Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h −0.006%

Price spread now: Kalshi against 01 Exchange+0.061%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−$28as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on 01 Exchange Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.283%+$28 · spread now +0.061%, 7d avg −0.018%

Together, before fees+0.286%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.080% dearer against 01 Exchange than usual: you sell high and buy low: +$8 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	01 Exchange ETHUSD	2,770.4	−0.0032	get 0.0004% / 1h	12m 59s	$169K	$1.1M	50x
Short	Kalshi KXETHPERP	2,772.1	0.0110	get 0.0110% / 8h	3h 12m	$8.2M	$675.4M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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 01 ExchangebpFee KalshibpOrdersPrice spread, now +0.061%Rate

Funding earned: $29.85
Price spread: +0.061% → −0.018%: $7.97
Slippage, 4 orders: −$18.53
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $2.29
Costs to cover: 0.355%
Break-even: 6.5 days

Slippage from 01 Exchange: live order book, 1 min ago; Kalshi: live order book, 1 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 01 Exchange live order book, 1 min ago	0.18 bp	16.4 bp −$16	23.1 bp −$231	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	0.36 bp	5.4 bp −$5	7.0 bp −$70	10.6 bp −$1,065	19.6 bp −$9,806

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.123%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.2	−0.007%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,771.1	+0.026%	$325K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	+0.004%	$5K	$1K	50x	as long as short
01 Exchange ETHUSDlong	−0.0032%	1h	2,770.4	long leg	$169K	$1.1M	50x
Phoenix ETH	−0.0003%	1h	2,770.2	−0.007%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.038%	$12.3M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.3	+0.033%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,770.1	−0.012%	$187K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0029%	8h	2,769	−0.051%	$1.71B	$11.07B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0037%	1h	2,770.8	+0.014%	$55.2M	$187.9M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,770.9	+0.019%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,771.5	+0.039%	$256.3M	$886.1M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.9	−0.089%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,769.3	−0.040%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,768.8	−0.057%	$6.47B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,769.7	−0.026%	$3.38B	$9.09B	200x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,770.1	−0.012%	$269.6M	$66.1M	150x	as long as short
Bitget ETHUSDT	+0.0077%	8h	2,769	−0.052%	$2.10B	$2.84B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.8	+0.013%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.3	+0.032%	$60.4M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,770.7	+0.012%	—	$876K	50x	as long as short
HTX ETH-USDT	+0.0081%	8h	2,769.9	−0.020%	$1.08B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,769.2	−0.044%	$420.0M	$597.6M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.040%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,770.3	−0.005%	$115.2M	$459.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	+0.059%	$25.6M	$111.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.8	+0.196%	$16.0M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.6	+0.007%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.3	−0.004%	$14.6M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.4	+0.036%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.5	+0.039%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	−0.043%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.007%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.8	+0.013%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.248%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,769.2	−0.043%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.027%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.071%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.052%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.3	−0.005%	$161.1M	$84.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.065%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.9	−0.018%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.1	+0.025%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.092%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	−0.002%	$972K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.4	−0.072%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.9	+0.125%	—	$36.1M	500x	as long as short
Kalshi KXETHPERPshort	+0.0110%	8h	2,772.1	+0.061%	$8.2M	$675.4M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.7	+0.047%	$98.0M	$315.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.2	+0.029%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,773.5	+0.111%	$32.7M	$11.0M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,770	−0.014%	$287.8M	$178.2M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0190%	1h	2,772.2	+0.065%	$259.1M	$203.0M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,769.9	−0.017%	$7.3M	$1.1M	25x	as long as short