Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h −0.004%

Price spread now: Kalshi against 01 Exchange+0.095%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on 01 Exchange Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.317%+$32 · spread now +0.095%, 7d avg −0.018%

Together, before fees+0.320%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.113% dearer against 01 Exchange than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ETHUSD	2,744.4	0.0048	pay 0.0006% / 1h	55m 41s	$183K	$925K	50x
Short	Kalshi KXETHPERP	2,747	0.0149	get 0.0149% / 8h	1h 55m	$7.9M	$670.0M	4.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against 01 Exchange. 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 01 ExchangebpFee KalshibpOrdersPrice spread, now +0.095%Rate

Funding earned: $21.24
Price spread: +0.095% → −0.018%: $11.27
Slippage, 4 orders: −$9.16
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $6.35
Costs to cover: 0.262%
Break-even: 4.9 days

Slippage from 01 Exchange: live order book, 8 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 01 Exchange live order book, 8 min ago	0.18 bp	5.8 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.36 bp	5.8 bp −$6	7.6 bp −$76	11.4 bp −$1,137	17.5 bp −$8,751

ETH on 54 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
ApeX Omni ETHUSDT	−0.0362%	1h	2,743	−0.051%	$8.7M	$31.1M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,748.1	+0.133%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,745.2	+0.029%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.6	−0.066%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.4	+0.145%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.146%	$847K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.7	+0.046%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.6	+0.117%	$22.2M	—	200x	as long as short
BingX ETH-USDT	+0.0043%	8h	2,743.7	−0.027%	—	$1.16B	—	as long as short
01 Exchange ETHUSDlong	+0.0048%	1h	2,744.4	long leg	$183K	$925K	50x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0054%	8h	2,742.8	−0.060%	$1.70B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,744.1	−0.011%	$368.9M	$598.6M	100x	as long as short
Aster ETHUSDT	+0.0075%	8h	2,744.6	+0.006%	$252.3M	$840.8M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,743.8	−0.020%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.4	+0.035%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0082%	8h	2,744	−0.014%	$1.56B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,743.5	−0.034%	$6.38B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0091%	8h	2,747.4	+0.110%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,744.5	+0.003%	$112.9M	$430.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.2	+0.064%	$24.7M	$103.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.1	−0.046%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748	+0.130%	$58.6M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,748.6	+0.153%	$16.2M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.8	−0.022%	$484K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.3	+0.140%	$13.9M	$106.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,746.5	+0.077%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.8	+0.015%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,743	−0.052%	$2.46B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.1	−0.011%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.2	−0.007%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.3	−0.040%	$163.1M	$304.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,744.2	−0.007%	$3.39B	$8.64B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,743.7	−0.027%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.6	+0.042%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748	+0.133%	$132.7M	$342.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.9	−0.054%	$181.7M	$689.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.2	−0.043%	$159.5M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747	+0.095%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.1	+0.134%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.9	+0.164%	$10.7M	$8.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747.9	+0.128%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.1	+0.136%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749.2	+0.174%	$41.7M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.1	+0.136%	$963K	$11.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.2	+0.102%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.3	+0.104%	$267.4M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.9	−0.055%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,747	+0.094%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0129%	1h	2,748.5	+0.151%	$258.9M	$195.6M	50x	as long as short
Kalshi KXETHPERPshort	+0.0149%	8h	2,747	+0.095%	$7.9M	$670.0M	4.9x
Orderly PERP_ETH_USDC	+0.0183%	8h	2,750.3	+0.215%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,748	+0.131%	$88.1M	$309.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,747.8	+0.125%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.5	+0.077%	$250K	$1.4M	20x	as long as short