Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.006%

Price spread now: SoDEX against Kalshi−0.015%7-day average +0.012% · 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−$23as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now −0.015%, 7d avg +0.012%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.027% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.012%). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.017% in total) that is about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,724.7	0	get 0.0000% / 8h	3h 59m	$6.7M	$673.0M	4.9x
Short	SoDEX ETH-USD	2,724.3	0.0100	get 0.0013% / 1h	59m 23s	$54.3M	$182.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $21
Price spread: −0.015% → +0.012%: −$2.67
Slippage, 4 orders: −$1.84
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$1.51
Costs to cover: 0.198%
Break-even: 7.5 days

Slippage from Kalshi: live order book, 5 min ago; SoDEX: live order book, 5 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, 5 min ago	0.18 bp	5.3 bp −$5	6.7 bp −$67	10.3 bp −$1,033	17.0 bp −$8,483
Sell SoDEX live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	6.2 bp −$618	36.9 bp −$18.5K

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
Perpl ETH	−0.0447%	43m	2,725.5	+0.030%	$274K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	+0.051%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,723.8	−0.033%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.6	−0.002%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725	+0.011%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,724.7	long leg	$6.7M	$673.0M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.4	+0.027%	$264.1M	$216.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.8	+0.040%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,725.8	+0.040%	—	$18.7M	—	as long as short
HTX ETH-USDT	+0.0037%	8h	2,724.5	−0.009%	$1.05B	$1.21B	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,726	+0.048%	$189K	$883K	50x	as long as short
BloFin ETH-USDT	+0.0044%	8h	2,724.3	−0.015%	$280.6M	$177.6M	150x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.3	+0.132%	$117K	$22.5M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.2	+0.019%	$82.0M	$310.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,725.6	+0.034%	$1.65B	$10.73B	100x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,722.1	−0.097%	$8.4M	$31.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,724.2	−0.017%	$239K	$1.4M	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,725.6	+0.031%	$382.7M	$575.8M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,725.5	+0.029%	$252.0M	$850.8M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,725.6	+0.034%	$1.58B	$2.53B	500x	as long as short
Aftermath Perps ETHUSD	+0.0093%	1h	2,724.6	−0.005%	$30K	$20K	20x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,725.6	+0.032%	$6.31B	$16.07B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.6	+0.070%	$112.2M	$399.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.9	+0.118%	$23.4M	$95.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,722	−0.100%	$4.9M	$189K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.6	+0.252%	$15.5M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.1	+0.051%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.1	+0.125%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.2	+0.093%	$32.1M	$332.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,725.5	+0.030%	$2.31B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725	+0.011%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.6	+0.068%	$1.6M	$15.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.4	+0.062%	$3.31B	$8.17B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.7	+0.038%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	+0.017%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723	−0.064%	$131.2M	$318.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,722.3	−0.086%	$185.2M	$683.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.8	−0.034%	$158.3M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,723.6	−0.040%	$20.9M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.1	+0.088%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.1	+0.088%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.4	+0.025%	$180K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.2	−0.019%	$40.6M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.9	−0.030%	$956K	$10.7M	100x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,724.3	−0.015%	$54.3M	$182.6M	40x
Phemex ETHUSDT	+0.0100%	8h	2,725	+0.011%	$262.6M	$64.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.9	−0.067%	$160.5M	$349.9M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.6	+0.032%	$30.4M	$71.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,724.5	−0.006%	—	$30.1M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.8	+0.041%	$46.7M	$4.25B	50x	as long as short
Bluefin ETH-PERP	+0.0128%	1h	2,724.5	−0.008%	$20K	$23K	25x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,727.1	+0.088%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,723.6	−0.041%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,726.9	+0.082%	$32.1M	$11.4M	100x	as long as short