Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: Kalshi against Nado+0.019%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$180.182% of the position

Long on Nado Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days−0.002%$0 · spread now +0.019%, 7d avg −0.024%

Together, before fees−0.046%+ Points / potential airdropNado: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.044% dearer against Nado than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.024%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 4 days (−0.044% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,729.3	0.0100	pay 0.0012% / 1h	56m 18s	$14.1M	$104.6M	50x
Short	Kalshi KXETHPERP	2,729.8	0	get 0.0000% / 8h	3h 56m	$6.7M	$672.5M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Nado. 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 NadobpFee KalshibpOrdersPrice spread, now +0.019%Rate

Funding earned: −$21
Price spread: +0.019% → −0.024%: $4.37
Slippage, 4 orders: −$1.25
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$34.88
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Kalshi: 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 Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.1 bp −$507	12.6 bp −$6,288
Sell Kalshi live order book, 3 min ago	0.37 bp	5.4 bp −$5	7.5 bp −$75	11.1 bp −$1,111	17.2 bp −$8,604

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	2,730.6	+0.048%	$276K	$5.7M	8.3x	as long as short
Phemex ETHUSDT	−0.0210%	8h	2,727.9	−0.049%	$262.8M	$63.9M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	−0.050%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,728.7	−0.021%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.3	−0.037%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730	+0.027%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,729.8	+0.019%	$6.7M	$672.5M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.5	−0.029%	$264.5M	$218.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.2	−0.039%	$32.9M	—	200x	as long as short
01 Exchange ETHUSD	+0.0072%	1h	2,730.4	+0.041%	$191K	$884K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0078%	8h	2,727.8	−0.053%	$1.65B	$10.73B	100x	as long as short
HTX ETH-USDT	+0.0079%	8h	2,727.8	−0.055%	$1.05B	$1.22B	200x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,730.8	+0.056%	$242K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,728	−0.047%	$383.5M	$576.3M	100x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,728.6	−0.024%	$252.2M	$851.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,726.3	−0.108%	$8.4M	$31.2M	100x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,728.1	−0.044%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,728.1	−0.042%	$6.31B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,728.6	−0.026%	$112.2M	$400.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	+0.023%	$23.6M	$95.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.9	+0.060%	—	$30.1M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,726	−0.119%	$4.9M	$191K	20x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,726.8	−0.091%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.3	+0.001%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.8	+0.130%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,729.3	long leg	$14.1M	$104.6M	50x
Hyperliquid ETH	+0.0100%	1h	2,731	+0.063%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.8	+0.055%	$32.1M	$332.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,727.8	−0.052%	$2.32B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.8	+0.019%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.8	+0.019%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.079%	$161.7M	$337.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.1	−0.044%	$3.30B	$8.19B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.4	−0.068%	$2.11B	$2.76B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,727.8	−0.053%	—	$18.6M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.060%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723	−0.231%	$131.2M	$318.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725	−0.158%	$185.4M	$683.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,725.7	−0.132%	$158.4M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.1	+0.030%	$21.0M	$70.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.6	+0.050%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	+0.027%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.4	−0.032%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.9	−0.014%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.088%	$40.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,727.7	−0.058%	$955K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,728	−0.047%	$54.3M	$182.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.1	−0.079%	$30.4M	$71.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,728.3	−0.034%	$81.9M	$310.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729.1	−0.008%	$46.6M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,730.3	+0.036%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0159%	8h	2,730.7	+0.052%	$283.1M	$177.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,727.7	−0.057%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,730.6	+0.047%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728.7	−0.021%	$117K	$19.0M	52x	as long as short