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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 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.006%
Price spread now: Bullet against Kalshi+0.014%7-day average +0.020% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$220.215% of the position
Long on KalshiShort on Bullet
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−0.036%−$4 · spread now +0.014%, 7d avg +0.020%
Together, before fees−0.040%−$4 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,729.80get 0.0000% / 8h5h 27m$6.6M$686.5M4.9x
ShortBullet ETH-USD2,730.20.0100get 0.0013% / 1h27m 11s$179K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet 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

Funding earned
$21
Price spread: +0.014% → +0.020%
−$0.57
Slippage, 4 orders
−$3.5
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Bullet: 4 bp × 2 orders
−$8
Net
−$1.08
Costs to cover
0.215%
Break-even
7.4 days
Slippage from Kalshi: live order book, 2 min ago; Bullet: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 2 min ago0.18 bp5.4 bp −$57.1 bp −$719.8 bp −$97916.0 bp −$8,005
Sell Bullet live order book, 2 min ago0.37 bp5.5 bp −$69.6 bp −$96doesn't fitdoesn't fit

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%43m2,729−0.029%$288K$5.8M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,730.1+0.011%$5K$1K50xas long as short
ApeX Omni ETHUSDT−0.0049%1h2,727.9−0.068%$8.6M$31.5M100xas long as short
Injective ETH/USDC PERP−0.0040%1h2,727.6−0.081%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,730.6+0.030%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,728.6−0.044%$812K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,730.4+0.023%$10.5M$42.9M50xas long as short
Kalshi KXETHPERPlong0.0000%8h2,729.8long leg$6.6M$686.5M4.9x
Deribit ETH-PERPETUAL0.0000%1h2,730.9+0.039%$262.6M$214.7M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,728.6−0.042%$32.9M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX ETH-USDT+0.0013%8h2,730.4+0.022%$1.05B$1.23B200xas long as short
01 Exchange ETHUSD+0.0016%1h2,730.6+0.029%$191K$893K50xas long as short
BingX ETH-USDT+0.0025%8h2,730.5+0.027%—$1.10B—as long as short
Bybit ETHUSDT+0.0032%8h2,730.4+0.021%$2.34B$4.41B150xas long as short
KuCoin ETHUSDTM+0.0070%8h2,730.1+0.011%$374.7M$576.8M100xas long as short
Aster ETHUSDT+0.0081%8h2,730.4+0.022%$252.3M$848.4M200xas long as short
SoDEX ETH-USD+0.0084%1h2,730.1+0.011%$54.4M$187.3M40xas long as short
OKX ETH-USDT-SWAP+0.0086%8h2,730.5+0.027%$1.65B$10.92B100xas long as short
Aevo ETH-PERP+0.0088%1h2,727.6−0.082%$4.9M$155K20xas long as short
SunX ETH-USDT+0.0089%8h2,729.80.000%$957K$11.0M100xas long as short
MEXC ETH_USDT+0.0090%8h2,730.3+0.019%$1.53B$2.59B500xas long as short
Binance ETHUSDT+0.0090%8h2,730.3+0.019%$6.33B$16.15B150xas long as short
Aftermath Perps ETHUSD+0.0093%1h2,728.4−0.050%$30K$20K20xas long as short
Lighter ETH+0.0096%1h2,731+0.044%$112.1M$434.9M50xas long as short
Lighter RH ETH+0.0096%1h2,732+0.079%$23.5M$103.1M50xas long as short
Phemex ETHUSDT+0.0097%8h2,730+0.009%$263.1M$64.7M150xas long as short
Katana Perps ETH-USD+0.0100%8h2,729.80.000%$510K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,733.9+0.150%$15.3M$7.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,730.1+0.011%$14.1M$105.0M50xas long as short
Hyperliquid ETH+0.0100%1h2,732.6+0.103%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,731.4+0.058%$32.0M$332.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729.7−0.004%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,730.2+0.014%$1.5M$16.2M25xas long as short
Gate ETH_USDT+0.0100%8h2,730.6+0.029%$3.30B$8.99B200xas long as short
Bitget ETHUSDT+0.0100%8h2,730.5+0.026%$2.09B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,730.4+0.022%$15.1M$42.5M50xas long as short
Variational Omni ETH+0.0100%8h2,727.4−0.088%$133.8M$323.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,728−0.067%$185.5M$681.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,728.2−0.059%$158.6M$85.9M50xas long as short
StandX ETH-USD+0.0100%1h2,728.6−0.044%$21.0M$70.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,731.2+0.050%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,731.4+0.059%$11.2M$9.5M50xas long as short
Bullet ETH-USDshort+0.0100%1h2,730.2+0.014%$179K$1.7M20x
Bluefin ETH-PERP+0.0100%1h2,730.5+0.026%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,727.3−0.092%$40.9M$30.3M15xas long as short
Bulk ETH-USD+0.0100%1h2,726.2−0.132%$161.6M$349.5M25xas long as short
Extended ETH-USD+0.0104%1h2,729.4−0.016%$30.4M$73.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,730.2+0.013%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,731.3+0.055%$49.4M$4.32B50xas long as short
RISEx ETH/USDC+0.0115%1h2,730.8+0.037%$5.6M$11.6M25xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,732.7+0.106%$32.2M$11.4M100xas long as short
Reya ETHRUSDPERP+0.0191%1h2,726.3−0.126%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,730.5+0.027%$82.3M$312.6M100xas long as short
Hibachi ETH/USDT-P+0.0224%1h2,729.4−0.016%$245K$1.4M20xas long as short
BloFin ETH-USDT+0.0362%8h2,730+0.008%$281.9M$175.5M150xas long as short