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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 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.030%
Price spread now: Injective against Kalshi+0.147%7-day average +0.099% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$720.715% of the position
Long on KalshiShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days+0.210%+$21 on $10k
Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.147%, 7d avg +0.099%
Together, before fees−0.042%−$4 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.048% dearer against Kalshi than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.099%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,726.90get 0.0000% / 8h4h 17m$6.7M$677.9M4.9x
ShortInjective ETH/USDC PERP2,730.90.0050get 0.0006% / 1h17m 09s$117K$21.8M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective 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
$10.49
Price spread: +0.147% → +0.099%
$4.82
Slippage, 4 orders
−$61.53
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
−$56.24
Costs to cover
0.715%
Break-even
44.5 days
Slippage from Kalshi: live order book, 2 min ago; Injective: 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 bp5.5 bp −$67.4 bp −$7411.2 bp −$1,12217.8 bp −$8,918
Sell Injective live order book, 2 min ago14.83 bp46.0 bp −$4647.3 bp −$47347.4 bp −$4,741doesn'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−0.0447%43m2,726−0.033%$276K$5.7M8.3xas long as short
BloFin ETH-USDT−0.0179%8h2,726.3−0.021%$281.2M$177.6M150xas long as short
Hotstuff ETH-PERP−0.0080%1h2,725.8−0.040%$5K$1K50xas long as short
Phoenix ETH−0.0015%1h2,727+0.004%$809K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,726.5−0.014%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,726.4−0.019%$10.5M$41.9M50xas long as short
Kalshi KXETHPERPlong0.0000%8h2,726.9long leg$6.7M$677.9M4.9x
Deribit ETH-PERPETUAL0.0000%1h2,727+0.003%$263.6M$214.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,726.7−0.009%$32.9M—200xas long as short
BingX ETH-USDT+0.0016%8h2,726.3−0.022%—$1.08B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0020%8h2,725.9−0.037%$2.32B$4.34B150xas long as short
HTX ETH-USDT+0.0031%8h2,726.2−0.025%$1.05B$1.22B200xas long as short
01 Exchange ETHUSD+0.0032%1h2,726.6−0.011%$190K$884K50xas long as short
Injective ETH/USDC PERPshort+0.0050%1h2,730.9+0.147%$117K$21.8M52x
Hibachi ETH/USDT-P+0.0056%1h2,727.1+0.006%$242K$1.4M20xas long as short
Kraken Futures PF_ETHUSD+0.0060%1h2,727+0.003%$81.9M$310.8M100xas long as short
ApeX Omni ETHUSDT+0.0068%1h2,726.3−0.022%$8.5M$31.4M100xas long as short
OKX ETH-USDT-SWAP+0.0072%8h2,725.9−0.036%$1.65B$10.79B100xas long as short
KuCoin ETHUSDTM+0.0074%8h2,726.7−0.008%$382.6M$576.9M100xas long as short
Aster ETHUSDT+0.0078%8h2,726.2−0.026%$252.6M$848.7M200xas long as short
MEXC ETH_USDT+0.0088%8h2,726.6−0.013%$1.58B$2.59B500xas long as short
Aevo ETH-PERP+0.0088%1h2,724.1−0.102%$4.9M$172K20xas long as short
Binance ETHUSDT+0.0090%8h2,726.2−0.027%$6.30B$16.11B150xas long as short
Lighter ETH+0.0096%1h2,726.8−0.003%$112.4M$433.2M50xas long as short
Lighter RH ETH+0.0096%1h2,728.2+0.046%$23.4M$102.4M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,725.8−0.040%$500K$3.6M50xas long as short
Phemex ETHUSDT+0.0100%8h2,726−0.032%$262.6M$64.5M150xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.6+0.136%$15.3M$7.5M50xas long as short
Nado ETH-PERP+0.0100%1h2,725.6−0.049%$14.0M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,728.6+0.062%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,727.2+0.009%$32.1M$333.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,726−0.033%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,726.3−0.022%$1.6M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,726.7−0.008%$3.31B$8.94B200xas long as short
Bitget ETHUSDT+0.0100%8h2,726.4−0.019%$2.11B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,726.2−0.027%$15.0M$40.5M50xas long as short
Variational Omni ETH+0.0100%8h2,722.2−0.171%$133.6M$316.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.2−0.063%$185.4M$683.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.9+0.001%$158.5M$82.0M50xas long as short
StandX ETH-USD+0.0100%1h2,726.4−0.018%$20.9M$70.1M40xas long as short
Vest ETH-PERP+0.0100%1h2,727.4+0.018%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,726.90.000%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,726.1−0.029%$182K$1.7M20xas long as short
Derive ETH-PERP+0.0100%1h2,727.6+0.027%$40.8M$29.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,725.5−0.050%$955K$10.8M100xas long as short
SoDEX ETH-USD+0.0100%1h2,726.2−0.026%$54.3M$182.7M40xas long as short
Bulk ETH-USD+0.0100%1h2,726.7−0.006%$161.2M$356.8M25xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,725.6−0.049%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,725.4−0.056%$30.4M$71.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,726.6−0.010%—$30.2M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,728.1+0.043%$46.6M$4.27B50xas long as short
RISEx ETH/USDC+0.0114%1h2,726.3−0.023%$5.6M$11.7M25xas long as short
Reya ETHRUSDPERP+0.0179%1h2,724.9−0.073%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,728.5+0.060%$32.2M$11.2M100xas long as short
Bluefin ETH-PERP+0.0364%1h2,726.5−0.015%$20K$23K25xas long as short