Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.012%

Price spread now: KuCoin against ApeX Omni+0.193%82s7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.228% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 7 days−0.188%−$19 · spread now +0.193%, 7d avg −0.003%

Together, before fees−0.123%−$12 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 KuCoin is 0.196% dearer against ApeX Omni than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.003%. The two prices were read 82 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,769.6	−0.0026	get 0.0003% / 1h	2m 00s	$8.7M	$32.9M	100x
Short	KuCoin ETHUSDTM	2,774.9	0.0080	get 0.0080% / 8h	2m 00s	$422.9M	$738.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against ApeX Omni. 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 ApeX OmnibpFee KuCoinbpOrdersPrice spread, now +0.193%Rate

Funding earned: $22.24
Price spread: +0.193% → −0.003%: $19.61
Slippage, 4 orders: −$0.82
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $19.04
Costs to cover: 0.228%
Break-even: 1.0 days

Slippage from ApeX Omni: live order book, 2 min ago; KuCoin: live order book, 7 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 ApeX Omni live order book, 2 min ago	0.34 bp	5.4 bp −$5	6.9 bp −$69	24.9 bp −$2,487	39.8 bp −$19.9K
Sell KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	7.5 bp −$75	11.2 bp −$1,122	doesn't fit

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	−0.0223%	43m	2,774.3	+0.172%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.9	+0.154%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.270%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.3	+0.170%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDTlong	−0.0026%	1h	2,769.6	long leg	$8.7M	$32.9M	100x
01 Exchange ETHUSD	−0.0008%	1h	2,774.7	+0.185%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.8	+0.225%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,774.3	+0.170%	$877K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.6	+0.217%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,774.8	+0.187%	$1.71B	$11.90B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0023%	8h	2,774.4	+0.172%	$270.3M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.4	+0.212%	$12.8M	—	200x	as long as short
SoDEX ETH-USD	+0.0029%	1h	2,774.6	+0.181%	$55.3M	$228.8M	40x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,773.2	+0.130%	$29K	$22K	20x	as long as short
Bullet ETH-USD	+0.0033%	1h	2,774.6	+0.183%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,774.9	+0.192%	$256.2M	$1.00B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0053%	1h	2,776.3	+0.244%	$259.1M	$222.1M	50x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,774.7	+0.183%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,774.5	+0.178%	$6.47B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.2	+0.094%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,774.8	+0.189%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,774.9	+0.191%	$3.29B	$9.71B	200x	as long as short
KuCoin ETHUSDTMshort	+0.0080%	8h	2,774.9	+0.193%	$422.9M	$738.7M	100x
Bybit ETHUSDT	+0.0087%	8h	2,774.6	+0.182%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,775	+0.194%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,776.8	+0.261%	$60.7M	$4.60B	50x	as long as short
Nado ETH-PERP	+0.0091%	1h	2,774.2	+0.166%	$14.3M	$118.2M	50x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,774.9	+0.191%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.1	+0.200%	$115.2M	$502.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.8	+0.260%	$25.3M	$122.2M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,775.1	+0.198%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.4	+0.174%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774	+0.160%	$485K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.3	+0.280%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775	+0.196%	$31.3M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.2	+0.131%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.6	+0.182%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.007%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.1	+0.200%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.038%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	+0.007%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.2	+0.024%	$161.1M	$89.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776	+0.232%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775	+0.196%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.4	+0.211%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.3	+0.277%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.5	+0.141%	$972K	$13.9M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,775.6	+0.217%	$8.1M	$688.9M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.2	+0.165%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775.3	+0.208%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,776.3	+0.241%	$90.8M	$338.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0144%	8h	2,777.7	+0.293%	$32.7M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,774.5	+0.179%	$287.2M	$193.8M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,776.1	+0.235%	$253K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.8	+0.187%	$7.4M	$1.2M	25x	as long as short