Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.070%

Price spread now: Perpl against Kalshi+0.099%73s7-day average +0.026% · you sell dearer than you buy

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

Long on Kalshi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 7 days−0.107%−$11 · spread now +0.099%, 7d avg +0.026%

Together, before fees+0.044%+ Points / potential airdropPerpl: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.072% dearer against Kalshi than usual: you sell high and buy low (spread +0.099% now, against its 7-day average of +0.026%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.151%, so the current rate has only just turned against you. The two prices were read 73 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	2,728.4	0	get 0.0000% / 8h	3h 32m	$6.7M	$669.8M	4.9x
Short	Perpl ETH	2,731.1	−0.0112	pay 0.0010% / 43m	4m 51s	$277K	$5.7M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$23.44
Price spread: +0.099% → +0.026%: $7.21
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$40.03
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 1 min ago; Perpl: 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, 1 min ago	1.10 bp	6.1 bp −$6	6.9 bp −$69	11.0 bp −$1,097	18.5 bp −$9,248
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
BloFin ETH-USDT	−0.0174%	8h	2,727	−0.052%	$280.2M	$176.7M	150x	as long as short
HTX ETH-USDT	−0.0113%	8h	2,726.5	−0.070%	$1.05B	$1.21B	200x	as long as short
Perpl ETHshort	−0.0112%	43m	2,731.1	+0.099%	$277K	$5.7M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,727	−0.051%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0060%	8h	2,726.6	−0.067%	$2.31B	$4.29B	150x	as long as short
SunX ETH-USDT	−0.0024%	8h	2,726.3	−0.078%	$940K	$10.6M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.132%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.4	−0.037%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728	−0.013%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,728.4	long leg	$6.7M	$669.8M	4.9x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.7	+0.009%	$264.1M	$219.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.3	−0.005%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,727.3	−0.042%	$3.27B	$8.26B	200x	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.7	+0.119%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,727.8	−0.022%	$194K	$889K	50x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,731.4	+0.111%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0052%	1h	2,727.5	−0.033%	$54.3M	$182.4M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,727.3	−0.041%	$1.65B	$10.63B	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,727	−0.050%	$252.3M	$843.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,727.8	−0.022%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,727.2	−0.046%	$382.8M	$573.1M	100x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,727	−0.051%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,726.6	−0.067%	$6.31B	$16.00B	150x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,727.2	−0.044%	$176K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,728.4	−0.001%	$112.4M	$401.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.6	+0.043%	$23.7M	$96.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.8	−0.021%	—	$30.4M	500x	as long as short
Phemex ETHUSDT	+0.0096%	8h	2,727.8	−0.022%	$262.8M	$63.2M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.4	−0.037%	$497K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731	+0.096%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.3	−0.042%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.7	+0.048%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.3	−0.004%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.8	−0.059%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.6	−0.028%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	+0.036%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.5	−0.033%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,726.1	−0.085%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.2	−0.043%	$15.1M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.8	+0.087%	$132.0M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731	+0.095%	$185.8M	$683.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.124%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	+0.114%	$21.0M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.8	+0.053%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.3	−0.040%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.9	+0.164%	$40.6M	$29.2M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.5	−0.071%	$30.5M	$71.0M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,728.4	0.000%	$81.9M	$309.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,731.1	+0.101%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,728.6	+0.006%	$45.9M	$4.22B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,728.2	−0.009%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,729.3	+0.035%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,729.1	+0.027%	$32.2M	$10.9M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,735	+0.242%	$117K	$21.0M	52x	as long as short
Bluefin ETH-PERP	+0.1794%	1h	2,727.9	−0.018%	$20K	$23K	25x	as long as short