Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h −0.003%

Price spread now: Aevo against Kalshi−0.106%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Kalshi Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.106%, 7d avg −0.037%

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

Funding pays, the price is against you. Aevo is 0.070% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.106% now, against its 7-day average of −0.037%). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.040% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,729.8	0	get 0.0000% / 8h	5h 49m	$6.7M	$691.8M	4.9x
Short	Aevo ETH-PERP	2,726.9	0.0096	get 0.0012% / 1h	49m 33s	$4.9M	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Kalshi. 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 KalshibpFee AevobpOrdersPrice spread, now −0.106%Rate

Funding earned: $20.16
Price spread: −0.106% → −0.037%: −$6.98
Slippage, 4 orders: −$14.63
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$27.45
Costs to cover: 0.406%
Break-even: 16.5 days

Slippage from Kalshi: live order book, 5 min ago; Aevo: live order book, 5 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 Kalshi live order book, 5 min ago	0.37 bp	5.9 bp −$6	7.6 bp −$76	11.4 bp −$1,137	17.2 bp −$8,588
Sell Aevo live order book, 5 min ago	2.92 bp	18.1 bp −$18	27.5 bp −$275	40.2 bp −$4,017	doesn't fit

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	2,728.5	−0.048%	$287K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.4	−0.125%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	−0.088%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,729.2	−0.022%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.6	−0.006%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729.8	0.000%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.2	−0.059%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,729.8	long leg	$6.7M	$691.8M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,729.8	0.000%	$261.9M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.6	−0.006%	$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	+0.0009%	8h	2,728.9	−0.032%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,727.9	−0.070%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,726.7	−0.114%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,726.7	−0.113%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,730.3	+0.019%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,727.6	−0.081%	$375.2M	$576.2M	100x	as long as short
SunX ETH-USDT	+0.0088%	8h	2,729.3	−0.017%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,727.5	−0.084%	$252.0M	$849.6M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,726.7	−0.115%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.1	−0.062%	$112.0M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.2	−0.022%	$23.5M	$102.8M	50x	as long as short
Aevo ETH-PERPshort	+0.0096%	1h	2,726.9	−0.106%	$4.9M	$161K	20x
MEXC ETH_USDT	+0.0097%	8h	2,727.5	−0.085%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0097%	8h	2,727.3	−0.093%	$6.33B	$16.18B	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.4	−0.088%	$507K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732	+0.081%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	−0.125%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.3	+0.018%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.6	−0.044%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.9	+0.004%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.5	+0.025%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.143%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.5	−0.083%	$3.27B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.2	−0.097%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.1	−0.024%	$15.0M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.101%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.079%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.1	−0.097%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730	+0.007%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.8	+0.038%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.2	+0.051%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730	+0.008%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.6	−0.008%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.9	+0.040%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,729.2	−0.022%	$54.4M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.2	−0.021%	$263.1M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.5	−0.122%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.2	−0.021%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.5	+0.025%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,728.2	−0.057%	$5.5M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,731.5	+0.063%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,729.1	−0.027%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,729.9	+0.004%	$83.4M	$311.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,728.4	−0.053%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,728.3	−0.055%	$282.1M	$175.1M	150x	as long as short