Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h −0.018%

Price spread now: Kalshi against Ondo Perps+0.033%7-day average +0.012% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 7 days+0.272%+$27 · spread now +0.033%, 7d avg +0.012%

Together, before fees+0.127%+ Points / potential airdropOndo Perps: Active · farm board+$13 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 Kalshi is 0.021% dearer against Ondo Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.012%. Mind the row above: over the last 7 days funding on this pair cost −0.145%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,747.4	0.0100	pay 0.0013% / 1h	16m 35s	$2.8M	$16.9M	25x
Short	Kalshi KXETHPERP	2,748.3	0.0145	get 0.0145% / 8h	2h 16m	$7.7M	$674.4M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. 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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now +0.033%Rate

Funding earned: $9.38
Price spread: +0.033% → +0.012%: $2.12
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.49
Costs to cover: 0.150%
Break-even: 9.6 days

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: live order book, 3 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	0.55 bp	6.0 bp −$6	7.6 bp −$76	11.6 bp −$1,158	17.7 bp −$8,839

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0112%	43m	2,747.7	+0.011%	$310K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.3	+0.033%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748.7	+0.048%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,748.1	+0.027%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,747.2	−0.007%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.4	+0.036%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.2	+0.028%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,749	+0.058%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,747.8	+0.013%	$8.7M	$31.4M	100x	as long as short
BingX ETH-USDT	+0.0037%	8h	2,747.8	+0.016%	—	$1.17B	—	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	+0.0049%	8h	2,748.4	+0.036%	$1.69B	$10.95B	100x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,747.5	+0.004%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0069%	8h	2,747.2	−0.008%	$372.1M	$610.1M	100x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,748.5	+0.039%	$253.1M	$858.6M	200x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,747.5	+0.004%	$1.56B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.2	−0.080%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,748.6	+0.044%	$6.39B	$16.21B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.9	+0.053%	$58.9M	$4.34B	50x	as long as short
Aftermath Perps ETHUSD	+0.0095%	1h	2,749.5	+0.075%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,748.1	+0.025%	$113.1M	$444.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.5	+0.112%	$24.9M	$107.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.2	−0.007%	—	$35.6M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,748.4	+0.035%	$3.39B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0096%	8h	2,747.4	−0.001%	$2.08B	$2.83B	150x	as long as short
Bullet ETH-USD	+0.0099%	1h	2,747.8	+0.015%	$183K	$1.7M	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.8	+0.159%	$16.3M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.2	−0.007%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747	−0.015%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,751	+0.131%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.6	+0.042%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.5	+0.039%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,747.4	long leg	$2.8M	$16.9M	25x
Arcus ETH-USD	+0.0100%	1h	2,749	+0.059%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.1	−0.012%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	+0.048%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.3	−0.039%	$181.6M	$704.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.6	+0.008%	$159.8M	$82.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.1	+0.025%	$21.3M	$68.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.2	+0.029%	$10.7M	$8.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748	+0.021%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749.3	+0.070%	$41.7M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.1	−0.047%	$963K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.8	+0.015%	$54.7M	$187.8M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.9	+0.017%	$267.3M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.009%	$164.0M	$301.0M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.1	+0.027%	—	$869K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747	−0.015%	$30.5M	$73.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,749.2	+0.067%	$258.5M	$199.8M	50x	as long as short
Kalshi KXETHPERPshort	+0.0145%	8h	2,748.3	+0.033%	$7.7M	$674.4M	4.9x
Orderly PERP_ETH_USDC	+0.0173%	8h	2,750.2	+0.102%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,748.2	+0.028%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.3	−0.040%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,746.8	−0.021%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.7	+0.048%	$89.1M	$317.0M	100x	as long as short