Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h −0.008%

Price spread now: Kalshi against SoDEX+0.097%7-day average −0.018% · 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−$9as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.097%, 7d avg −0.018%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.115% dearer against SoDEX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,770.7	0.0077	pay 0.0010% / 1h	27m 33s	$55.2M	$228.8M	40x
Short	Kalshi KXETHPERP	2,773.4	0.0122	get 0.0122% / 8h	5h 27m	$8.6M	$676.7M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.097%Rate

Funding earned: $9.55
Price spread: +0.097% → −0.018%: $11.53
Slippage, 4 orders: −$2.12
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $0.96
Costs to cover: 0.201%
Break-even: 6.3 days

Slippage from SoDEX: 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 SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.9 bp −$593	36.6 bp −$18.3K
Sell Kalshi live order book, 2 min ago	0.36 bp	6.2 bp −$6	7.7 bp −$77	11.7 bp −$1,166	17.8 bp −$8,899

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	2,772.4	+0.061%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.9	+0.079%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.4	+0.097%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	−0.014%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.3	+0.094%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0018%	1h	2,774.1	+0.121%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.3	+0.095%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,769.6	−0.040%	$883K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.9	+0.079%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,772.9	+0.078%	—	$1.18B	—	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	+0.0021%	8h	2,773.8	+0.112%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,772.1	+0.049%	$269.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.8	+0.078%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,773.9	+0.114%	$256.0M	$990.9M	200x	as long as short
Bullet ETH-USD	+0.0035%	1h	2,771.9	+0.043%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,772.5	+0.066%	$258.3M	$222.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.035%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,772.8	+0.075%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,774	+0.118%	$6.43B	$17.16B	150x	as long as short
Nado ETH-PERP	+0.0060%	1h	2,772	+0.048%	$14.3M	$118.1M	50x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,773.7	+0.109%	$2.10B	$3.11B	150x	as long as short
ApeX Omni ETHUSDT	+0.0073%	1h	2,772.4	+0.062%	$8.8M	$32.6M	100x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,772.7	+0.071%	$3.29B	$9.62B	200x	as long as short
SoDEX ETH-USDlong	+0.0077%	1h	2,770.7	long leg	$55.2M	$228.8M	40x
Bybit ETHUSDT	+0.0093%	8h	2,773.9	+0.117%	$2.51B	$4.61B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,770.7	+0.001%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.3	+0.093%	$115.1M	$500.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.2	+0.125%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	+0.128%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,772.3	+0.057%	$423.4M	$739.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.5	+0.065%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.9	+0.079%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.3	+0.202%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773	+0.083%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.018%	$2.8M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.9	+0.150%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.118%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	+0.009%	$15.1M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.4	−0.045%	$135.0M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	0.000%	$181.3M	$782.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.9	+0.081%	$161.3M	$91.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.7	+0.036%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.8	+0.111%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.2	+0.162%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	+0.067%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.6	+0.106%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773	+0.084%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.4	+0.060%	$31.4M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	+0.047%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERPshort	+0.0122%	8h	2,773.4	+0.097%	$8.6M	$676.7M	4.9x
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774.1	+0.124%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.4	+0.025%	$86.0M	$331.8M	100x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,773	+0.083%	$285.2M	$194.3M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,773.4	+0.096%	$275K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,773.8	+0.112%	$7.4M	$1.2M	25x	as long as short