Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h −0.008%

Price spread now: ApeX Omni against Kalshi−0.126%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Kalshi Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.106%+$11 · spread now −0.126%, 7d avg +0.013%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.139% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.126% now, against its 7-day average of +0.013%). If the spread goes back, that is −$14 on $10k: about 17 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,743.4	0	get 0.0000% / 8h	1h 04m	$7.2M	$655.1M	4.9x
Short	ApeX Omni ETHUSDT	2,739.9	0.0027	get 0.0003% / 1h	4m 22s	$8.2M	$25.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.126%Rate

Funding earned: $5.64
Price spread: −0.126% → +0.013%: −$13.92
Slippage, 4 orders: −$1.22
Fee Kalshi: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$29.5
Costs to cover: 0.212%
Break-even: 43.6 days

Slippage from Kalshi: live order book, 3 min ago; ApeX Omni: live order book, 3 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, 3 min ago	0.18 bp	5.3 bp −$5	7.4 bp −$74	10.5 bp −$1,050	16.1 bp −$8,056
Sell ApeX Omni live order book, 3 min ago	0.35 bp	5.3 bp −$5	5.9 bp −$59	16.8 bp −$1,682	82.9 bp −$41.4K

ETH on 55 exchanges

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
Hotstuff ETH-PERP	−0.0080%	1h	2,749.9	+0.237%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0080%	1h	2,743.6	+0.009%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,743.8	+0.014%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,741.3	−0.077%	$820K	$2.8M	25x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,743.4	long leg	$7.2M	$655.1M	4.9x
Perpl ETH	0.0000%	43m	2,744.4	+0.035%	$277K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,743.8	+0.016%	$33.1M	—	200x	as long as short
ApeX Omni ETHUSDTshort	+0.0027%	1h	2,739.9	−0.126%	$8.2M	$25.1M	100x
Bybit ETHUSDT	+0.0037%	8h	2,743.6	+0.009%	$2.37B	$3.78B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,744.4	+0.036%	$182K	$909K	50x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0069%	8h	2,743.6	+0.006%	$1.68B	$9.09B	100x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,744.1	+0.024%	$365.2M	$434.9M	100x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,743.7	+0.012%	$1.60B	$2.38B	500x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,743.7	+0.010%	$255.5M	$713.5M	200x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,743.8	+0.015%	$6.41B	$13.82B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,744.6	+0.043%	$114.0M	$391.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.7	+0.082%	$23.6M	$96.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.3	+0.032%	—	$23.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,741.2	−0.078%	$4.9M	$245K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745	+0.057%	$47.7M	$3.89B	50x	as long as short
dYdX ETH-USD	+0.0097%	1h	2,742.6	−0.028%	$15.2M	$42.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.4	0.000%	$512K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	+0.040%	$14.9M	$93.8M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.1	+0.061%	$32.2M	$322.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743	−0.015%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.2	+0.066%	$1.6M	$14.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.4	−0.001%	$163.2M	$317.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.9	+0.020%	$3.27B	$7.81B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.1	+0.026%	$2.11B	$2.28B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,743.7	+0.012%	—	$948.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.6	−0.028%	$14.9M	$35.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.012%	$132.5M	$275.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.2	−0.081%	$184.4M	$560.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.6	−0.104%	$159.3M	$69.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.7	+0.011%	$21.1M	$74.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.9	+0.056%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.5	+0.077%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.8	+0.013%	$177K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,743.9	+0.017%	$20K	$12K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.9	−0.018%	$40.9M	$26.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.6	−0.028%	$945K	$8.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.1	−0.011%	$61.8M	$121.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,743.1	−0.009%	$1.05B	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.1	−0.012%	$263.2M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743	−0.015%	$30.2M	$63.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,743.8	+0.014%	$82.7M	$267.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0112%	1h	2,742.5	−0.034%	$30K	$8K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0115%	1h	2,744.4	+0.035%	$267.1M	$182.1M	50x	as long as short
Reya ETHRUSDPERP	+0.0148%	1h	2,742.7	−0.026%	$7.3M	$854K	25x	as long as short
Hyperliquid ETH	+0.0165%	1h	2,746.8	+0.124%	$3.15B	$1.69B	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,746.1	+0.100%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,744.7	+0.048%	$5.7M	$10.5M	25x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,743.1	−0.012%	$284.9M	$147.7M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,747.2	+0.139%	$118K	$27.5M	52x	as long as short
Paradex ETH-USD-PERP	+0.0498%	8h	2,746.3	+0.104%	$15.8M	$6.2M	50x	as long as short