Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.006%

Price spread now: SoDEX against Kalshi−0.058%7-day average +0.015% · 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−$26as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$3 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now −0.058%, 7d avg +0.015%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.073% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of +0.015%). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.025% in total) that is about 9.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,739.9	0	get 0.0000% / 8h	7h 50m	$6.7M	$681.4M	4.9x
Short	SoDEX ETH-USD	2,738.3	0.0100	get 0.0013% / 1h	50m 59s	$54.5M	$187.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.058%Rate

Funding earned: $21
Price spread: −0.058% → +0.015%: −$7.34
Slippage, 4 orders: −$0.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$5.33
Costs to cover: 0.190%
Break-even: 8.8 days

Slippage from Kalshi: live order book, 3 min ago; SoDEX: live order book, 3 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, 3 min ago	0.18 bp	5.4 bp −$5	6.6 bp −$66	10.1 bp −$1,014	15.9 bp −$7,944
Sell SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.8 bp −$584	35.3 bp −$17.7K

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	2,739	−0.035%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.3	−0.022%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.4	−0.017%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,740.2	+0.011%	$819K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.4	+0.018%	$10.8M	$42.0M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,739.9	long leg	$6.7M	$681.4M	4.9x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.7	−0.008%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0019%	8h	2,737.5	−0.088%	$1.06B	$1.20B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0027%	1h	2,739.6	−0.011%	$259.5M	$199.8M	50x	as long as short
Bullet ETH-USD	+0.0041%	1h	2,739	−0.032%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0042%	8h	2,737.7	−0.082%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0046%	8h	2,737.9	−0.074%	$2.37B	$4.37B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,739.5	−0.015%	$187K	$817K	50x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,738	−0.071%	$380.1M	$574.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,738.3	−0.060%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0079%	8h	2,737.7	−0.082%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0091%	8h	2,738.7	−0.044%	$251.2M	$842.9M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738.4	−0.056%	$113.1M	$430.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.4	−0.020%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,740.4	+0.017%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.1	−0.137%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,740.3	+0.015%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,738.1	−0.064%	$1.55B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0099%	8h	2,738.2	−0.062%	$6.36B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.8	+0.141%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.8	−0.040%	$504K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.8	−0.040%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740	+0.004%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.9	−0.001%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.3	−0.022%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.3	−0.021%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.009%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.3	−0.057%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.2	−0.063%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,737.7	−0.079%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.051%	$133.8M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	−0.051%	$184.2M	$670.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.6	+0.027%	$159.4M	$86.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,739.5	−0.016%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740	+0.004%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.1	+0.007%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.4	+0.018%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,739.4	−0.018%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.7	+0.030%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738	−0.069%	$960K	$11.3M	100x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,738.3	−0.058%	$54.5M	$187.7M	40x
Extended ETH-USD	+0.0104%	1h	2,737.8	−0.077%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,739.5	−0.015%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,739.3	−0.023%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,739.5	−0.015%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,738.6	−0.046%	$83.7M	$314.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0200%	8h	2,740.8	+0.031%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,738.4	−0.053%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,740.7	+0.030%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0394%	8h	2,737.6	−0.085%	$282.9M	$175.7M	150x	as long as short