Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h +0.003%

Price spread now: Kalshi against RISEx−0.002%7-day average −0.016% · 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−$16as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.062%−$6 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.002%, 7d avg −0.016%

Together, before fees−0.055%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ETH/USDC	2,751.4	0.0137	pay 0.0017% / 1h	2m 34s	$5.6M	$11.3M	25x
Short	Kalshi KXETHPERP	2,751.4	0	get 0.0000% / 8h	3h 02m	$7.0M	$664.7M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now −0.002%Rate

Funding earned: −$28.84
Price spread: −0.002% → −0.016%: $1.43
Slippage, 4 orders: −$1.47
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$44.88
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 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 RISEx live order book, 2 min ago	0.02 bp	3.0 bp −$3	4.5 bp −$45	281.8 bp −$28.2K	doesn't fit
Sell Kalshi live order book, 2 min ago	0.18 bp	5.7 bp −$6	7.5 bp −$75	10.5 bp −$1,048	16.8 bp −$8,405

ETH on 54 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
Hotstuff ETH-PERP	−0.0080%	1h	2,750	−0.052%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0035%	8h	2,749.7	−0.064%	$2.36B	$4.15B	150x	as long as short
Phemex ETHUSDT	−0.0022%	8h	2,750.9	−0.019%	$264.8M	$61.3M	150x	as long as short
Hibachi ETH/USDT-P	−0.0016%	1h	2,753.1	+0.059%	$240K	$1.3M	20x	as long as short
Phoenix ETH	−0.0012%	1h	2,752.2	+0.027%	$815K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751	−0.017%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.5	−0.034%	$11.1M	$41.5M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,751.4	−0.002%	$7.0M	$664.7M	4.9x
Perpl ETH	0.0000%	43m	2,750.8	−0.022%	$274K	$5.3M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,751.2	−0.008%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,751.1	−0.013%	$182K	$925K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0030%	1h	2,752.2	+0.029%	$266.5M	$210.7M	50x	as long as short
Gate ETH_USDT	+0.0038%	8h	2,750.5	−0.036%	$3.29B	$8.56B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,749.5	−0.071%	$1.67B	$10.21B	100x	as long as short
Aster ETHUSDT	+0.0072%	8h	2,750.6	−0.030%	$253.7M	$796.9M	200x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,751.7	+0.010%	$8.4M	$30.4M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.3	−0.115%	$4.9M	$199K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,750.9	−0.020%	$1.58B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,750.5	−0.034%	$6.41B	$15.44B	150x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,750.4	−0.039%	$1.05B	$1.17B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,749.8	−0.058%	$367.9M	$482.2M	100x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,750.9	−0.020%	$54.8M	$160.1M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,750.3	−0.040%	$113.6M	$411.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,751.7	+0.010%	$24.8M	$100.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,751.1	−0.011%	—	$24.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,750.8	−0.023%	$504K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,754.2	+0.101%	$15.7M	$6.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.4	−0.040%	$14.6M	$100.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.3	+0.031%	$3.14B	$1.94B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.9	−0.020%	$32.2M	$327.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.8	−0.060%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,751.4	−0.001%	$1.5M	$15.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.003%	$166.7M	$340.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,750.7	−0.028%	$2.12B	$2.55B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,750.7	−0.028%	—	$989.2M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.4	−0.039%	$15.0M	$37.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,752.6	+0.042%	$132.1M	$307.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,752.5	+0.037%	$186.5M	$693.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.4	0.000%	$160.0M	$73.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	+0.035%	$21.1M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.9	+0.053%	—	$415K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.1	+0.024%	$11.3M	$9.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.9	−0.019%	$178K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.7	−0.026%	$948K	$10.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.6	−0.066%	$30.4M	$68.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0104%	1h	2,751.6	+0.006%	$82.7M	$291.5M	100x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,750.3	−0.040%	$30K	$12K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,752	+0.021%	$45.6M	$4.13B	50x	as long as short
RISEx ETH/USDClong	+0.0137%	1h	2,751.4	long leg	$5.6M	$11.3M	25x
Reya ETHRUSDPERP	+0.0167%	1h	2,750.2	−0.046%	$7.4M	$896K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,753.1	+0.061%	$32.4M	$10.5M	100x	as long as short
BloFin ETH-USDT	+0.0219%	8h	2,751.3	−0.005%	$281.4M	$170.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,755.1	+0.133%	$122K	$23.8M	52x	as long as short
Bluefin ETH-PERP	+0.0592%	1h	2,751.1	−0.012%	$20K	$15K	25x	as long as short