Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h +0.019%

Price spread now: RISEx against Kalshi−0.039%7-day average +0.014% · 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−$28as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Kalshi Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.039%, 7d avg +0.014%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and RISEx 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 +0.014%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.073%, 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	2,779.6	0.0126	pay 0.0126% / 8h	5h 20m	$8.4M	$678.8M	4.9x
Short	RISEx ETH/USDC	2,778.5	−0.0085	pay 0.0011% / 1h	20m 03s	$5.7M	$12.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$44.23
Price spread: −0.039% → +0.014%: −$5.31
Slippage, 4 orders: −$6.36
Fee Kalshi: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$71.9
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; RISEx: 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	0.36 bp	6.2 bp −$6	7.2 bp −$72	11.2 bp −$1,121	20.1 bp −$10.1K
Sell RISEx live order book, 4 min ago	0.02 bp	6.2 bp −$6	7.3 bp −$73	doesn't fit	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	2,779.2	−0.013%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDCshort	−0.0085%	1h	2,778.5	−0.039%	$5.7M	$12.1M	25x
Hotstuff ETH-PERP	−0.0080%	1h	2,779.7	+0.004%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.8	−0.281%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,779	−0.022%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0019%	1h	2,777.5	−0.076%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.8	+0.044%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	0.000%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.3	−0.013%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,777.5	−0.076%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0019%	8h	2,777.5	−0.077%	$270.1M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,777.8	−0.066%	$1.70B	$11.89B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,779.2	−0.013%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,777.9	−0.062%	$256.7M	$992.0M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,778.6	−0.037%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0045%	1h	2,778.5	−0.040%	$258.4M	$222.4M	50x	as long as short
Nado ETH-PERP	+0.0058%	1h	2,778.5	−0.040%	$14.4M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,777.4	−0.081%	$1.62B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,776	−0.130%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,777.5	−0.076%	$6.44B	$17.21B	150x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,777.3	−0.082%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,777.4	−0.078%	$3.29B	$9.64B	200x	as long as short
SoDEX ETH-USD	+0.0079%	1h	2,777	−0.094%	$55.3M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0091%	1h	2,773.6	−0.216%	$8.8M	$32.6M	100x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,777.6	−0.072%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,777.5	−0.075%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,777.8	−0.065%	$115.3M	$501.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.2	−0.016%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.7	+0.004%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.5	−0.076%	$422.9M	$739.7M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,779.4	−0.006%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.6	−0.036%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780	+0.013%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.5	−0.005%	$31.3M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,778.2	−0.050%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,780.2	+0.022%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.9	−0.025%	$165.9M	$253.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.3	−0.085%	$15.2M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,778.6	−0.035%	$136.7M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.267%	$181.4M	$782.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775	−0.164%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.8	−0.029%	$21.5M	$58.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,779.5	−0.004%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,780	+0.014%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.8	−0.064%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.2	−0.016%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777.9	−0.060%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.4	−0.113%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.5	−0.038%	$60.0M	$4.61B	50x	as long as short
Kalshi KXETHPERPlong	+0.0126%	8h	2,779.6	long leg	$8.4M	$678.8M	4.9x
Orderly PERP_ETH_USDC	+0.0136%	8h	2,779.4	−0.006%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.5	−0.040%	$86.1M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,780.5	+0.031%	$286.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,778.5	−0.039%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,781.9	+0.083%	$271K	$1.5M	20x	as long as short