Chulk went 5-4 with a 3.57 ERA in 57 relief appearances for the Giants last season, striking out 41 batters and walking 14 in 53 innings. He missed the final five weeks of the season with a blood clot in his right hand.
In his five-year career, the right-hander is 7-11 with a 4.29 ERA and two saves in 271 appearances. He played his first 3½ years in Toronto before being traded with first baseman Shea Hillenbrand to San Francisco for reliever Jeremy Accardo in July 2006.
Chulk, who earned $396,000 in 2007, asked for $975,000 in arbitration, while the Giants offered $725,000. The deal came in at just below the midpoint of those two figures, but Chulk can receive an additional $12,500 if he makes 60 appearances as a pitcher this season.
Right-hander Kevin Correia is the only other Giants player remaining in arbitration.