Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against Kalshi+0.070%46s7-day average +0.048% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.201% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 7 days−0.076%−$8 · spread now +0.070%, 7d avg +0.048%

Together, before fees+0.056%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.022% dearer against Kalshi than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.048%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.132%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,727.4	0.0111	pay 0.0111% / 8h	7h 00m	$6.4M	$688.1M	4.9x
Short	Hyperliquid ETH	2,729.3	0.0100	get 0.0013% / 1h	0m 16s	$3.09B	$2.05B	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$2.25
Price spread: +0.070% → +0.048%: $2.17
Slippage, 4 orders: −$1.1
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$20.17
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Hyperliquid: live order book, 4 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, 4 min ago	0.37 bp	5.4 bp −$5	7.1 bp −$71	10.3 bp −$1,027	17.1 bp −$8,557
Sell Hyperliquid live order book, 4 min ago	0.18 bp	4.7 bp −$5	4.8 bp −$48	6.4 bp −$636	8.0 bp −$3,997

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	−0.0335%	43m	2,727.1	−0.013%	$290K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.6	+0.007%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0022%	8h	2,727.1	−0.010%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.2	−0.007%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.9	+0.165%	$816K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,727.7	+0.010%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.3	−0.004%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0031%	8h	2,726.2	−0.045%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0036%	8h	2,726.8	−0.021%	$2.36B	$4.40B	150x	as long as short
Bullet ETH-USD	+0.0042%	1h	2,726.9	−0.018%	$178K	$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
01 Exchange ETHUSD	+0.0048%	1h	2,727.6	+0.007%	$186K	$784K	50x	as long as short
SunX ETH-USDT	+0.0056%	8h	2,726.2	−0.043%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0063%	8h	2,726.9	−0.019%	$377.5M	$575.8M	100x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,727.1	−0.013%	$8.7M	$31.2M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,727	−0.016%	$252.4M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.8	−0.096%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,727.1	−0.012%	$1.56B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0082%	8h	2,727	−0.014%	$6.32B	$15.96B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0083%	8h	2,727.3	−0.003%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0089%	8h	2,727.2	−0.008%	$264.1M	$64.0M	150x	as long as short
Aftermath Perps ETHUSD	+0.0092%	1h	2,728.3	+0.033%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,726.9	−0.020%	$112.0M	$437.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.1	+0.027%	$23.4M	$105.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727	−0.016%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,728.9	+0.055%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.5	−0.033%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.1	+0.062%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.5	−0.032%	$13.8M	$104.8M	50x	as long as short
Hyperliquid ETHshort	+0.0100%	1h	2,729.3	+0.070%	$3.09B	$2.05B	25x
Pacifica ETH	+0.0100%	1h	2,727.4	+0.002%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.8	−0.022%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.6	+0.008%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.1	−0.010%	$3.33B	$8.99B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.6	+0.007%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.8	−0.021%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.044%	$134.1M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.5	+0.040%	$183.5M	$672.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.5	+0.077%	$158.8M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.1	−0.011%	$21.0M	$73.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.2	+0.029%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.4	+0.037%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.3	−0.004%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.7	+0.049%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,727.5	+0.004%	$54.3M	$187.8M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.9	−0.017%	$164.5M	$309.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,728.7	+0.048%	$258.5M	$202.8M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.5	−0.031%	$30.6M	$73.7M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.8	+0.014%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERPlong	+0.0111%	8h	2,727.4	long leg	$6.4M	$688.1M	4.9x
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.2	+0.029%	$50.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,728.1	+0.024%	$82.8M	$316.8M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,729.2	+0.066%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,726.3	−0.039%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,728.3	+0.032%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,727.2	−0.007%	$281.6M	$174.5M	150x	as long as short