Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.037%

Price spread now: Hotstuff against Kalshi+0.105%7-day average — · you sell dearer than you buy

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

Long on Kalshi Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.105% dearer against Kalshi than usual: you sell high and buy low (spread +0.105% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,770.6	0.0108	pay 0.0108% / 8h	3h 34m	$7.9M	$683.6M	4.9x
Short	Hotstuff ETH-PERP	2,773.5	−0.0080	pay 0.0010% / 1h	34m 56s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$39.55
Price spread: +0.105% → 0.000%: $10.47
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$44.08
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; Hotstuff: 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	0.18 bp	5.3 bp −$5	7.1 bp −$71	10.7 bp −$1,070	17.8 bp −$8,911
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,762.9	−0.278%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.2	−0.050%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,768.5	−0.077%	$320K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,773.5	+0.105%	$5K	$1K	50x
01 Exchange ETHUSD	−0.0032%	1h	2,769.3	−0.047%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.032%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771	+0.014%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.9	−0.026%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0009%	8h	2,768.8	−0.065%	$269.5M	$67.4M	150x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,768.8	−0.065%	$183K	$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	+0.0024%	8h	2,770.1	−0.020%	$1.71B	$11.22B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.5	−0.040%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0037%	1h	2,769.3	−0.047%	$55.2M	$187.9M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,769.9	−0.026%	$256.6M	$886.8M	200x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,769.8	−0.028%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,769.8	−0.029%	$6.47B	$16.39B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,766.9	−0.135%	$5.0M	$165K	20x	as long as short
HTX ETH-USDT	+0.0062%	8h	2,769.1	−0.055%	$1.08B	$1.26B	200x	as long as short
Aftermath Perps ETHUSD	+0.0062%	1h	2,772.6	+0.072%	$31K	$23K	20x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,770.3	−0.011%	$2.10B	$2.89B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,770.7	+0.005%	$259.1M	$207.4M	50x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,770.3	−0.013%	$3.35B	$8.97B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.2	−0.014%	$60.3M	$4.45B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,769.2	−0.052%	$420.0M	$633.5M	100x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,770.2	−0.016%	—	$878K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.7	−0.031%	$115.2M	$457.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.2	+0.022%	$25.8M	$111.2M	50x	as long as short
SunX ETH-USDT	+0.0098%	8h	2,771.9	+0.045%	$973K	$13.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.3	−0.011%	$15.9M	$8.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.6	−0.036%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769	−0.056%	$14.8M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.4	+0.066%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.5	−0.002%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.3	−0.010%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.8	−0.029%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.1	−0.018%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.028%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.1	−0.017%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.3	−0.011%	$15.2M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.060%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773	+0.085%	$182.0M	$786.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.031%	$161.2M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.054%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.072%	$21.4M	$61.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.8	−0.065%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.2	−0.014%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.4	+0.029%	$42.6M	$29.0M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.7	−0.032%	$30.9M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.7	−0.034%	—	$37.0M	500x	as long as short
Kalshi KXETHPERPlong	+0.0108%	8h	2,770.6	long leg	$7.9M	$683.6M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.5	−0.003%	$93.3M	$317.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0149%	8h	2,772	+0.051%	$32.6M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,773.9	+0.118%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,768.4	−0.078%	$287.6M	$185.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,768.9	−0.063%	$7.3M	$1.2M	25x	as long as short