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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 21:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.008%
Price spread now: Kalshi against GMX+0.108%7-day average −0.065% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.050%−$5 on $10k
Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.108%, 7d avg −0.065%
Together, before fees−0.156%−$16 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 0.173% dearer against GMX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.065%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,800.5L +0.0025% / S +0.0011%pay 0.0003% / 1h32m 12s$12.9M—200x
ShortKalshi KXETHPERP2,803.50.0146get 0.0146% / 8h7h 32m$8.8M$660.4M4.9x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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

Funding earned
$25.57
Price spread: +0.108% → −0.065%
$17.27
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Kalshi: 5 bp × 2 orders
−$10
Net
$20.84
Costs to cover
0.220%
Break-even
1.3 days
Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Kalshi live order book, 3 min ago0.18 bp5.3 bp −$56.9 bp −$6911.2 bp −$1,12017.0 bp −$8,479
GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,799.6−0.030%$299K$6.8M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,802.7+0.079%$5K$2K50xas long as short
Phemex ETHUSDT−0.0034%8h2,800.4−0.001%$270.0M$66.1M150xas long as short
Phoenix ETH−0.0032%1h2,795.5−0.178%$804K$3.5M25xas long as short
RISEx ETH/USDC−0.0005%1h2,800.8+0.012%$5.8M$12.2M25xas long as short
dYdX ETH-USD0.0000%1h2,804+0.126%$13.4M$43.4M50xas long as short
Injective ETH/USDC PERP+0.0003%1h2,798.9−0.056%$120K$22.5M52xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,800.9+0.015%$22.6M—200xas long as short
OKX ETH-USDT-SWAP+0.0016%8h2,800.3−0.006%$1.70B$11.93B100xas long as short
GMX ETH/USD [ETH-USDC]longL +0.0025% / S +0.0011%1h2,800.5long leg$12.9M—200x
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0040%1h2,800.7+0.008%$177K$1.2M50xas long as short
MEXC ETH_USDT+0.0046%8h2,799.6−0.032%$1.57B$2.56B500xas long as short
Binance ETHUSDT+0.0046%8h2,802+0.055%$6.52B$17.09B150xas long as short
Bulk ETH-USD+0.0047%1h2,803.2+0.097%$167.8M$262.8M25xas long as short
Aevo ETH-PERP+0.0048%1h2,803.1+0.095%$5.1M$651K20xas long as short
Gate ETH_USDT+0.0063%8h2,800.8+0.013%$3.34B$9.48B200xas long as short
Bitget ETHUSDT+0.0071%8h2,802.6+0.075%$2.11B$3.13B150xas long as short
Aster ETHUSDT+0.0074%8h2,800.2−0.010%$263.0M$995.6M200xas long as short
Aftermath Perps ETHUSD+0.0077%1h2,794−0.232%$30K$22K20xas long as short
Bullet ETH-USD+0.0091%1h2,799.4−0.040%$193K$1.8M20xas long as short
Lighter ETH+0.0096%1h2,802.7+0.080%$117.1M$513.3M50xas long as short
Lighter RH ETH+0.0096%1h2,804+0.126%$25.7M$124.5M50xas long as short
Variational Omni ETH+0.0099%8h2,794−0.230%$141.4M$311.2M—as long as short
Katana Perps ETH-USD+0.0100%8h2,800.8+0.012%$487K$2.7M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,853.1+1.879%$16.6M$11.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,801.6+0.040%$17.5M$115.1M50xas long as short
Pacifica ETH+0.0100%1h2,803.7+0.115%$31.9M$271.8M50xas long as short
Bybit ETHUSDT+0.0100%8h2,801.2+0.025%$2.55B$4.62B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,801.7+0.044%$2.9M$16.4M25xas long as short
Arcus ETH-USD+0.0100%1h2,802.5+0.071%$2.8M$17.1M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,799.6−0.031%$410.9M$737.5M100xas long as short
BingX ETH-USDC+0.0100%8h2,801.3+0.030%—$17.2M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,803.9+0.122%$15.6M$42.4M50xas long as short
edgeX ETHUSDC+0.0100%4h2,795.4−0.180%$180.6M$769.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,794.1−0.226%$162.5M$96.5M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,800.2−0.011%$8.4M$29.2M100xas long as short
StandX ETH-USD+0.0100%1h2,797.6−0.103%$21.6M$58.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,801+0.020%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,801.3+0.029%$10.9M$7.9M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,803.4+0.105%$22K$25K25xas long as short
SunX ETH-USDT+0.0100%8h2,798.3−0.077%$980K$14.4M100xas long as short
SoDEX ETH-USD+0.0100%1h2,801.9+0.051%$56.1M$206.7M40xas long as short
HTX ETH-USDT+0.0100%8h2,802.4+0.068%$1.09B$1.30B200xas long as short
Extended ETH-USD+0.0104%1h2,802.4+0.067%$31.8M$76.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,802.4+0.069%—$46.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,804+0.126%$60.7M$4.68B50xas long as short
Orderly PERP_ETH_USDC+0.0115%8h2,805.6+0.181%$32.9M$11.5M100xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,803.6+0.113%$89.3M$336.0M100xas long as short
Kalshi KXETHPERPshort+0.0146%8h2,803.5+0.108%$8.8M$660.4M4.9x
Hyperliquid ETH+0.0152%1h2,802.6+0.076%$3.28B$2.31B25xas long as short
BloFin ETH-USDT+0.0166%8h2,803.7+0.114%$292.1M$196.3M150xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,799.4−0.039%$260K$1.6M20xas long as short
Reya ETHRUSDPERP+0.0211%1h2,797.9−0.093%$7.5M$985K25xas long as short
Deribit ETH-PERPETUAL+0.0253%1h2,804.3+0.137%$259.2M$220.4M50xas long as short
Derive ETH-PERP+0.0290%1h2,806+0.196%$43.4M$29.2M15xas long as short