Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h +0.002%

Price spread now: KuCoin against Bulk+0.139%7-day average −0.008% · 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−$5as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Bulk Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 7 days−0.136%−$14 · spread now +0.139%, 7d avg −0.008%

Together, before fees−0.183%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.147% dearer against Bulk than usual: you sell high and buy low (spread +0.139% now, against its 7-day average of −0.008%): +$15 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,742.3	0.0100	pay 0.0013% / 1h	15m 30s	$165.2M	$299.1M	25x
Short	KuCoin ETHUSDTM	2,746.1	0.0070	get 0.0070% / 8h	5h 15m	$382.1M	$575.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bulk. 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 BulkbpFee KuCoinbpOrdersPrice spread, now +0.139%Rate

Funding earned: −$6.3
Price spread: +0.139% → −0.008%: $14.73
Slippage, 4 orders: −$0.74
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$11.31
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; KuCoin: live order book, 4 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 Bulk live order book, 4 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$376	5.5 bp −$2,746
Sell KuCoin live order book, 4 min ago	0.02 bp	6.7 bp −$7	9.0 bp −$90	11.5 bp −$1,153	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
Hotstuff ETH-PERP	−0.0080%	1h	2,747.4	+0.186%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,746.8	+0.164%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.3	+0.183%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.4	+0.185%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,746.6	+0.156%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,747.4	+0.184%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,747	+0.171%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,746.4	+0.149%	$182K	$849K	50x	as long as short
ApeX Omni ETHUSDT	+0.0042%	1h	2,745.9	+0.132%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDC	+0.0053%	8h	2,745.7	+0.124%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0067%	8h	2,745.9	+0.132%	$1.70B	$10.56B	100x	as long as short
KuCoin ETHUSDTMshort	+0.0070%	8h	2,746.1	+0.139%	$382.1M	$575.4M	100x
Bullet ETH-USD	+0.0073%	1h	2,746.9	+0.168%	$184K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,746.6	+0.158%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,746	+0.136%	$254.1M	$841.0M	200x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,746.9	+0.168%	$54.7M	$187.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,746.1	+0.140%	$113.0M	$435.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.7	+0.197%	$24.6M	$104.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.1	+0.139%	—	$30.5M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,745.7	+0.124%	$1.56B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744.4	+0.076%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,749.5	+0.262%	$58.0M	$4.26B	50x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,746	+0.134%	$6.38B	$15.67B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.1	+0.321%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.1	+0.139%	$469K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.9	+0.132%	$13.9M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.4	+0.222%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.7	+0.160%	$31.7M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.2	+0.143%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746	+0.135%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	+0.152%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,742.3	long leg	$165.2M	$299.1M	25x
Gate ETH_USDT	+0.0100%	8h	2,746.1	+0.139%	$3.39B	$8.76B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.2	+0.141%	$2.09B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.6	+0.157%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	+0.157%	$133.5M	$325.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.6	+0.119%	$182.5M	$673.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,746.7	+0.159%	$159.7M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.9	+0.168%	$21.2M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	+0.171%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	+0.179%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.7	+0.233%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.6	+0.155%	$963K	$11.5M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.7	+0.160%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747	+0.171%	$267.0M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.3	+0.108%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0129%	1h	2,745.9	+0.133%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,747.1	+0.175%	$7.8M	$669.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,748.6	+0.229%	$259.8M	$196.0M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,749.3	+0.254%	$32.4M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.9	+0.206%	$86.7M	$310.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,745.5	+0.115%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,747.8	+0.202%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0290%	8h	2,746.1	+0.138%	$286.1M	$181.2M	150x	as long as short
Bluefin ETH-PERP	+0.0505%	1h	2,747	+0.170%	$21K	$20K	25x	as long as short