Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.006%

Price spread now: Kalshi against Bullet−0.062%48s7-day average −0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$220.215% of the position

Long on Bullet Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.062%, 7d avg −0.020%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.042% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,730.2	0.0100	pay 0.0013% / 1h	27m 22s	$179K	$1.7M	20x
Short	Kalshi KXETHPERP	2,728.5	0	get 0.0000% / 8h	5h 27m	$6.6M	$686.5M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bullet. 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 BulletbpFee KalshibpOrdersPrice spread, now −0.062%Rate

Funding earned: −$21
Price spread: −0.062% → −0.020%: −$4.19
Slippage, 4 orders: −$3.5
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$46.69
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Bullet: 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 Bullet live order book, 2 min ago	0.37 bp	5.3 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	0.18 bp	5.3 bp −$5	7.4 bp −$74	10.9 bp −$1,091	17.0 bp −$8,493

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	−0.0112%	43m	2,729	−0.043%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.1	−0.003%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,727.9	−0.082%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.095%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.9	−0.046%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,728.6	−0.058%	$812K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.4	+0.008%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,728.5	−0.062%	$6.6M	$686.5M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.9	+0.025%	$262.6M	$214.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.6	−0.057%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0012%	8h	2,728.2	−0.071%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,730.6	+0.015%	$191K	$893K	50x	as long as short
BingX ETH-USDC	+0.0026%	8h	2,729.3	−0.033%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0032%	8h	2,730	−0.006%	$2.34B	$4.41B	150x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,729.9	−0.010%	$374.7M	$576.8M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730	−0.007%	$252.3M	$848.3M	200x	as long as short
SoDEX ETH-USD	+0.0084%	1h	2,730.1	−0.003%	$54.4M	$187.3M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0086%	8h	2,730.1	−0.003%	$1.65B	$10.92B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,727.6	−0.096%	$4.9M	$155K	20x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,729.8	−0.015%	$957K	$11.0M	100x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,730.1	−0.002%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,730.3	+0.006%	$6.33B	$16.15B	150x	as long as short
Aftermath Perps ETHUSD	+0.0093%	1h	2,728.4	−0.064%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,730.7	+0.018%	$112.1M	$434.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.1	+0.071%	$23.5M	$103.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.8	−0.014%	$510K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.9	+0.135%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.1	−0.003%	$14.1M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.4	+0.081%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.4	+0.043%	$32.0M	$332.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.7	−0.018%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.2	0.000%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.4	+0.008%	$3.30B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730	−0.006%	$2.09B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.8	−0.053%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.4	−0.102%	$133.8M	$323.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728	−0.081%	$185.5M	$681.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.2	−0.074%	$158.6M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.058%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.035%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.4	+0.044%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USDlong	+0.0100%	1h	2,730.2	long leg	$179K	$1.7M	20x
Bluefin ETH-PERP	+0.0100%	1h	2,730.5	+0.011%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.106%	$40.9M	$30.3M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.3	−0.068%	$263.0M	$64.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.146%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.4	−0.030%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,730.2	−0.001%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,731.3	+0.041%	$49.4M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.8	+0.023%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,732.7	+0.092%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,726.3	−0.141%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.5	+0.013%	$82.3M	$312.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,729.4	−0.030%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,727.3	−0.107%	$281.6M	$175.3M	150x	as long as short