Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.018%

Price spread now: Deribit against Kalshi+0.021%7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.021%, 7d avg +0.070%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.050% cheaper against Kalshi than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.070%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,771.9	0.0111	pay 0.0111% / 8h	3h 29m	$8.0M	$681.6M	4.9x
Short	Deribit ETH-PERPETUAL	2,772.5	0.0111	get 0.0014% / 1h	29m 14s	$259.1M	$206.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.070%: −$4.98
Slippage, 4 orders: −$2.74
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.72
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Deribit: 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 Kalshi live order book, 5 min ago	0.36 bp	5.6 bp −$6	7.2 bp −$72	10.4 bp −$1,039	16.6 bp −$8,310
Sell Deribit live order book, 5 min ago	0.09 bp	3.9 bp −$4	4.9 bp −$49	9.5 bp −$953	19.8 bp −$9,924

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	2,772.9	+0.036%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.3	−0.059%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770	−0.069%	$320K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.2	−0.061%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.2	−0.061%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	−0.029%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.054%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.5	−0.016%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,770.5	−0.050%	$269.6M	$67.5M	150x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,770.5	−0.051%	$184K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0025%	8h	2,770.8	−0.040%	$1.71B	$11.18B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.2	−0.025%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,770.7	−0.043%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0041%	8h	2,770.7	−0.044%	$256.6M	$886.2M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,770.5	−0.050%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,770.5	−0.050%	$6.48B	$16.34B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.2	−0.132%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0067%	1h	2,771.6	−0.012%	$31K	$21K	20x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,770.8	−0.039%	$3.36B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,771.3	−0.022%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.8	−0.002%	$60.4M	$4.44B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,770.8	−0.040%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,770.2	−0.060%	$420.2M	$628.7M	100x	as long as short
HTX ETH-USDT	+0.0092%	8h	2,770.9	−0.036%	$1.08B	$1.25B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	−0.026%	$115.2M	$457.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.4	+0.018%	$25.7M	$111.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.7	−0.006%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.061%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.6	−0.011%	$14.7M	$114.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	+0.040%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.7	−0.042%	$31.2M	$325.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.8	−0.038%	$2.51B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.8	−0.076%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771	−0.033%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.074%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.8	−0.038%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772	+0.005%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.6	−0.048%	$140.2M	$345.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.3	−0.058%	$181.9M	$787.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.036%	$161.1M	$84.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771	−0.033%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.058%	$21.4M	$63.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.4	−0.054%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.5	−0.014%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773	+0.039%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.2	−0.096%	$971K	$13.2M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.058%	$31.0M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.2	−0.024%	—	$36.9M	500x	as long as short
Deribit ETH-PERPETUALshort	+0.0111%	1h	2,772.5	+0.021%	$259.1M	$206.9M	50x
Kalshi KXETHPERPlong	+0.0111%	8h	2,771.9	long leg	$8.0M	$681.6M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,772.1	+0.006%	$96.0M	$319.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0150%	8h	2,773.7	+0.066%	$32.7M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771	−0.033%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,771.3	−0.023%	$287.7M	$182.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,770.5	−0.049%	$7.3M	$1.2M	25x	as long as short