Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0256%/8h= +28.0% APRpaid last 24h +0.037%

Price spread now: Hibachi against Kalshi+0.019%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Kalshi Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.019%, 7d avg +0.038%

Together, before fees−0.185%+ Points / potential airdropHibachi: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.038%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.178%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.178% in total (about -9.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,728	0	get 0.0000% / 8h	5h 41m	$6.7M	$690.9M	4.9x
Short	Hibachi ETH/USDT-P	2,728.5	0.0256	get 0.0032% / 1h	41m 10s	$245K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.019%Rate

Funding earned: $53.76
Price spread: +0.019% → +0.038%: −$1.95
Slippage, 4 orders: −$5.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $26.91
Costs to cover: 0.249%
Break-even: 3.5 days

Slippage from Kalshi: live order book, 3 min ago; Hibachi: live order book, 3 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, 3 min ago	0.92 bp	6.8 bp −$7	7.7 bp −$77	11.9 bp −$1,187	19.7 bp −$9,866
Sell Hibachi live order book, 3 min ago	0.02 bp	5.3 bp −$5	11.1 bp −$111	doesn't fit	doesn't fit

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
ApeX Omni ETHUSDT	−0.0115%	1h	2,726.2	−0.065%	$8.6M	$31.5M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,727.7	−0.013%	$290K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	−0.004%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.3	−0.026%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.5	−0.019%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	+0.037%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.2	+0.043%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,728	long leg	$6.7M	$690.9M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.6	−0.015%	$262.6M	$215.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.4	−0.022%	$32.9M	—	200x	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	+0.0008%	8h	2,726.6	−0.052%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,728.1	+0.004%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,726.3	−0.063%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726	−0.074%	$2.34B	$4.43B	150x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,726.7	−0.048%	$54.3M	$187.4M	40x	as long as short
KuCoin ETHUSDTM	+0.0076%	8h	2,726.7	−0.047%	$377.6M	$577.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0076%	1h	2,728.3	+0.010%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,726.3	−0.061%	$956K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,726.6	−0.051%	$251.9M	$850.7M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,726.1	−0.070%	$1.65B	$10.95B	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,726.4	−0.060%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,726.2	−0.067%	$6.32B	$16.20B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.1	−0.034%	$112.0M	$433.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.7	+0.025%	$23.4M	$102.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.1	−0.144%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.8	−0.007%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.5	+0.164%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.6	−0.016%	$14.1M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.9	+0.034%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.5	+0.055%	$32.0M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.7	−0.048%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729	+0.038%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.3	−0.027%	$162.4M	$353.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.041%	$3.29B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.2	−0.066%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.4	−0.059%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.1	−0.181%	$133.0M	$326.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.6	−0.126%	$184.7M	$683.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	+0.030%	$158.6M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728	0.000%	$21.0M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.1	+0.042%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.8	+0.029%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,727.5	−0.020%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.6	−0.016%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.5	+0.017%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727	−0.038%	$262.9M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.6	−0.088%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,727.8	−0.008%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728.4	+0.014%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,728.7	+0.024%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,729	+0.035%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,726.5	−0.054%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,727.5	−0.018%	$83.4M	$311.8M	100x	as long as short
Hibachi ETH/USDT-Pshort	+0.0256%	1h	2,728.5	+0.019%	$245K	$1.4M	20x
BloFin ETH-USDT	+0.0373%	8h	2,726.8	−0.044%	$282.1M	$175.4M	150x	as long as short