Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.019%

Price spread now: Kalshi against Hyperliquid−0.066%46s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.202% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.066%, 7d avg −0.049%

Together, before fees−0.065%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,730.9	0.0100	pay 0.0013% / 1h	53m 30s	$3.10B	$2.03B	25x
Short	Kalshi KXETHPERP	2,729.1	0	get 0.0000% / 8h	3h 53m	$6.7M	$672.5M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.066%Rate

Funding earned: −$21
Price spread: −0.066% → −0.049%: −$1.65
Slippage, 4 orders: −$1.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$42.9
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Kalshi: live order book, 6 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 Hyperliquid live order book, 11 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.7 bp −$566	8.0 bp −$4,015
Sell Kalshi live order book, 6 min ago	0.37 bp	5.4 bp −$5	7.5 bp −$75	11.1 bp −$1,111	17.2 bp −$8,604

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	2,728.6	−0.083%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.6	−0.121%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0012%	1h	2,728.7	−0.081%	$805K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.3	−0.094%	$11.9M	—	200x	as long as short
Phemex ETHUSDT	−0.0004%	8h	2,727.4	−0.127%	$262.8M	$64.0M	150x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	−0.084%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,729.1	−0.066%	$6.7M	$672.5M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.2	−0.098%	$264.5M	$219.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.8	−0.115%	$32.9M	—	200x	as long as short
Bybit ETHUSDT	+0.0046%	8h	2,728.6	−0.086%	$2.32B	$4.32B	150x	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	+0.0053%	8h	2,727	−0.142%	$1.05B	$1.22B	200x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,727.5	−0.125%	$3.29B	$8.20B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,728.6	−0.085%	$1.66B	$10.73B	100x	as long as short
01 Exchange ETHUSD	+0.0080%	1h	2,728.7	−0.081%	$191K	$884K	50x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,728.6	−0.083%	$383.8M	$576.6M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,728.4	−0.091%	$252.1M	$849.2M	200x	as long as short
Hibachi ETH/USDT-P	+0.0088%	1h	2,727.2	−0.137%	$242K	$1.4M	20x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,727.3	−0.130%	$954K	$10.7M	100x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,728.5	−0.086%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,728.3	−0.095%	$6.31B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.7	−0.119%	$112.2M	$400.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.2	−0.063%	$23.6M	$95.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,728.3	−0.096%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.9	−0.182%	$4.9M	$193K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.8	−0.114%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.1	+0.006%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728	−0.108%	$14.1M	$103.0M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,730.9	long leg	$3.10B	$2.03B	25x
Pacifica ETH	+0.0100%	1h	2,728.5	−0.090%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728	−0.106%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.2	−0.099%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.139%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.6	−0.085%	$2.11B	$2.76B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,728	−0.105%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.6	−0.120%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727.3	−0.131%	$131.3M	$315.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	−0.194%	$185.4M	$684.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.6	−0.159%	$158.5M	$80.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	−0.229%	$8.4M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.8	−0.077%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.1	−0.029%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	−0.033%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.5	−0.088%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.3	−0.096%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.7	+0.028%	$40.6M	$29.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.4	−0.128%	$54.3M	$182.6M	40x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,727.5	−0.126%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.7	−0.152%	$30.4M	$71.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,727.9	−0.110%	$81.9M	$310.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.4	−0.092%	$46.6M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,728.7	−0.080%	$5.6M	$11.6M	25x	as long as short
BloFin ETH-USDT	+0.0144%	8h	2,726.8	−0.151%	$282.7M	$177.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0175%	1h	2,727.8	−0.114%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730	−0.032%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,725.2	−0.209%	$117K	$19.3M	52x	as long as short