Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0025%/8h= +2.8% APRpaid last 24h −0.015%

Price spread now: Kalshi against Coinbase International−0.019%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)+0.115%+$12 · spread now −0.019%, 7d avg −0.059%

Together, before fees−0.028%−$3 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 0.041% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.059%. Mind the row above: over the last 7 days funding on this pair cost −0.144%, 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	Coinbase International ETH-PERP-INTX	2,733.4	0.0112	pay 0.0014% / 1h	18m 40s	$51.4M	$4.27B	50x
Short	Kalshi KXETHPERP	2,732.9	0.0137	get 0.0137% / 8h	18m 40s	$6.8M	$678.5M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.019%Rate

Funding earned: $5.3
Price spread: −0.019% → −0.059%: $4.08
Slippage, 4 orders: −$3.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.52
Costs to cover: 0.239%
Break-even: 26.2 days

Slippage from Coinbase International: live order book, 6 min ago; Kalshi: live order book, 5 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 Coinbase International live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.1 bp −$709	23.4 bp −$11.7K
Sell Kalshi live order book, 5 min ago	0.18 bp	6.2 bp −$6	7.5 bp −$75	11.1 bp −$1,108	17.1 bp −$8,573

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	−0.0447%	43m	2,732.9	−0.019%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.029%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.5	−0.070%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.8	−0.021%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.6	−0.067%	$10.7M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,731.9	−0.055%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	+0.018%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.9	−0.019%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0009%	1h	2,732.3	−0.041%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,733.3	−0.004%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0042%	8h	2,731.6	−0.067%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0052%	8h	2,731.2	−0.083%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0059%	8h	2,731.3	−0.077%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,731.1	−0.086%	$379.9M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,731.5	−0.069%	$1.67B	$10.70B	100x	as long as short
Phemex ETHUSDT	+0.0073%	8h	2,732	−0.053%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,731.5	−0.071%	$250.8M	$841.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0090%	1h	2,733.5	+0.003%	$259.7M	$196.2M	50x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,732.1	−0.048%	$54.4M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,731.3	−0.078%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731.4	−0.072%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.8	−0.059%	$112.8M	$440.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.7	−0.027%	$23.4M	$106.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.9	−0.017%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.8	−0.134%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.2	+0.103%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.2	−0.046%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.6	−0.066%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.5	−0.035%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.3	−0.004%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.5	−0.033%	$31.8M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.4	−0.074%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.5	−0.033%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.8	−0.059%	$3.34B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.8	−0.060%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.4	−0.073%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.071%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.1	+0.026%	$183.9M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	+0.053%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.4	−0.037%	$21.1M	$68.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734	+0.022%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	−0.014%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734	+0.023%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.8	−0.060%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	+0.052%	$164.8M	$300.4M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.6	+0.005%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731	−0.087%	$30.4M	$72.7M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0112%	1h	2,733.4	long leg	$51.4M	$4.27B	50x
Aftermath Perps ETHUSD	+0.0114%	1h	2,734.2	+0.027%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPshort	+0.0137%	8h	2,732.9	−0.019%	$6.8M	$678.5M	4.9x
Orderly PERP_ETH_USDC	+0.0195%	8h	2,734.6	+0.044%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,731.7	−0.063%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,732.8	−0.022%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,734.4	+0.036%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0380%	8h	2,731.7	−0.064%	$282.3M	$175.5M	150x	as long as short