Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h +0.034%

Price spread now: Derive against Kalshi+0.024%7-day average +0.085% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.024%, 7d avg +0.085%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Derive is 0.062% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.085%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.209%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,746.5	0.0159	pay 0.0159% / 8h	1h 09m	$7.8M	$670.6M	4.9x
Short	Derive ETH-PERP	2,747.1	0.0100	get 0.0013% / 1h	9m 55s	$41.5M	$29.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.024%Rate

Funding earned: −$12.41
Price spread: +0.024% → +0.085%: −$6.17
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$34.58
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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, 4 min ago	0.36 bp	5.4 bp −$5	7.3 bp −$73	11.0 bp −$1,101	17.1 bp −$8,553
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff ETH-PERP	−0.0080%	1h	2,747.4	+0.033%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.397%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.8	−0.026%	$12.1M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,746.2	−0.011%	$305K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.4	−0.003%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,745.8	−0.025%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,746.8	+0.011%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,746.9	+0.015%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,744.4	−0.076%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,744.6	−0.071%	—	$1.14B	—	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	+0.0068%	8h	2,744	−0.091%	$1.71B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,745.5	−0.038%	$382.2M	$575.3M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,745.3	−0.044%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.4	+0.032%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,745.1	−0.050%	$254.0M	$840.9M	200x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,745.3	−0.044%	$54.7M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,743.6	−0.107%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,744.3	−0.080%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.7	−0.030%	$112.9M	$436.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747	+0.018%	$24.7M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.4	+0.033%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744	−0.092%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.3	−0.007%	$55.6M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.9	+0.159%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747	+0.018%	$469K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.8	+0.012%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.1	+0.022%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.4	+0.033%	$31.8M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.3	−0.082%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.7	−0.138%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.4	+0.034%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.003%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,744.9	−0.059%	$3.40B	$8.77B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.9	−0.094%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.2	−0.084%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.124%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.6	−0.107%	$182.4M	$665.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	−0.101%	$159.6M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.4	−0.076%	$21.2M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.2	+0.024%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	+0.025%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,747.1	+0.024%	$41.5M	$29.6M	15x
SunX ETH-USDT	+0.0100%	8h	2,746.1	−0.015%	$963K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.6	+0.002%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.2	−0.048%	$266.8M	$64.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743	−0.129%	$30.7M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,745.7	−0.028%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPlong	+0.0159%	8h	2,746.5	long leg	$7.8M	$670.6M	4.9x
Orderly PERP_ETH_USDC	+0.0195%	8h	2,747.7	+0.045%	$32.3M	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0202%	1h	2,747.1	+0.023%	$259.8M	$195.3M	50x	as long as short
BloFin ETH-USDT	+0.0218%	8h	2,745.4	−0.041%	$285.8M	$180.2M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.4	−0.003%	$86.6M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,744.8	−0.064%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,745.8	−0.024%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0380%	1h	2,745.6	−0.033%	$21K	$20K	25x	as long as short