Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.034%

Price spread now: Kalshi against Reya+0.163%7-day average +0.019% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.094%−$9 on $10k

Price spread, last 7 days−0.106%−$11 · spread now +0.163%, 7d avg +0.019%

Together, before fees−0.200%+ Points / potential airdropReya: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.143% dearer against Reya than usual: you sell high and buy low (spread +0.163% now, against its 7-day average of +0.019%): +$14 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 3 days (−0.094% in total) that is about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya ETHRUSDPERP	2,737.4	0.0215	pay 0.0027% / 1h	54m 02s	$7.3M	$1.2M	25x
Short	Kalshi KXETHPERP	2,741.9	0	get 0.0000% / 8h	7h 54m	$6.7M	$680.3M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.163%Rate

Funding earned: −$45.11
Price spread: +0.163% → +0.019%: $14.34
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$46.77
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.18 bp	5.2 bp −$5	6.2 bp −$62	9.5 bp −$950	15.6 bp −$7,796

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,738.9	+0.054%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.1	+0.134%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.5	+0.038%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741.1	+0.135%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,741.9	+0.163%	$6.7M	$680.3M	4.9x
Phoenix ETH	0.0000%	1h	2,739.6	+0.079%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738.6	+0.041%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,737.4	−0.002%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0033%	1h	2,738.1	+0.024%	$179K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.8	+0.086%	$187K	$817K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0042%	8h	2,737.4	−0.002%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0049%	8h	2,737.2	−0.009%	$2.37B	$4.37B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,739	+0.058%	$260.0M	$198.6M	50x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,737.7	+0.009%	$380.1M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,737.5	+0.002%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0079%	8h	2,737.5	+0.003%	$265.7M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,738.5	+0.039%	$251.2M	$842.5M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738	+0.019%	$113.0M	$430.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.2	+0.065%	$23.5M	$103.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,742.4	+0.182%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.3	−0.077%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,734.2	−0.119%	$117K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,737.4	−0.002%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,738.6	+0.043%	$6.36B	$15.90B	150x	as long as short
SoDEX ETH-USD	+0.0098%	1h	2,737.6	+0.006%	$54.5M	$187.6M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746	+0.311%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.4	+0.108%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	+0.029%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.6	+0.080%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.4	+0.181%	$32.0M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.2	+0.101%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.8	+0.123%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.081%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.6	+0.006%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.6	+0.004%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.7	−0.028%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	+0.038%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.9	+0.015%	$184.2M	$669.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	+0.047%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738.6	+0.043%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	+0.090%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.1	+0.096%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	+0.101%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738.9	+0.053%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.9	+0.089%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,736.9	−0.021%	$959K	$11.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,737	−0.017%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	+0.117%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,738.6	+0.042%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,738.9	+0.052%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,738.4	+0.035%	$83.6M	$315.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0200%	8h	2,739.9	+0.089%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERPlong	+0.0215%	1h	2,737.4	long leg	$7.3M	$1.2M	25x
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	+0.140%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0395%	8h	2,741.5	+0.147%	$283.7M	$176.1M	150x	as long as short