Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.017%

Price spread now: Pacifica against Kalshi+0.036%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Kalshi Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.036%, 7d avg +0.015%

Together, before fees+0.020%+ Points / potential airdropPacifica: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Pacifica is 0.022% dearer against Kalshi than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of +0.015%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 36 hours. Mind the row above: over the last 7 days funding on this pair paid +0.085%, 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	2,748.6	0.0148	pay 0.0148% / 8h	2h 04m	$7.9M	$672.4M	4.9x
Short	Pacifica ETH	2,749.6	0.0100	get 0.0013% / 1h	4m 08s	$31.7M	$334.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.036%Rate

Funding earned: −$10.09
Price spread: +0.036% → +0.015%: $2.17
Slippage, 4 orders: −$4.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$30.83
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Pacifica: live order book, 5 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, 5 min ago	1.64 bp	7.6 bp −$8	8.7 bp −$87	12.7 bp −$1,275	19.5 bp −$9,746
Sell Pacifica live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.4 bp −$44	doesn't fit	doesn't fit

ETH on 54 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	−0.0112%	43m	2,749.2	+0.020%	$311K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.2	−0.051%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,749.9	+0.048%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.1	+0.017%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	−0.007%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.4	+0.029%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.3	+0.024%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,750	+0.051%	$182K	$999K	50x	as long as short
BingX ETH-USDC	+0.0041%	8h	2,748	−0.020%	—	$18.6M	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,748.6	−0.001%	$1.70B	$10.79B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0067%	8h	2,748.3	−0.012%	$369.8M	$605.2M	100x	as long as short
Aster ETHUSDT	+0.0071%	8h	2,748.6	0.000%	$253.2M	$849.8M	200x	as long as short
ApeX Omni ETHUSDT	+0.0077%	1h	2,745.4	−0.116%	$8.7M	$31.4M	100x	as long as short
HTX ETH-USDT	+0.0079%	8h	2,748.3	−0.010%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,748.2	−0.015%	$1.59B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.9	−0.098%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,748.7	+0.002%	$6.39B	$15.99B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.6	+0.036%	$58.8M	$4.30B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,748.7	+0.003%	$113.1M	$445.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750	+0.052%	$24.8M	$108.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.2	+0.023%	—	$31.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,752.3	+0.136%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749	+0.015%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.6	−0.038%	$14.0M	$108.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.5	+0.069%	$3.13B	$2.05B	25x	as long as short
Pacifica ETHshort	+0.0100%	1h	2,749.6	+0.036%	$31.7M	$334.3M	50x
Bybit ETHUSDT	+0.0100%	8h	2,748.6	+0.001%	$2.47B	$4.24B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.8	+0.007%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750	+0.049%	$2.8M	$16.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,748.8	+0.007%	$3.40B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.5	−0.005%	$2.08B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.9	−0.024%	$15.0M	$41.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.2	−0.089%	$132.8M	$343.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.3	−0.122%	$181.9M	$700.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.193%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.7	−0.069%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.6	+0.035%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.7	+0.040%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.3	−0.010%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749	+0.014%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.3	+0.060%	$41.7M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.8	−0.030%	$963K	$12.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.1	−0.018%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.9	+0.011%	$267.7M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.086%	$164.3M	$302.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,747.1	−0.054%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.5	−0.040%	$30.6M	$73.2M	50x	as long as short
Kalshi KXETHPERPlong	+0.0148%	8h	2,748.6	long leg	$7.9M	$672.4M	4.9x
Orderly PERP_ETH_USDC	+0.0180%	8h	2,750.6	+0.073%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0194%	1h	2,749.7	+0.040%	$258.9M	$197.9M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.142%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,748.7	+0.004%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,748.2	−0.015%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.1	+0.020%	$88.2M	$314.5M	100x	as long as short