Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.017%

Price spread now: Phoenix against Kalshi+0.253%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 7 days−0.181%−$18 · spread now +0.253%, 7d avg +0.099%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.154% dearer against Kalshi than usual: you sell high and buy low (spread +0.253% now, against its 7-day average of +0.099%): +$15 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 44 days. Mind the row above: over the last 7 days funding on this pair paid +0.110%, 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	2,725.1	0	get 0.0000% / 8h	3h 30m	$6.7M	$669.5M	4.9x
Short	Phoenix ETH	2,732	−0.0012	pay 0.0001% / 1h	30m 40s	$806K	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.253%Rate

Funding earned: −$2.47
Price spread: +0.253% → +0.099%: $15.39
Slippage, 4 orders: −$4.34
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.41
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Phoenix: live order book, 8 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, 3 min ago	1.10 bp	6.1 bp −$6	6.9 bp −$69	11.0 bp −$1,097	18.5 bp −$9,248
Sell Phoenix live order book, 8 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	17.2 bp −$1,723	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
BloFin ETH-USDT	−0.0166%	8h	2,723.9	−0.045%	$279.9M	$176.3M	150x	as long as short
HTX ETH-USDT	−0.0140%	8h	2,723.3	−0.068%	$1.05B	$1.20B	200x	as long as short
Perpl ETH	−0.0112%	43m	2,725	−0.003%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724	−0.040%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0079%	8h	2,722.7	−0.088%	$2.31B	$4.29B	150x	as long as short
SunX ETH-USDT	−0.0073%	8h	2,723.8	−0.049%	$939K	$10.6M	100x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,726.8	+0.061%	$8.3M	$31.3M	100x	as long as short
Phoenix ETHshort	−0.0012%	1h	2,732	+0.253%	$806K	$3.0M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725	−0.004%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.5	+0.051%	$10.5M	$41.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERPlong	0.0000%	8h	2,725.1	long leg	$6.7M	$669.5M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,724.8	−0.013%	$264.3M	$219.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,724.5	−0.023%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0012%	8h	2,723.9	−0.046%	$3.27B	$8.27B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,723.9	−0.044%	$194K	$886K	50x	as long as short
Hibachi ETH/USDT-P	+0.0040%	1h	2,725.7	+0.022%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,723.7	−0.051%	$54.3M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,723.5	−0.057%	$252.0M	$841.2M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,723	−0.076%	$1.65B	$10.59B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.7	−0.016%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,724	−0.040%	$382.4M	$564.9M	100x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,724	−0.040%	$1.58B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,723.2	−0.070%	$6.30B	$15.98B	150x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,723.9	−0.044%	$175K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,724.7	−0.013%	$112.3M	$402.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726	+0.033%	$23.6M	$96.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,725.4	+0.012%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.6	−0.055%	$497K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.9	+0.101%	$15.4M	$7.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725	−0.003%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.4	+0.048%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,725.2	+0.004%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,723.6	−0.055%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,724.6	−0.020%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	+0.157%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.9	−0.044%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,723.2	−0.069%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.6	−0.020%	$15.1M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.1	−0.037%	$131.7M	$315.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.5	+0.089%	$185.6M	$683.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.246%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.6	+0.055%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.7	+0.058%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.9	−0.081%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,725.9	+0.031%	$40.5M	$29.1M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,724.7	−0.013%	$262.5M	$63.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723	−0.078%	$30.5M	$70.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,724.7	−0.016%	$81.8M	$309.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,729.4	+0.159%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,724.8	−0.011%	$45.8M	$4.21B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,724.5	−0.023%	$5.6M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,723.7	−0.052%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,726.1	+0.035%	$32.1M	$10.9M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,729.2	+0.150%	$204K	$21.4M	52x	as long as short
Bluefin ETH-PERP	+0.1639%	1h	2,724.9	−0.009%	$20K	$23K	25x	as long as short