Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h −0.018%

Price spread now: Kalshi against Ondo Perps−0.004%7-day average +0.008% · you buy dearer than you sell

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

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 7 days+0.236%+$24 · spread now −0.004%, 7d avg +0.008%

Together, before fees+0.090%+ Points / potential airdropOndo Perps: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.146%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,746.6	0.0100	pay 0.0013% / 1h	30m 14s	$2.7M	$16.8M	25x
Short	Kalshi KXETHPERP	2,746.5	0.0159	get 0.0159% / 8h	1h 30m	$7.4M	$669.8M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. 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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now −0.004%Rate

Funding earned: $12.48
Price spread: −0.004% → +0.008%: −$1.19
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$3.71
Costs to cover: 0.150%
Break-even: 9.1 days

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: live order book, 4 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	0.36 bp	5.4 bp −$5	7.0 bp −$70	10.3 bp −$1,035	16.7 bp −$8,345

Ondo Perps: 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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.8	−0.029%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.127%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745	−0.058%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.6	+0.001%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,746.1	−0.018%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0008%	1h	2,744.8	−0.065%	$24.6M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	−0.051%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,746.3	−0.011%	$182K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.193%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDT	+0.0052%	8h	2,743.9	−0.098%	—	$1.15B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0064%	8h	2,744.1	−0.090%	$1.70B	$10.57B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,744.3	−0.083%	$382.5M	$578.3M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746	−0.022%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.8	−0.066%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,745	−0.059%	$252.3M	$841.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,741.6	−0.183%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,743.8	−0.101%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,743.8	−0.101%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,744.3	−0.084%	$112.8M	$433.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.6	−0.038%	$24.6M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.6	+0.035%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745	−0.058%	$58.8M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.2	+0.166%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.7	−0.033%	$470K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.8	−0.064%	$13.9M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746.1	−0.018%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	+0.004%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.1	−0.090%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,746.6	long leg	$2.7M	$16.8M	25x
Arcus ETH-USD	+0.0100%	1h	2,746.6	+0.001%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.185%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,744	−0.096%	$3.39B	$8.73B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.1	−0.093%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	−0.120%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.6	−0.035%	$132.9M	$330.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.5	−0.113%	$182.3M	$691.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.062%	$159.6M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.5	−0.004%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	−0.013%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.9	−0.025%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.9	−0.061%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.7	−0.032%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.4	−0.115%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.8	−0.102%	$54.6M	$187.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,743.7	−0.104%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.9	−0.100%	$266.8M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.1	−0.128%	$30.6M	$72.3M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,744	−0.094%	$30K	$20K	20x	as long as short
Kalshi KXETHPERPshort	+0.0159%	8h	2,746.5	−0.004%	$7.4M	$669.8M	4.9x
Deribit ETH-PERPETUAL	+0.0169%	1h	2,745.3	−0.049%	$259.8M	$197.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,746.1	−0.017%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.7	−0.070%	$86.9M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,744.5	−0.077%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,747.5	+0.032%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0330%	8h	2,746.8	+0.007%	$285.3M	$182.2M	150x	as long as short