Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0024%/8h= +2.7% APRpaid last 24h −0.003%

Price spread now: Kalshi against Lighter−0.042%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$120.117% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 7 days+0.065%+$7 · spread now −0.042%, 7d avg −0.019%

Together, before fees+0.021%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.024% cheaper against Lighter than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of −0.019%). If the spread goes back, that is −$2 on $10k: about 3.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,731	0.0096	pay 0.0012% / 1h	57m 09s	$112.0M	$428.2M	50x
Short	Kalshi KXETHPERP	2,729.8	0.0120	get 0.0120% / 8h	6h 57m	$6.4M	$688.0M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.042%Rate

Funding earned: $5.11
Price spread: −0.042% → −0.019%: −$2.38
Slippage, 4 orders: −$1.74
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$9.01
Costs to cover: 0.117%
Break-even: 19.3 days

Slippage from Lighter: 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 Lighter live order book, 7 min ago	0.02 bp	0.0 bp $0	0.4 bp −$4	1.3 bp −$134	4.6 bp −$2,319
Sell Kalshi live order book, 2 min ago	0.37 bp	5.4 bp −$5	7.5 bp −$75	10.7 bp −$1,067	16.5 bp −$8,241

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	−0.0335%	43m	2,730.9	−0.001%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.3	−0.171%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0021%	8h	2,730.4	−0.022%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.2	+0.009%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,727.6	−0.123%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.9	−0.077%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.3	+0.013%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,726.5	−0.163%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,730.4	−0.022%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,730.6	−0.013%	$2.36B	$4.40B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,731	+0.001%	$186K	$785K	50x	as long as short
SunX ETH-USDT	+0.0057%	8h	2,730.1	−0.033%	$958K	$11.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,730.8	−0.004%	$377.5M	$576.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0069%	1h	2,731.9	+0.033%	$258.5M	$203.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0076%	1h	2,728	−0.109%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,730.7	−0.010%	$252.7M	$843.0M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,728.4	−0.094%	$4.9M	$155K	20x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,730.7	−0.011%	$264.4M	$64.1M	150x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,731	+0.001%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,731	+0.002%	$6.33B	$15.97B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,730.6	−0.014%	$1.67B	$10.75B	100x	as long as short
Aftermath Perps ETHUSD	+0.0088%	1h	2,728.5	−0.091%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0088%	1h	2,730.9	−0.002%	$177K	$1.7M	20x	as long as short
Lighter ETHlong	+0.0096%	1h	2,731	long leg	$112.0M	$428.2M	50x
Lighter RH ETH	+0.0096%	1h	2,732.6	+0.059%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.5	−0.054%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.053%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.5	+0.019%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.6	−0.086%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733	+0.075%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730	−0.036%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.2	−0.174%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.6	−0.013%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.2	+0.008%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.9	−0.003%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.5	−0.201%	$14.9M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.174%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.1	−0.177%	$183.4M	$673.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.4	−0.130%	$158.7M	$87.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	−0.182%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731	+0.001%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.4	+0.053%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.8	−0.005%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.1	+0.042%	$41.0M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,730.6	−0.013%	$54.4M	$187.9M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.147%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.8	−0.042%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,731.9	+0.034%	$50.1M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,730.7	−0.008%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERPshort	+0.0120%	8h	2,729.8	−0.042%	$6.4M	$688.0M	4.9x
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,731.4	+0.017%	$83.1M	$316.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,732.9	+0.070%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,730.3	−0.023%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,729	−0.073%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0332%	8h	2,730.6	−0.012%	$283.8M	$174.7M	150x	as long as short