Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0152%/8h= −16.7% APRpaid last 24h −0.018%

Price spread now: Kalshi against Kraken Futures−0.072%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.207%+$21 · spread now −0.072%, 7d avg −0.036%

Together, before fees+0.045%+$5 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 Kalshi is 0.035% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,741.9	0.0152	pay 0.0019% / 1h	52m 35s	$83.8M	$315.6M	100x
Short	Kalshi KXETHPERP	2,739.9	0	get 0.0000% / 8h	7h 52m	$6.7M	$680.9M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.072%Rate

Funding earned: −$32.02
Price spread: −0.072% → −0.036%: −$3.51
Slippage, 4 orders: −$1.92
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$57.45
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 7 min ago; Kalshi: live order book, 2 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 Kraken Futures live order book, 7 min ago	0.18 bp	5.3 bp −$5	5.9 bp −$59	7.8 bp −$783	11.7 bp −$5,846
Sell Kalshi live order book, 2 min ago	0.18 bp	5.3 bp −$5	7.4 bp −$74	10.9 bp −$1,085	16.8 bp −$8,407

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	−0.106%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.1	−0.028%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	−0.043%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,740.2	−0.061%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.4	−0.053%	$10.8M	$42.0M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,739.9	−0.072%	$6.7M	$680.9M	4.9x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.8	−0.038%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,740.3	−0.058%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,740.2	−0.062%	$180K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0042%	8h	2,738.9	−0.108%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0047%	8h	2,739.5	−0.088%	$2.37B	$4.37B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,740.4	−0.053%	$187K	$817K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,742.1	+0.010%	$259.8M	$199.3M	50x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,739.9	−0.071%	$380.1M	$574.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,739.5	−0.086%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,740.7	−0.043%	$265.9M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,740.4	−0.052%	$251.3M	$842.9M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740.4	−0.054%	$113.2M	$430.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.5	−0.012%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.9	−0.146%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,738.2	−0.134%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,738.7	−0.115%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,740	−0.070%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,740	−0.068%	$6.36B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,744.3	+0.089%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.7	−0.079%	$503K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.2	−0.061%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.4	−0.017%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741	−0.032%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.6	−0.083%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.4	−0.052%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.080%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.7	−0.077%	$3.34B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.6	−0.082%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.054%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.124%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	−0.116%	$184.2M	$669.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.114%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,739.5	−0.088%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.072%	$21.1M	$68.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.8	−0.002%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	−0.023%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.035%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.1	−0.139%	$960K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	−0.035%	$54.6M	$187.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741	−0.033%	—	$844K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.8	−0.111%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	−0.048%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,738.8	−0.113%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,742.2	+0.012%	$51.3M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0152%	1h	2,741.9	long leg	$83.8M	$315.6M	100x
Orderly PERP_ETH_USDC	+0.0200%	8h	2,743.1	+0.047%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,739.7	−0.081%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	−0.021%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,740.8	−0.038%	$283.3M	$176.0M	150x	as long as short