Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.017%

Price spread now: Kalshi against Pacifica+0.003%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Pacifica Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days+0.031%+$3 · spread now +0.003%, 7d avg −0.014%

Together, before fees−0.051%+ Points / potential airdropPacifica: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.082%, 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	Pacifica ETH	2,781.2	0.0100	pay 0.0013% / 1h	20m 42s	$31.3M	$299.8M	50x
Short	Kalshi KXETHPERP	2,781.3	0.0125	get 0.0125% / 8h	5h 20m	$8.5M	$678.7M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Pacifica. 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 PacificabpFee KalshibpOrdersPrice spread, now +0.003%Rate

Funding earned: $5.24
Price spread: +0.003% → −0.014%: $1.65
Slippage, 4 orders: −$3.49
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.6
Costs to cover: 0.215%
Break-even: 26.5 days

Slippage from Pacifica: live order book, 3 min ago; Kalshi: live order book, 3 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 Pacifica live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.6 bp −$46	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.36 bp	6.9 bp −$7	7.5 bp −$75	10.7 bp −$1,072	16.9 bp −$8,430

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
Perpl ETH	−0.0447%	43m	2,780.2	−0.037%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,780.1	−0.040%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,781.5	+0.010%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.8	−0.339%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,780.1	−0.041%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0020%	1h	2,776.8	−0.159%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780.8	−0.015%	$12.7M	$45.6M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.6	−0.058%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.6	+0.012%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0015%	8h	2,781.2	−0.002%	$270.5M	$68.7M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,779	−0.080%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,778.8	−0.087%	$1.70B	$11.90B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,781.4	+0.005%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,779.4	−0.065%	$256.9M	$991.9M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,780.8	−0.015%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,779.8	−0.053%	$14.4M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,779	−0.079%	$1.62B	$2.67B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,779.2	−0.071%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,779	−0.080%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,778.9	−0.083%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,778.9	−0.083%	$3.29B	$9.64B	200x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,781.1	−0.005%	$55.4M	$228.9M	40x	as long as short
ApeX Omni ETHUSDT	+0.0091%	1h	2,773.6	−0.274%	$8.8M	$32.6M	100x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,779	−0.080%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,780.6	−0.024%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,779.5	−0.063%	$115.4M	$501.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781	−0.009%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,781.5	+0.009%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,779.9	−0.048%	$423.3M	$739.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0099%	1h	2,782.7	+0.053%	$258.4M	$222.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,780.7	−0.017%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,780.5	−0.026%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.5	+0.010%	$3.19B	$2.36B	25x	as long as short
Pacifica ETHlong	+0.0100%	1h	2,781.2	long leg	$31.3M	$299.8M	50x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779.8	−0.051%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,782	+0.027%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.496%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,779	−0.080%	$15.2M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.9	−0.335%	$137.1M	$324.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.325%	$181.4M	$782.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775	−0.223%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.8	−0.087%	$21.5M	$58.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,780.3	−0.034%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,781.1	−0.005%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,781	−0.007%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,783	+0.065%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,779.7	−0.055%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778.3	−0.105%	$32.6M	$77.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,782.6	+0.049%	$60.0M	$4.61B	50x	as long as short
Kalshi KXETHPERPshort	+0.0125%	8h	2,781.3	+0.003%	$8.5M	$678.7M	4.9x
Orderly PERP_ETH_USDC	+0.0136%	8h	2,783.4	+0.079%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,782.4	+0.043%	$86.2M	$332.3M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,780.5	−0.028%	$286.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,779.7	−0.057%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,780.5	−0.027%	$271K	$1.5M	20x	as long as short