Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0863%/8h= −94.5% APRpaid last 24h −0.010%

Price spread now: Injective against Kalshi+0.076%66s7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$710.706% of the position

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 3 days (all we have)−0.198%−$20 · spread now +0.076%, 7d avg +0.093%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.093%, so right now this pair is about funding alone: −$26 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.257% in total (about 13.4% 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	2,770.8	0.0111	pay 0.0111% / 8h	3h 29m	$8.0M	$682.3M	4.9x
Short	Injective ETH/USDC PERP	2,772.9	−0.0752	pay 0.0094% / 1h	29m 45s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.076%Rate

Funding earned: −$181.25
Price spread: +0.076% → +0.093%: −$1.69
Slippage, 4 orders: −$60.62
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$253.59
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Injective: 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	0.36 bp	5.6 bp −$6	7.2 bp −$72	10.4 bp −$1,039	16.6 bp −$8,310
Sell Injective live order book, 4 min ago	9.73 bp	50.0 bp −$50	51.4 bp −$514	51.5 bp −$5,151	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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,772.9	+0.076%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,769.6	−0.045%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.8	−0.036%	$320K	$6.4M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.3	−0.018%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,769.7	−0.040%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	+0.011%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.2	−0.022%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.6	−0.007%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,769.7	−0.038%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0025%	8h	2,771	+0.006%	$1.71B	$11.19B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,770.5	−0.012%	$12.7M	—	200x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,770.2	−0.022%	$269.6M	$67.5M	150x	as long as short
SoDEX ETH-USD	+0.0033%	1h	2,770	−0.029%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,771.2	+0.014%	$256.7M	$886.3M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,771.5	+0.026%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,771.5	+0.024%	$6.48B	$16.35B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.4	−0.123%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0066%	1h	2,771.4	+0.023%	$31K	$23K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,770.6	−0.006%	$2.10B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.8	+0.035%	$60.4M	$4.44B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,770.1	−0.027%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,771.9	+0.039%	$420.6M	$628.7M	100x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,769.8	−0.036%	$1.08B	$1.25B	200x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,771.8	+0.035%	$3.36B	$9.00B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771	+0.006%	$115.2M	$457.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.2	+0.049%	$25.7M	$111.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.2	+0.015%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.7	−0.040%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.1	−0.027%	$14.7M	$114.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	+0.079%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.3	−0.018%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.4	+0.022%	$2.51B	$4.37B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.9	−0.032%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	−0.014%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.035%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,771.7	+0.034%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772	+0.045%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.6	−0.008%	$140.2M	$345.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	−0.033%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	−0.045%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771	+0.007%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.5	−0.083%	$21.4M	$62.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.4	−0.051%	$10.6M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.8	−0.002%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.2	+0.051%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.3	−0.053%	$971K	$13.2M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.2	+0.013%	$31.0M	$74.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.1	−0.026%	—	$37.0M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,771.6	+0.030%	$259.1M	$207.0M	50x	as long as short
Kalshi KXETHPERPlong	+0.0111%	8h	2,770.8	long leg	$8.0M	$682.3M	4.9x
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.9	+0.040%	$96.0M	$319.4M	100x	as long as short
Hibachi ETH/USDT-P	+0.0144%	1h	2,772.4	+0.059%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0150%	8h	2,772.9	+0.074%	$32.6M	$11.2M	100x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,770.4	−0.016%	$287.6M	$182.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,769.2	−0.058%	$7.3M	$1.2M	25x	as long as short