Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h 0.000%

Price spread now: Kalshi against Bulk−0.157%7-day average −0.016% · 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−$34as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 7 days+0.186%+$19 · spread now −0.157%, 7d avg −0.016%

Together, before fees+0.139%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.140% cheaper against Bulk than usual: you would sell low and buy high (spread −0.157% now, against its 7-day average of −0.016%). If the spread goes back, that is −$14 on $10k: about 46 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,735	0.0100	pay 0.0013% / 1h	56m 09s	$163.2M	$327.7M	25x
Short	Kalshi KXETHPERP	2,730.7	0.0110	get 0.0110% / 8h	5h 56m	$6.8M	$693.0M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.157%Rate

Funding earned: $2.14
Price spread: −0.157% → −0.016%: −$14
Slippage, 4 orders: −$2.72
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31.58
Costs to cover: 0.197%
Break-even: 110.1 days

Slippage from Bulk: live order book, 3 min ago; Kalshi: live order book, 3 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 Bulk live order book, 3 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.6 bp −$356	5.1 bp −$2,563
Sell Kalshi live order book, 3 min ago	1.10 bp	6.6 bp −$7	7.4 bp −$74	11.9 bp −$1,187	18.9 bp −$9,440

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	−0.0112%	43m	2,730.6	−0.159%	$291K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	−0.040%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,733.8	−0.043%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.3	−0.171%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736	+0.037%	$817K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.4	−0.130%	$10.5M	$42.9M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.4	−0.169%	$260.7M	$211.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.4	−0.169%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0009%	8h	2,729.8	−0.191%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDC	+0.0035%	8h	2,729.3	−0.208%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,729.4	−0.205%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,730.5	−0.164%	$190K	$891K	50x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,729.5	−0.200%	$54.4M	$187.5M	40x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,729.9	−0.188%	$374.8M	$576.5M	100x	as long as short
Aftermath Perps ETHUSD	+0.0085%	1h	2,733.7	−0.048%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0090%	8h	2,729	−0.220%	$958K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0093%	8h	2,729.5	−0.200%	$252.6M	$849.4M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,729.6	−0.196%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,730.1	−0.180%	$112.2M	$430.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.2	−0.140%	$23.5M	$102.6M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.6	−0.269%	$4.9M	$156K	20x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,734.5	−0.018%	$8.7M	$31.5M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730	−0.182%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.6	+0.024%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.9	−0.184%	$14.1M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.4	−0.094%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	−0.149%	$32.0M	$334.2M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,729.4	−0.204%	$6.33B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	−0.164%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731	−0.147%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,735	long leg	$163.2M	$327.7M	25x
Gate ETH_USDT	+0.0100%	8h	2,730	−0.182%	$3.28B	$8.92B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,729.6	−0.199%	$1.52B	$2.57B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.8	−0.189%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.9	−0.185%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734	−0.036%	$134.8M	$325.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.9	−0.113%	$185.3M	$680.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.4	+0.015%	$159.1M	$87.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	−0.036%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.8	−0.118%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.3	−0.135%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730.1	−0.180%	$181K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.7	−0.157%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.3	−0.135%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,729.9	−0.185%	$263.2M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.1	−0.215%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,730.7	−0.156%	—	$30.6M	500x	as long as short
Kalshi KXETHPERPshort	+0.0110%	8h	2,730.7	−0.157%	$6.8M	$693.0M	4.9x
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.6	−0.162%	$50.1M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.7	−0.155%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,732.4	−0.094%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,729.3	−0.207%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.1	−0.179%	$83.4M	$311.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,732.3	−0.099%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,731.3	−0.136%	$281.7M	$175.2M	150x	as long as short