Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: KuCoin against Derive−0.093%7-day average −0.056% · you buy dearer than you sell

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

Long on Derive Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.093%, 7d avg −0.056%

Together, before fees−0.112%−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.037% cheaper against Derive than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,770.5	0.0100	pay 0.0013% / 1h	45m 14s	$42.8M	$29.4M	15x
Short	KuCoin ETHUSDTM	2,767.9	0.0100	get 0.0100% / 8h	2h 45m	$424.8M	$742.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Derive. 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 DerivebpFee KuCoinbpOrdersPrice spread, now −0.093%Rate

Funding earned: $0
Price spread: −0.093% → −0.056%: −$3.72
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$21.72
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; KuCoin: live order book, 4 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 Derive no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	0.02 bp	6.0 bp −$6	7.4 bp −$74	11.0 bp −$1,096	doesn't fit

Derive: 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	−0.0447%	43m	2,769	−0.053%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.007%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0095%	1h	2,771.1	+0.022%	$10.5M	$31.0M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	0.000%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,768.4	−0.076%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.3	+0.029%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.077%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.7	+0.008%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.9	−0.058%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,768.1	−0.089%	$266.3M	$65.9M	150x	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	+0.0023%	8h	2,767.6	−0.105%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,772.3	+0.063%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,768.9	−0.059%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,768	−0.091%	$255.7M	$995.5M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,768	−0.092%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,767.9	−0.095%	$6.43B	$17.18B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,766.1	−0.158%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0059%	8h	2,768.1	−0.086%	$3.29B	$9.56B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,767.7	−0.101%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,768.1	−0.088%	$186K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,771.1	+0.020%	$141.1M	$318.8M	—	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,768	−0.091%	$55.1M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,768.5	−0.074%	$115.1M	$509.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	−0.020%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769	−0.054%	—	$41.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.1	−0.088%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.9	−0.058%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.1	−0.087%	$16.0M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.7	+0.008%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.3	−0.043%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.7	−0.102%	$2.50B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.2	−0.083%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	−0.004%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.012%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTMshort	+0.0100%	8h	2,767.9	−0.093%	$424.8M	$742.5M	100x
BingX ETH-USDT	+0.0100%	8h	2,767.8	−0.100%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.5	−0.074%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.4	+0.033%	$178.2M	$790.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.7	+0.043%	$161.2M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.4	−0.004%	$21.4M	$57.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.5	−0.035%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.6	−0.033%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.3	−0.043%	$21K	$25K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,770.5	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,767.2	−0.119%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,767.6	−0.106%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.6	−0.105%	$31.5M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,769.6	−0.032%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,770.3	−0.008%	$8.6M	$671.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,771	+0.019%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,770	−0.017%	$259.0M	$223.3M	50x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,767.9	−0.094%	$286.6M	$195.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,767.4	−0.113%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,769.3	−0.043%	$88.4M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,772.4	+0.067%	$273K	$1.5M	20x	as long as short