Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h +0.006%

Price spread now: Kalshi against SoDEX+0.048%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.048%, 7d avg −0.014%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.062% dearer against SoDEX than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.014%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.014% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,729.5	0.0088	pay 0.0011% / 1h	15m 36s	$54.4M	$187.8M	40x
Short	Kalshi KXETHPERP	2,730.8	0	get 0.0000% / 8h	7h 15m	$6.2M	$685.8M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.048%Rate

Funding earned: −$18.42
Price spread: +0.048% → −0.014%: $6.17
Slippage, 4 orders: −$1.1
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31.34
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from SoDEX: live order book, 4 min ago; Kalshi: live order book, 4 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 SoDEX live order book, 4 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	6.0 bp −$601	33.7 bp −$16.8K
Sell Kalshi live order book, 4 min ago	0.37 bp	5.4 bp −$5	7.2 bp −$72	10.0 bp −$1,000	15.7 bp −$7,865

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	−0.0335%	43m	2,729.9	+0.015%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.2	+0.026%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0016%	8h	2,729.2	−0.010%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.9	+0.015%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.2	+0.062%	$817K	$2.9M	25x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,730.8	+0.048%	$6.2M	$685.8M	4.9x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.9	+0.016%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,730.9	+0.053%	$10.7M	$42.1M	50x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,730.2	+0.027%	—	$1.14B	—	as long as short
Bullet ETH-USD	+0.0028%	1h	2,729.5	−0.001%	$178K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,729.9	+0.016%	$2.36B	$4.38B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,730.6	+0.041%	$258.6M	$202.3M	50x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,731.1	+0.059%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0064%	8h	2,728.7	−0.030%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,730.3	+0.027%	$377.6M	$575.0M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,730.2	+0.025%	$1.67B	$10.75B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,727.3	−0.082%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730.3	+0.028%	$250.8M	$840.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0082%	1h	2,730.2	+0.025%	$8.6M	$31.2M	100x	as long as short
SoDEX ETH-USDlong	+0.0088%	1h	2,729.5	long leg	$54.4M	$187.8M	40x
MEXC ETH_USDT	+0.0088%	8h	2,730.2	+0.024%	$1.55B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,730.1	+0.023%	$6.33B	$15.95B	150x	as long as short
Phemex ETHUSDT	+0.0090%	8h	2,729.9	+0.013%	$264.6M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.7	+0.042%	$112.4M	$435.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.9	+0.086%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.4	+0.033%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,731.2	+0.062%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.7	+0.007%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.7	+0.081%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	+0.018%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.5	+0.110%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.051%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.7	+0.007%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.9	+0.052%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.047%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.3	+0.029%	$3.33B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.2	+0.026%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.4	−0.005%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	−0.025%	$134.7M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.7	+0.045%	$183.7M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.085%	$158.9M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.9	+0.088%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.9	+0.053%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.1	+0.059%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.8	+0.046%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.5	+0.072%	$41.0M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,731.2	+0.062%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.4	−0.003%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.7	+0.046%	$5.6M	$11.8M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731	+0.054%	$50.6M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,730.3	+0.030%	$83.6M	$316.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0192%	8h	2,732.1	+0.094%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,728.8	−0.026%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,732.8	+0.121%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0350%	8h	2,731.2	+0.063%	$282.6M	$174.8M	150x	as long as short