ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0054%/8h= −5.9% APRnext payment −$0.54 per $10,000 · paid last 24h +0.002%

Price spread now: Phemex against Kalshi+0.087%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.087%, 7d avg +0.025%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.062% dearer against Kalshi than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.025%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,728.1	0.0154	pay 0.0154% / 8h	45m 35s	$6.3M	$676.8M	4.9x
Short	Phemex ETHUSDT	2,730.5	0.0100	get 0.0100% / 8h	4h 45m	$265.4M	$65.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$11.37
Price spread: +0.087% → +0.025%: $6.25
Slippage, 4 orders: −$3.06
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.18
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Phemex: live order book, 4 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, 4 min ago	0.92 bp	6.3 bp −$6	6.6 bp −$66	9.9 bp −$993	15.2 bp −$7,614
Sell Phemex live order book, 4 min ago	0.02 bp	6.0 bp −$6	9.2 bp −$92	14.2 bp −$1,417	16.8 bp −$8,418

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	−0.0447%	43m	2,728.5	+0.013%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.062%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.5	+0.015%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	+0.027%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.2	+0.039%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,730.7	+0.095%	$188K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	+0.026%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.9	+0.030%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0021%	1h	2,728.3	+0.008%	$181K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,730.5	+0.088%	$54.4M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0057%	8h	2,730.2	+0.075%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,729.3	+0.044%	$380.1M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,729.5	+0.050%	$1.66B	$10.67B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,730.4	+0.085%	$252.2M	$843.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0087%	1h	2,731.9	+0.140%	$260.1M	$196.8M	50x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,729.8	+0.061%	$1.53B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.1	+0.073%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,730.5	+0.089%	$6.34B	$15.84B	150x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,729.1	+0.037%	$2.39B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,729.3	+0.043%	$1.05B	$1.19B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,729.9	+0.066%	$112.0M	$434.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.1	+0.075%	$23.2M	$105.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.7	+0.094%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,733.3	+0.192%	$15.7M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,731	+0.107%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.2	+0.077%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	+0.070%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731	+0.106%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.6	+0.092%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.6	+0.018%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.8	+0.100%	$2.8M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.464%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.3	+0.080%	$3.35B	$8.79B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.1	+0.072%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.3	+0.080%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	+0.011%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.2	−0.069%	$182.6M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	+0.034%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.146%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.3	−0.029%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	+0.047%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	+0.066%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.6	+0.130%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.7	+0.058%	$958K	$11.4M	100x	as long as short
Phemex ETHUSDTshort	+0.0100%	8h	2,730.5	+0.087%	$265.4M	$65.4M	150x
Extended ETH-USD	+0.0104%	1h	2,729.4	+0.048%	$30.4M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,733.4	+0.194%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.144%	$51.8M	$4.26B	50x	as long as short
Kalshi KXETHPERPlong	+0.0154%	8h	2,728.1	long leg	$6.3M	$676.8M	4.9x
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.2	+0.149%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731.5	+0.124%	$84.6M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,727.3	−0.029%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,729	+0.033%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.064%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0690%	1h	2,729.6	+0.056%	$21K	$20K	25x	as long as short