Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: Kalshi against Vest−0.023%7-day average −0.047% · you buy dearer than you sell

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

Long on Vest Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.023%, 7d avg −0.047%

Together, before fees−0.017%+ Points / potential airdropVest: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.024% dearer against Vest than usual: you sell high and buy low (spread −0.023% now, against its 7-day average of −0.047%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 3 days (−0.030% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,733.7	0.0100	pay 0.0013% / 1h	22m 45s	—	$445K	50x
Short	Kalshi KXETHPERP	2,733.1	0	get 0.0000% / 8h	5h 22m	$6.5M	$685.9M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee KalshibpOrdersPrice spread, now −0.023%Rate

Funding earned: −$21
Price spread: −0.023% → −0.047%: $2.41
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$30.59
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Kalshi: live order book, 1 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 Vest no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	0.18 bp	5.2 bp −$5	7.0 bp −$70	10.4 bp −$1,039	16.4 bp −$8,215

Vest: 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
Perpl ETH	−0.0112%	43m	2,731.8	−0.071%	$288K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.4	−0.012%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	−0.224%	$117K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0018%	1h	2,730	−0.135%	$8.6M	$31.5M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.9	−0.032%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,733.3	−0.016%	$813K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733.7	−0.001%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERPshort	0.0000%	8h	2,733.1	−0.023%	$6.5M	$685.9M	4.9x
Deribit ETH-PERPETUAL	0.0000%	1h	2,733.4	−0.011%	$262.6M	$214.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.9	−0.029%	$33.0M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0016%	1h	2,732.8	−0.034%	$191K	$893K	50x	as long as short
HTX ETH-USDT	+0.0018%	8h	2,732.1	−0.058%	$1.05B	$1.23B	200x	as long as short
BingX ETH-USDT	+0.0025%	8h	2,732.2	−0.057%	—	$1.10B	—	as long as short
Bybit ETHUSDT	+0.0030%	8h	2,732.2	−0.058%	$2.34B	$4.42B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,731.9	−0.066%	$374.6M	$577.3M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,732.2	−0.056%	$252.5M	$849.0M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0085%	8h	2,732.1	−0.058%	$1.65B	$10.93B	100x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,732.4	−0.049%	$54.4M	$187.2M	40x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,732	−0.063%	$1.54B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,732	−0.062%	$6.34B	$16.17B	150x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,731.5	−0.081%	$958K	$11.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,731.1	−0.096%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,733	−0.026%	$112.5M	$436.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.3	+0.020%	$23.5M	$103.2M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.2	−0.129%	$4.9M	$157K	20x	as long as short
Phemex ETHUSDT	+0.0099%	8h	2,731.9	−0.069%	$263.2M	$64.6M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.3	−0.052%	$511K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.9	+0.116%	$15.3M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.4	−0.085%	$14.1M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.1	+0.050%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.2	−0.018%	$32.0M	$332.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.4	−0.085%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.7	−0.037%	$1.5M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.5	−0.045%	$3.30B	$9.01B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.3	−0.054%	$2.09B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.3	−0.053%	$15.1M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.9	−0.067%	$134.0M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.1	−0.169%	$185.6M	$681.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.5	−0.119%	$158.7M	$85.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.8	+0.002%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,733.7	long leg	—	$445K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.2	−0.019%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,732.2	−0.056%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	−0.025%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	−0.236%	$40.9M	$30.3M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.2	−0.275%	$161.6M	$349.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.5	−0.082%	$30.4M	$73.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,733.5	−0.009%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.2	−0.019%	$49.1M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,733	−0.028%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,735.1	+0.048%	$32.2M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,731.1	−0.096%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0210%	1h	2,732.9	−0.029%	$82.3M	$312.4M	100x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,732.8	−0.033%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0370%	8h	2,732	−0.063%	$281.7M	$175.6M	150x	as long as short