Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0097%/8h= −10.7% APRpaid last 24h −0.010%

Price spread now: 01 Exchange against Kalshi−0.015%7-day average +0.003% · 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−$26as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Kalshi Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.014%−$1 on $10k

Price spread, last 7 days−0.036%−$4 · spread now −0.015%, 7d avg +0.003%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,737.3	0.0137	pay 0.0137% / 8h	6h 05m	$6.9M	$693.2M	4.9x
Short	01 Exchange ETHUSD	2,736.9	0.0040	get 0.0005% / 1h	5m 17s	$190K	$876K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.015%Rate

Funding earned: −$20.46
Price spread: −0.015% → +0.003%: −$1.78
Slippage, 4 orders: −$6.87
Fee Kalshi: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$46.1
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; 01 Exchange: live order book, 44 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, 4 min ago	0.37 bp	5.6 bp −$6	7.7 bp −$77	10.9 bp −$1,088	18.7 bp −$9,348
Sell 01 Exchange live order book, 44 min ago	0.18 bp	5.7 bp −$6	11.6 bp −$116	doesn't fit	doesn't fit

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	2,736.6	−0.027%	$292K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.9	+0.058%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.9	−0.015%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.5	−0.029%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.5	+0.007%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.9	−0.014%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.069%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,736.1	−0.043%	$1.05B	$1.22B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0028%	1h	2,737.3	+0.001%	$259.1M	$208.9M	50x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,736.5	−0.030%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSDshort	+0.0040%	1h	2,736.9	−0.015%	$190K	$876K	50x
Bybit ETHUSDT	+0.0044%	8h	2,735.9	−0.053%	$2.35B	$4.42B	150x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,736.5	−0.028%	$376.1M	$577.9M	100x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,736.4	−0.032%	$183K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,736.1	−0.046%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,736.3	−0.038%	$959K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,737.2	−0.004%	$112.7M	$438.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.4	+0.039%	$23.5M	$104.2M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,733.4	−0.142%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,735.6	−0.062%	$1.66B	$10.94B	100x	as long as short
Aster ETHUSDT	+0.0099%	8h	2,736.7	−0.020%	$253.2M	$848.5M	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.6	−0.026%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,741.6	+0.155%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,736.5	−0.029%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.7	+0.051%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.9	+0.022%	$32.1M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,736.5	−0.031%	$6.35B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.5	+0.007%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.4	+0.003%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.6	−0.026%	$3.28B	$9.09B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,736.4	−0.031%	$1.53B	$2.61B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.2	−0.039%	$2.09B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.1	+0.028%	$15.0M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	−0.006%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.2	−0.040%	$185.6M	$682.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.029%	$159.3M	$87.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.7	−0.024%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,737.9	+0.022%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.3	+0.036%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738	+0.026%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.8	−0.019%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.5	+0.007%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.3	−0.037%	$54.5M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.9	−0.014%	$264.0M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735.9	−0.051%	$162.8M	$321.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.9	−0.089%	$30.3M	$74.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,738.3	+0.036%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,737.8	+0.017%	$50.3M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,737.3	−0.001%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERPlong	+0.0137%	8h	2,737.3	long leg	$6.9M	$693.2M	4.9x
Kraken Futures PF_ETHUSD	+0.0175%	1h	2,737.2	−0.004%	$83.7M	$311.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,738	+0.025%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,735.8	−0.056%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,738.3	+0.035%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,736.6	−0.024%	$280.1M	$175.4M	150x	as long as short