ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0118%/8h= −12.9% APRnext payment −$1.18 per $10,000 · paid last 24h +0.002%

Price spread now: Bybit against Kalshi−0.125%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Kalshi Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$4 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.125%, 7d avg +0.007%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.132% cheaper against Kalshi than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,721.4	0.0159	pay 0.0159% / 8h	6h 33m	$6.4M	$692.0M	4.9x
Short	Bybit ETHUSDT	2,718	0.0042	get 0.0042% / 8h	2h 33m	$2.34B	$4.42B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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

Position, each leg$Hold fordaysFee KalshibpFee BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$24.68
Price spread: −0.125% → +0.007%: −$13.18
Slippage, 4 orders: −$0.77
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.64
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Bybit: live order book, 10 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 Kalshi live order book, 5 min ago	0.37 bp	5.4 bp −$5	7.0 bp −$70	10.6 bp −$1,064	17.1 bp −$8,528
Sell Bybit live order book, 10 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$699	9.3 bp −$4,645

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	2,720.4	−0.036%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721	−0.015%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718	−0.125%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,718.8	−0.097%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	+0.007%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,719.1	−0.085%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.2	−0.007%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0012%	1h	2,722.1	+0.025%	$10.8M	$41.9M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0015%	1h	2,719.5	−0.072%	$258.7M	$206.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,721.1	−0.011%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,718.4	−0.110%	—	$18.5M	—	as long as short
Bybit ETHUSDTshort	+0.0042%	8h	2,718	−0.125%	$2.34B	$4.42B	150x
Aftermath Perps ETHUSD	+0.0066%	1h	2,723.4	+0.073%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,718.3	−0.113%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,717.5	−0.142%	$953K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,718.4	−0.112%	$374.3M	$578.4M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,718.9	−0.090%	$251.7M	$845.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,716	−0.198%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,718.2	−0.119%	$1.66B	$10.79B	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,718.9	−0.092%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,718.3	−0.116%	$6.29B	$16.09B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.7	−0.100%	$111.2M	$432.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720.4	−0.038%	$23.3M	$103.1M	50x	as long as short
Phemex ETHUSDT	+0.0097%	8h	2,718.7	−0.101%	$262.8M	$64.3M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,720.6	−0.029%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	+0.052%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720	−0.051%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721	−0.015%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,721.5	+0.002%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,720	−0.051%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,721	−0.014%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.089%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.7	−0.100%	$3.30B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718	−0.125%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,717.9	−0.128%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.067%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	+0.011%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.081%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	+0.062%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.7	+0.121%	$21.0M	$71.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,721.9	+0.018%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,721.1	−0.011%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719	−0.087%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.6	−0.065%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,718.3	−0.114%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.4	−0.148%	$30.5M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.7	−0.025%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,719.4	−0.073%	$49.8M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,721.1	−0.010%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERPlong	+0.0159%	8h	2,721.4	long leg	$6.4M	$692.0M	4.9x
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,718.9	−0.091%	$82.7M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,720.6	−0.029%	$32.0M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,718.4	−0.109%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,724.8	+0.124%	$282.9M	$174.7M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,726.2	+0.177%	$249K	$1.4M	20x	as long as short