Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.013%

Price spread now: Kalshi against Bulk+0.032%7-day average −0.015% · 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−$180.179% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.052%−$5 on $10k

Price spread, last 7 days+0.001%$0 · spread now +0.032%, 7d avg −0.015%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.047% dearer against Bulk than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.015%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,770.5	0.0100	pay 0.0013% / 1h	55m 35s	$170.6M	$266.1M	25x
Short	Kalshi KXETHPERP	2,771.4	0	get 0.0000% / 8h	3h 55m	$8.1M	$690.0M	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 +0.032%Rate

Funding earned: −$21
Price spread: +0.032% → −0.015%: $4.65
Slippage, 4 orders: −$0.92
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$34.27
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Bulk: 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 Bulk live order book, 4 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	4.9 bp −$2,441
Sell Kalshi live order book, 4 min ago	0.36 bp	5.5 bp −$6	7.1 bp −$71	11.4 bp −$1,139	19.0 bp −$9,497

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
Injective ETH/USDC PERP	−0.0752%	1h	2,771.6	+0.039%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0362%	1h	2,770.5	+0.001%	$8.7M	$32.9M	100x	as long as short
Perpl ETH	−0.0223%	43m	2,769.1	−0.050%	$284K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.9	−0.130%	$5.7M	$11.9M	25x	as long as short
Gate ETH_USDT	−0.0093%	8h	2,767.6	−0.106%	$3.29B	$8.88B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.8	−0.062%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,767.4	−0.113%	$168K	$1.2M	50x	as long as short
Bullet ETH-USD	−0.0013%	1h	2,768.6	−0.071%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	−0.0007%	1h	2,769.2	−0.048%	$55.1M	$228.8M	40x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.053%	$12.7M	$45.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERPshort	0.0000%	8h	2,771.4	+0.032%	$8.1M	$690.0M	4.9x
Phoenix ETH	+0.0003%	1h	2,771.4	+0.032%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.5	−0.036%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,766.9	−0.129%	$1.70B	$11.77B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,769.4	−0.042%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0035%	1h	2,773	+0.090%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,767.9	−0.093%	$255.5M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.031%	$5.0M	$326K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,767.9	−0.095%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,767	−0.126%	$6.45B	$17.18B	150x	as long as short
Bybit ETHUSDT	+0.0063%	8h	2,767.4	−0.113%	$2.51B	$4.59B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,767.1	−0.123%	$2.10B	$3.07B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0079%	1h	2,770.2	−0.011%	$259.1M	$220.9M	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,769.4	−0.042%	$422.2M	$735.1M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.8	+0.009%	$60.8M	$4.57B	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,769.2	−0.049%	$269.7M	$68.1M	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.2	−0.086%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	−0.079%	$115.0M	$455.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.1	−0.017%	$25.2M	$109.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.4	−0.114%	$15.9M	$9.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.2	−0.120%	$482K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.091%	$14.6M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.8	+0.010%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.1	−0.051%	$31.2M	$319.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768	−0.091%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.2	−0.084%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,770.5	long leg	$170.6M	$266.1M	25x
BingX ETH-USDC	+0.0100%	8h	2,767.3	−0.116%	—	$17.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.030%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.4	+0.033%	$151.3M	$343.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.026%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	+0.011%	$161.1M	$88.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.1	−0.015%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.2	−0.120%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.7	−0.029%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.2	+0.023%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.4	−0.078%	$971K	$13.8M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.058%	$1.08B	$1.31B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.3	−0.115%	$32.5M	$78.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	+0.050%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.8	+0.011%	$90.7M	$328.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0146%	8h	2,771.4	+0.032%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,770.6	+0.001%	$286.6M	$192.8M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,770.2	−0.010%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,766.8	−0.136%	$7.3M	$1.2M	25x	as long as short