Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.013%

Price spread now: Phoenix against Kalshi−0.037%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.037%, 7d avg +0.100%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.137% cheaper against Kalshi than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.100%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.114%, 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	2,721	0.0151	pay 0.0151% / 8h	6h 22m	$6.9M	$693.1M	4.9x
Short	Phoenix ETH	2,720	−0.0009	pay 0.0001% / 1h	22m 22s	$814K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$33.57
Price spread: −0.037% → +0.100%: −$13.68
Slippage, 4 orders: −$2.77
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.01
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 1 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	0.37 bp	5.6 bp −$6	7.3 bp −$73	11.1 bp −$1,110	17.9 bp −$8,955
Sell Phoenix live order book, 1 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.1 bp −$1,715	doesn't fit

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	2,723.8	+0.101%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.5	+0.092%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,720.6	−0.017%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.1	+0.115%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0009%	1h	2,720	−0.037%	$814K	$3.0M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,724.4	+0.123%	$32.6M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,722.8	+0.066%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.143%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,724	+0.110%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,724.7	+0.136%	$190K	$829K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,724.2	+0.118%	$2.35B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0068%	8h	2,718.9	−0.079%	$953K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,724	+0.110%	$180K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,715.8	−0.191%	$8.6M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,724.2	+0.118%	$373.7M	$577.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,720.6	−0.016%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,724	+0.109%	$252.0M	$845.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,718	−0.108%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,724.2	+0.119%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,724.3	+0.120%	$6.31B	$16.07B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,724.5	+0.127%	$1.66B	$10.81B	100x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,721.2	+0.008%	$262.2M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,723.2	+0.081%	$112.1M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.8	+0.140%	$23.5M	$103.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.4	+0.088%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,724.7	+0.137%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.5	+0.092%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.2	+0.191%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,723.7	+0.098%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722	+0.037%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.9	+0.106%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	+0.055%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,724.3	+0.119%	$3.30B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.3	+0.122%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,721.4	+0.013%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.178%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,715.8	−0.191%	$184.0M	$676.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,721	+0.001%	$158.3M	$86.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,720.8	−0.007%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,724.8	+0.139%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.4	+0.162%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,724.8	+0.140%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,722	+0.037%	$40.8M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,720.6	−0.015%	$54.2M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.8	+0.064%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,724.4	+0.126%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,722.1	+0.039%	$49.5M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,724	+0.111%	$5.5M	$11.7M	25x	as long as short
Kalshi KXETHPERPlong	+0.0151%	8h	2,721	long leg	$6.9M	$693.1M	4.9x
Deribit ETH-PERPETUAL	+0.0158%	1h	2,721.9	+0.032%	$259.3M	$207.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.5	+0.017%	$82.8M	$312.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,726.6	+0.205%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,723.4	+0.088%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,721.1	+0.002%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,720.5	−0.020%	$281.1M	$173.9M	150x	as long as short