Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h +0.011%

Price spread now: RISEx against Kalshi−0.027%7-day average +0.015% · you buy dearer than you sell

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−$180.180% of the position

Long on Kalshi Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.068%+$7 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.027%, 7d avg +0.015%

Together, before fees+0.075%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and RISEx is 0.042% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.015%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.068%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,748.6	0.0150	pay 0.0150% / 8h	1h 52m	$7.6M	$668.9M	4.9x
Short	RISEx ETH/USDC	2,747.9	0.0077	get 0.0010% / 1h	52m 10s	$5.7M	$11.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$15.28
Price spread: −0.027% → +0.015%: −$4.17
Slippage, 4 orders: −$2.02
Fee Kalshi: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$37.47
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; RISEx: 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	0.18 bp	5.2 bp −$5	6.9 bp −$69	10.7 bp −$1,068	16.7 bp −$8,347
Sell RISEx live order book, 2 min ago	0.02 bp	3.1 bp −$3	4.1 bp −$41	doesn't fit	doesn't fit

ETH on 54 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
ApeX Omni ETHUSDT	−0.0362%	1h	2,743	−0.203%	$8.7M	$31.1M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,748.2	−0.016%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,743.6	−0.182%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.1	−0.164%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.005%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.8	−0.028%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.2	−0.015%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744	−0.167%	$846K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0043%	8h	2,747.8	−0.029%	—	$18.4M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,748.1	−0.018%	$183K	$916K	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0057%	8h	2,747.8	−0.029%	$1.70B	$10.57B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,748.2	−0.013%	$379.3M	$599.8M	100x	as long as short
Aster ETHUSDT	+0.0077%	8h	2,748	−0.023%	$252.6M	$840.5M	200x	as long as short
RISEx ETH/USDCshort	+0.0077%	1h	2,747.9	−0.027%	$5.7M	$11.2M	25x
Aevo ETH-PERP	+0.0080%	1h	2,746.5	−0.075%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,747.9	−0.027%	$1.58B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0085%	8h	2,747.9	−0.024%	$6.39B	$15.69B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,748.2	−0.015%	$112.9M	$430.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.6	+0.037%	$24.7M	$103.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.8	−0.067%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,749.2	+0.023%	$58.7M	$4.27B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,747.7	−0.034%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.8	+0.117%	$16.2M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.4	−0.044%	$485K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748	−0.022%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.5	+0.031%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.6	0.000%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748	−0.021%	$2.47B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.2	−0.051%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.1	−0.019%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.3	−0.193%	$163.1M	$304.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,748.6	−0.002%	$3.40B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.7	−0.034%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746	−0.096%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748	−0.020%	$132.7M	$342.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.3	−0.158%	$181.8M	$689.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.2	−0.196%	$159.5M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.2	−0.124%	$21.2M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	−0.023%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748	−0.022%	$10.7M	$8.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.3	−0.011%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.1	−0.017%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749.5	+0.033%	$41.7M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.9	−0.061%	$962K	$11.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.8	−0.029%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.2	−0.015%	$267.5M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.1	−0.056%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,746.4	−0.081%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,749.3	+0.024%	$258.9M	$195.3M	50x	as long as short
Kalshi KXETHPERPlong	+0.0150%	8h	2,748.6	long leg	$7.6M	$668.9M	4.9x
Orderly PERP_ETH_USDC	+0.0185%	8h	2,750.3	+0.060%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,748.9	+0.011%	$88.1M	$309.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,747	−0.057%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,746.8	−0.064%	$250K	$1.4M	20x	as long as short