Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.005%

Price spread now: Extended against Kalshi−0.068%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Kalshi Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.068%, 7d avg −0.040%

Together, before fees+0.172%+ Points / potential airdropExtended: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.028% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.040%). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,724.2	0	get 0.0000% / 8h	4h 11m	$6.7M	$675.9M	4.9x
Short	Extended ETH-USD	2,722.3	0.0104	get 0.0013% / 1h	11m 50s	$30.4M	$71.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.068%Rate

Funding earned: $21.84
Price spread: −0.068% → −0.040%: −$2.82
Slippage, 4 orders: −$1.96
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $2.06
Costs to cover: 0.170%
Break-even: 6.3 days

Slippage from Kalshi: live order book, 2 min ago; Extended: live order book, 2 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, 2 min ago	0.37 bp	6.1 bp −$6	7.4 bp −$74	11.4 bp −$1,144	19.1 bp −$9,532
Sell Extended live order book, 2 min ago	0.18 bp	2.7 bp −$3	2.7 bp −$27	4.9 bp −$491	12.7 bp −$6,326

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	−0.0447%	43m	2,724.6	+0.016%	$274K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0183%	8h	2,725	+0.030%	$280.8M	$177.5M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.1	−0.004%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,725.4	+0.044%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724	−0.009%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.5	−0.027%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,724.2	long leg	$6.7M	$675.9M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,724	−0.008%	$263.6M	$214.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724	−0.007%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,722.4	−0.065%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0021%	8h	2,723.4	−0.029%	$2.31B	$4.32B	150x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.4	+0.007%	$190K	$883K	50x	as long as short
HTX ETH-USDT	+0.0034%	8h	2,723.4	−0.030%	$1.05B	$1.22B	200x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,729.4	+0.191%	$117K	$22.0M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,723.7	−0.017%	$81.8M	$310.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,725.5	+0.047%	$242K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,722.9	−0.050%	$1.65B	$10.76B	100x	as long as short
ApeX Omni ETHUSDT	+0.0074%	1h	2,724.1	−0.005%	$8.5M	$31.4M	100x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,723	−0.044%	$382.4M	$576.8M	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,723.1	−0.040%	$252.3M	$850.7M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,721	−0.118%	$4.9M	$175K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,723	−0.046%	$1.58B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,722.8	−0.051%	$6.30B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,723.4	−0.031%	$112.2M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.7	+0.018%	$23.4M	$102.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,724.1	−0.004%	$499K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.7	+0.166%	$15.4M	$7.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.6	−0.021%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,725.1	+0.033%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.9	+0.027%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.8	−0.015%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.4	+0.006%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723.2	−0.038%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,722.9	−0.048%	$2.10B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.8	−0.052%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.002%	$133.8M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.2	0.000%	$185.4M	$683.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,724.8	+0.020%	$158.3M	$82.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	+0.066%	$20.9M	$69.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.8	+0.058%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.2	+0.037%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,723.9	−0.011%	$193K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.8	+0.022%	$40.7M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.5	−0.027%	$954K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,723.1	−0.040%	$54.2M	$182.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,723.9	−0.012%	$262.3M	$64.3M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	+0.093%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,725.2	+0.038%	$30K	$20K	20x	as long as short
Extended ETH-USDshort	+0.0104%	1h	2,722.3	−0.068%	$30.4M	$71.4M	50x
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,725.7	+0.057%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,724.7	+0.018%	$46.5M	$4.26B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724.6	+0.015%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0178%	1h	2,723.3	−0.032%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,725.8	+0.060%	$32.2M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0275%	1h	2,724.2	0.000%	$20K	$23K	25x	as long as short