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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%
Price spread now: Deribit against Kalshi+0.129%7-day average +0.067% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$190.191% of the position
Long on KalshiShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.088%+$9 on $10k
Price spread, last 4 days (all we have)−0.128%−$13 · spread now +0.129%, 7d avg +0.067%
Together, before fees−0.040%−$4 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: Deribit is 0.062% dearer against Kalshi than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.067%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,726.50get 0.0000% / 8h5h 45m$6.7M$691.4M4.9x
ShortDeribit ETH-PERPETUAL2,7300get 0.0000% / 1h45m 15s$262.5M$214.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Kalshi. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$0
Price spread: +0.129% → +0.067%
$6.2
Slippage, 4 orders
−$2.11
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$12.9
Costs to cover
0.191%
Break-even
never at this rate
Slippage from Kalshi: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago0.55 bp5.9 bp −$67.4 bp −$7410.9 bp −$1,08817.7 bp −$8,856
Sell Deribit live order book, 4 min ago0.09 bp3.6 bp −$43.9 bp −$398.7 bp −$86717.1 bp −$8,541

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%43m2,728.1+0.059%$288K$5.8M8.3xas long as short
ApeX Omni ETHUSDT−0.0088%1h2,725.8−0.027%$8.6M$31.5M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,726.1−0.015%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,725−0.055%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,730.1+0.131%$12.0M—200xas long as short
Phoenix ETH−0.0006%1h2,725.4−0.040%$816K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,726.5+0.001%$10.5M$42.9M50xas long as short
Kalshi KXETHPERPlong0.0000%8h2,726.5long leg$6.7M$691.4M4.9x
Deribit ETH-PERPETUALshort0.0000%1h2,730+0.129%$262.5M$214.9M50x
HTX ETH-USDT+0.0007%8h2,729.3+0.102%$1.05B$1.23B200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,730.3+0.138%$32.9M—200xas long as short
01 Exchange ETHUSD+0.0024%1h2,725.7−0.029%$191K$892K50xas long as short
BingX ETH-USDT+0.0031%8h2,729.6+0.113%—$1.12B—as long as short
Bybit ETHUSDT+0.0037%8h2,729.2+0.097%$2.35B$4.43B150xas long as short
Aftermath Perps ETHUSD+0.0070%1h2,728.3+0.068%$30K$20K20xas long as short
KuCoin ETHUSDTM+0.0077%8h2,729.1+0.096%$375.3M$576.2M100xas long as short
SunX ETH-USDT+0.0084%8h2,728.6+0.078%$957K$11.1M100xas long as short
Aster ETHUSDT+0.0085%8h2,729.5+0.108%$252.2M$850.3M200xas long as short
OKX ETH-USDT-SWAP+0.0092%8h2,729.2+0.100%$1.65B$10.97B100xas long as short
Binance ETHUSDT+0.0094%8h2,729.5+0.110%$6.33B$16.19B150xas long as short
SoDEX ETH-USD+0.0095%1h2,729.1+0.095%$54.4M$187.4M40xas long as short
MEXC ETH_USDT+0.0095%8h2,729.3+0.104%$1.52B$2.58B500xas long as short
Lighter ETH+0.0096%1h2,729.8+0.121%$111.8M$433.4M50xas long as short
Lighter RH ETH+0.0096%1h2,731.2+0.172%$23.5M$102.9M50xas long as short
Aevo ETH-PERP+0.0096%1h2,727.3+0.028%$4.9M$165K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,725−0.055%$507K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,728.7+0.081%$15.3M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.5+0.074%$13.9M$105.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,731.6+0.187%$3.11B$2.06B25xas long as short
Pacifica ETH+0.0100%1h2,725.8−0.024%$31.9M$333.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,725.2−0.048%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,725.6−0.033%$1.5M$16.2M25xas long as short
Bulk ETH-USD+0.0100%1h2,725.9−0.022%$161.8M$340.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,729.8+0.122%$3.28B$8.94B200xas long as short
Bitget ETHUSDT+0.0100%8h2,729.3+0.102%$2.09B$2.80B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,725.5−0.036%$15.0M$42.4M50xas long as short
Variational Omni ETH+0.0100%8h2,723.1−0.126%$133.0M$326.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.9−0.020%$184.8M$682.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.3−0.008%$158.4M$87.7M50xas long as short
StandX ETH-USD+0.0100%1h2,724−0.092%$20.9M$69.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,728.9+0.088%—$767K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730+0.128%$11.2M$9.5M50xas long as short
Bullet ETH-USD+0.0100%1h2,729.5+0.111%$179K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,730.2+0.137%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,731.4+0.178%$40.9M$30.2M15xas long as short
Phemex ETHUSDT+0.0100%8h2,729.5+0.111%$263.1M$65.1M150xas long as short
Extended ETH-USD+0.0104%1h2,728.6+0.079%$30.4M$74.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,726.1−0.013%—$30.6M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,731+0.165%$50.5M$4.32B50xas long as short
RISEx ETH/USDC+0.0115%1h2,725.9−0.022%$5.6M$11.8M25xas long as short
Orderly PERP_ETH_USDC+0.0187%8h2,731.7+0.190%$32.2M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0193%1h2,728.3+0.068%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,730.3+0.138%$83.7M$311.6M100xas long as short
Hibachi ETH/USDT-P+0.0272%1h2,730.9+0.162%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0375%8h2,729.5+0.110%$282.4M$175.5M150xas long as short