Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Kalshi against dYdX+0.029%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.029%, 7d avg −0.003%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.032% dearer against dYdX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,725	0.0000	get 0.0000% / 1h	35m 31s	$10.5M	$42.5M	50x
Short	Kalshi KXETHPERP	2,725.8	0	get 0.0000% / 8h	4h 35m	$6.6M	$682.2M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.029%Rate

Funding earned: $0.04
Price spread: +0.029% → −0.003%: $3.18
Slippage, 4 orders: −$8.41
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$25.19
Costs to cover: 0.284%
Break-even: 4037.3 days

Slippage from dYdX: live order book, 4 min ago; Kalshi: live order book, 4 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 dYdX live order book, 4 min ago	1.65 bp	8.4 bp −$8	8.5 bp −$85	15.0 bp −$1,500	52.8 bp −$26.4K
Sell Kalshi live order book, 4 min ago	0.18 bp	5.4 bp −$5	7.4 bp −$74	10.6 bp −$1,063	16.2 bp −$8,107

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	2,725	+0.001%	$276K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0183%	8h	2,723.9	−0.041%	$280.3M	$177.6M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724	−0.037%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,725.1	+0.003%	$809K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.5	+0.019%	$11.9M	—	200x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,725	long leg	$10.5M	$42.5M	50x
Kalshi KXETHPERPshort	0.0000%	8h	2,725.8	+0.029%	$6.6M	$682.2M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.8	+0.030%	$262.6M	$212.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.6	+0.023%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0019%	8h	2,722.9	−0.079%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0022%	8h	2,723.1	−0.072%	$2.32B	$4.36B	150x	as long as short
HTX ETH-USDT	+0.0027%	8h	2,724.2	−0.030%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724	−0.037%	$190K	$891K	50x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,724.3	−0.028%	$8.5M	$31.6M	100x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,726.3	+0.047%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.5	+0.016%	$82.1M	$310.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,725.8	+0.028%	$239K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,724.2	−0.031%	$383.8M	$577.9M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,723	−0.072%	$1.65B	$10.84B	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,723.3	−0.062%	$252.2M	$849.5M	200x	as long as short
SoDEX ETH-USD	+0.0085%	1h	2,724.8	−0.008%	$54.3M	$187.2M	40x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.4	−0.094%	$4.9M	$185K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,723.5	−0.054%	$1.57B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,723.3	−0.062%	$6.30B	$16.17B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,724.6	−0.017%	$112.2M	$430.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725.7	+0.027%	$23.4M	$102.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,728.4	+0.126%	$30K	$20K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.1	−0.070%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.3	+0.082%	$15.3M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,724	−0.037%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.3	+0.047%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.7	−0.011%	$31.9M	$333.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.3	−0.063%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.1	−0.033%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	+0.045%	$163.3M	$356.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723.6	−0.053%	$3.30B	$8.88B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.6	−0.050%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.9	−0.005%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.033%	$133.4M	$317.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.6	−0.016%	$185.3M	$682.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.6	+0.096%	$158.6M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.5	−0.019%	$20.9M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.4	+0.014%	—	$446K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,724.8	−0.008%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.1	+0.003%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.5	+0.018%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.6	+0.056%	$40.8M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.1	−0.072%	$955K	$10.9M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.2	+0.006%	$262.8M	$64.5M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.6	−0.090%	$30.4M	$72.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,724	−0.037%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.8	+0.029%	$46.7M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724	−0.036%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0182%	1h	2,722.9	−0.077%	$7.3M	$975K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,727.7	+0.098%	$32.1M	$11.2M	100x	as long as short