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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0039%/8h= +4.2% APRnext payment +$0.39 per $10,000 · paid last 24h −0.002%
Price spread now: Kalshi against Phemex+0.099%7-day average −0.026% · you sell dearer than you buy
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$250.251% of the position
Long on PhemexShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 7 days−0.038%−$4 on $10k
Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.099%, 7d avg −0.026%
Together, before fees−0.090%−$9 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 0.124% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.026%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,757.50.0082pay 0.0082% / 8h7h 02m$268.3M$65.9M150x
ShortKalshi KXETHPERP2,760.20.0120get 0.0120% / 8h3h 02m$8.0M$672.3M4.9x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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

Funding earned
$8.1
Price spread: +0.099% → −0.026%
$12.45
Slippage, 4 orders
−$3.1
Fee Phemex: 6 bp × 2 orders
−$12
Fee Kalshi: 5 bp × 2 orders
−$10
Net
−$4.56
Costs to cover
0.251%
Break-even
10.9 days
Slippage from Phemex: live order book, 6 min ago; Kalshi: live order book, 1 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 Phemex live order book, 6 min ago0.02 bp6.3 bp −$68.9 bp −$8913.6 bp −$1,36116.7 bp −$8,346
Sell Kalshi live order book, 1 min ago0.90 bp6.4 bp −$68.1 bp −$8111.9 bp −$1,18920.1 bp −$10.1K

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
Injective ETH/USDC PERP−0.0752%1h2,773.8+0.592%$119K$22.5M52xas long as short
Perpl ETH−0.0447%43m2,759.5+0.072%$322K$6.1M8.3xas long as short
RISEx ETH/USDC−0.0128%1h2,759.7+0.081%$5.7M$11.2M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,760.2+0.099%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,760.2+0.099%$168K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,768.6+0.403%$869K$3.7M25xas long as short
dYdX ETH-USD+0.0004%1h2,760.4+0.106%$12.2M$43.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,759.9+0.088%$22.3M—200xas long as short
Bullet ETH-USD+0.0017%1h2,759.2+0.061%$184K$1.7M20xas long as short
OKX ETH-USDT-SWAP+0.0033%8h2,759.1+0.059%$1.69B$10.97B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX ETH/USD [ETH-USDC]L +0.0043% / S −0.0009%1h2,759.7+0.080%$12.6M—200xas long as short
SoDEX ETH-USD+0.0045%1h2,759.1+0.059%$54.9M$187.7M40xas long as short
Aster ETHUSDT+0.0047%8h2,759.3+0.064%$259.8M$850.6M200xas long as short
Binance ETHUSDT+0.0056%8h2,759.7+0.079%$6.45B$16.08B150xas long as short
Aevo ETH-PERP+0.0056%1h2,757.2−0.008%$5.0M$156K20xas long as short
MEXC ETH_USDT+0.0057%8h2,760+0.091%$1.60B$2.67B500xas long as short
HTX ETH-USDT+0.0064%8h2,756.6−0.032%$1.07B$1.23B200xas long as short
Gate ETH_USDT+0.0065%8h2,760.2+0.099%$3.38B$9.15B200xas long as short
Aftermath Perps ETHUSD+0.0067%1h2,768.6+0.402%$31K$21K20xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,758.1+0.024%$60.0M$4.38B50xas long as short
Bitget ETHUSDT+0.0081%8h2,759.1+0.058%$2.08B$2.83B150xas long as short
Phemex ETHUSDTlong+0.0082%8h2,757.5long leg$268.3M$65.9M150x
Vest ETH-PERP+0.0088%1h2,761.9+0.161%—$870K50xas long as short
KuCoin ETHUSDTM+0.0090%8h2,760+0.090%$397.4M$587.9M100xas long as short
Deribit ETH-PERPETUAL+0.0094%1h2,760.2+0.100%$259.1M$200.6M50xas long as short
Lighter ETH+0.0096%1h2,758.7+0.044%$114.4M$461.0M50xas long as short
Lighter RH ETH+0.0096%1h2,758.9+0.051%$25.2M$112.9M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,764.5+0.256%$15.9M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,759.3+0.066%$484K$2.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,758.5+0.038%$14.4M$112.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,761.6+0.149%$3.15B$2.11B25xas long as short
Pacifica ETH+0.0100%1h2,760.9+0.124%$31.3M$328.9M50xas long as short
Bybit ETHUSDT+0.0100%8h2,759.2+0.063%$2.49B$4.27B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,759.7+0.081%$2.8M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,760.3+0.103%$2.8M$16.7M25xas long as short
Bulk ETH-USD+0.0100%1h2,771.7+0.516%$172.0M$293.3M25xas long as short
BingX ETH-USDC+0.0100%8h2,759.2+0.061%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,757.8+0.013%$15.0M$42.4M50xas long as short
Variational Omni ETH+0.0100%8h2,766.4+0.323%$134.4M$347.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,770.3+0.466%$183.8M$751.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,767.1+0.347%$160.9M$82.6M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,766.9+0.341%$8.8M$31.4M100xas long as short
StandX ETH-USD+0.0100%1h2,768.5+0.400%$21.4M$65.0M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,759.7+0.081%$10.5M$7.9M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,760.2+0.097%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,761.6+0.149%$42.4M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,759.3+0.065%$967K$12.7M100xas long as short
Extended ETH-USD+0.0104%1h2,759.3+0.066%$30.8M$74.6M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,763.6+0.221%—$35.9M500xas long as short
Kalshi KXETHPERPshort+0.0120%8h2,760.2+0.099%$8.0M$672.3M4.9x
Kraken Futures PF_ETHUSD+0.0134%1h2,759.8+0.086%$97.2M$314.9M100xas long as short
Orderly PERP_ETH_USDC+0.0158%8h2,762.6+0.185%$32.6M$11.0M100xas long as short
Hibachi ETH/USDT-P+0.0168%1h2,768.6+0.402%$253K$1.5M20xas long as short
BloFin ETH-USDT+0.0176%8h2,756.8−0.025%$286.3M$179.7M150xas long as short
Reya ETHRUSDPERP+0.0215%1h2,759.6+0.077%$7.3M$1.1M25xas long as short