772.5	−0.018%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.4	+0.013%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,775.1	+0.076%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERPlong	+0.0116%	8h	2,773	long leg	$8.6M	$672.3M	4.9x
Orderly PERP_ETH_USDC	+0.0131%	8h	2,775.7	+0.097%	$32.6M	$12.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0147%	1h	2,774.8	+0.064%	$258.4M	$224.7M	50x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,773.2	+0.007%	$285.3M	$195.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0182%	1h	2,774.3	+0.045%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,774.3	+0.048%	$86.9M	$330.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0424%	1h	2,771.5	−0.054%	$285K	$1.5M	20x	as long as short