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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 07:00 UTC+0.0093%/8h= +10.1% APRpaid last 24h −0.006%
Price spread now: Bullet against Kalshi+0.015%7-day average +0.020% · 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−$22as in the Price arb table
costs, in and out, $10k−$220.218% of the position
Long on KalshiShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.005%$0 on $10k
Price spread, last 7 days−0.036%−$4 · spread now +0.015%, 7d avg +0.020%
Together, before fees−0.041%−$4 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,730.60get 0.0000% / 8h4h 59m$6.6M$682.3M4.9x
ShortBullet ETH-USD2,7310.0093get 0.0012% / 1h59m 31s$187K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet against Kalshi. 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

Funding earned
$19.44
Price spread: +0.015% → +0.020%
−$0.52
Slippage, 4 orders
−$3.84
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Bullet: 4 bp × 2 orders
−$8
Net
−$2.92
Costs to cover
0.218%
Break-even
8.1 days
Slippage from Kalshi: live order book, 5 min ago; Bullet: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 5 min ago0.18 bp5.7 bp −$66.9 bp −$6910.2 bp −$1,02016.4 bp −$8,195
Sell Bullet live order book, 5 min ago0.55 bp5.9 bp −$69.2 bp −$92doesn't fitdoesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff ETH-PERP−0.0080%1h2,729.9−0.026%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,734.2+0.132%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,731.4+0.029%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,730−0.022%$812K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,729.8−0.030%$10.5M$42.8M50xas long as short
Kalshi KXETHPERPlong0.0000%8h2,730.6long leg$6.6M$682.3M4.9x
Perpl ETH0.0000%43m2,730.2−0.015%$288K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,731.8+0.043%$262.5M$213.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,731.4+0.030%$33.0M—200xas long as short
ApeX Omni ETHUSDT+0.0012%1h2,728.8−0.065%$8.6M$31.6M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0022%8h2,729.4−0.042%—$1.10B—as long as short
Bybit ETHUSDT+0.0025%8h2,729.4−0.045%$2.33B$4.38B150xas long as short
HTX ETH-USDT+0.0030%8h2,730.7+0.002%$1.05B$1.22B200xas long as short
01 Exchange ETHUSD+0.0040%1h2,730.2−0.015%$191K$890K50xas long as short
KuCoin ETHUSDTM+0.0069%8h2,729.8−0.029%$385.7M$577.4M100xas long as short
SoDEX ETH-USD+0.0074%1h2,730.8+0.007%$54.4M$187.2M40xas long as short
OKX ETH-USDT-SWAP+0.0079%8h2,729.4−0.045%$1.65B$10.86B100xas long as short
Aster ETHUSDT+0.0081%8h2,729.6−0.037%$252.9M$847.7M200xas long as short
MEXC ETH_USDT+0.0092%8h2,729.5−0.041%$1.54B$2.55B500xas long as short
Bullet ETH-USDshort+0.0093%1h2,731+0.015%$187K$1.7M20x
Binance ETHUSDT+0.0093%8h2,729.5−0.041%$6.33B$16.12B150xas long as short
Phemex ETHUSDT+0.0094%8h2,731.1+0.018%$263.0M$64.4M150xas long as short
Lighter ETH+0.0096%1h2,730.1−0.020%$112.6M$428.2M50xas long as short
Lighter RH ETH+0.0096%1h2,731.4+0.030%$23.5M$103.6M50xas long as short
Aevo ETH-PERP+0.0096%1h2,728.1−0.092%$4.9M$174K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,729.5−0.040%$501K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,733.9+0.119%$15.4M$7.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.9−0.063%$14.1M$104.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,731.7+0.040%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,730.5−0.004%$32.2M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729.1−0.055%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,730.3−0.010%$1.5M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,729.7−0.033%$3.30B$8.83B200xas long as short
Bitget ETHUSDT+0.0100%8h2,729.5−0.039%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,730.5−0.003%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,728−0.096%$134.0M$320.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,728.7−0.069%$185.5M$683.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,729.2−0.051%$158.6M$83.7M50xas long as short
StandX ETH-USD+0.0100%1h2,730.8+0.007%$21.0M$70.2M40xas long as short
Vest ETH-PERP+0.0100%1h2,731.8+0.044%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,732.2+0.059%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,731.1+0.017%$22K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,732.6+0.074%$40.9M$30.1M15xas long as short
SunX ETH-USDT+0.0100%8h2,729.5−0.040%$956K$10.9M100xas long as short
Bulk ETH-USD+0.0100%1h2,729−0.060%$162.7M$352.6M25xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,731.8+0.044%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,728.7−0.071%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,729.4−0.043%—$30.5M500xas long as short
Hibachi ETH/USDT-P+0.0112%1h2,729.7−0.032%$243K$1.4M20xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,732+0.049%$46.5M$4.30B50xas long as short
RISEx ETH/USDC+0.0115%1h2,731.1+0.019%$5.6M$11.6M25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,733.1+0.090%$32.2M$11.4M100xas long as short
Reya ETHRUSDPERP+0.0186%1h2,730−0.023%$7.3M$975K25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,731.2+0.023%$82.2M$309.8M100xas long as short
BloFin ETH-USDT+0.0222%8h2,729−0.060%$281.1M$177.2M150xas long as short