Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h −0.009%

Price spread now: KuCoin against dYdX−0.016%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 7 days−0.036%−$4 · spread now −0.016%, 7d avg +0.007%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.023% cheaper against dYdX than usual: you would sell low and buy high (spread −0.016% now, against its 7-day average of +0.007%). If the spread goes back, that is −$2 on $10k: about 26 hours of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.183%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,725.9	0	get 0.0000% / 1h	35m 28s	$10.5M	$42.9M	50x
Short	KuCoin ETHUSDTM	2,725.4	0.0072	get 0.0072% / 8h	1h 35m	$376.1M	$577.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now −0.016%Rate

Funding earned: $15.12
Price spread: −0.016% → +0.007%: −$2.35
Slippage, 4 orders: −$20
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$29.23
Costs to cover: 0.420%
Break-even: 20.5 days

Slippage from dYdX: 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 dYdX live order book, 4 min ago	9.90 bp	14.9 bp −$15	14.9 bp −$149	26.2 bp −$2,616	63.3 bp −$31.7K
Sell KuCoin live order book, 4 min ago	0.02 bp	6.2 bp −$6	8.3 bp −$83	10.9 bp −$1,095	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	−0.0112%	43m	2,725.3	−0.019%	$288K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0087%	1h	2,726.4	+0.018%	$8.6M	$31.4M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.2	+0.012%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	+0.064%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.9	0.000%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,727.4	+0.056%	$816K	$3.0M	25x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,725.9	long leg	$10.5M	$42.9M	50x
Kalshi KXETHPERP	0.0000%	8h	2,726.1	+0.009%	$6.7M	$689.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,726.4	+0.018%	$262.6M	$215.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,726.2	+0.010%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0009%	8h	2,725.3	−0.020%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,725.8	−0.002%	$192K	$895K	50x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,724.9	−0.037%	—	$1.11B	—	as long as short
Bybit ETHUSDT	+0.0033%	8h	2,724.9	−0.035%	$2.34B	$4.42B	150x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,725.4	−0.017%	$54.3M	$187.3M	40x	as long as short
KuCoin ETHUSDTMshort	+0.0072%	8h	2,725.4	−0.016%	$376.1M	$577.1M	100x
Aster ETHUSDT	+0.0082%	8h	2,724.9	−0.035%	$251.9M	$849.2M	200x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,725.2	−0.026%	$955K	$11.1M	100x	as long as short
Aftermath Perps ETHUSD	+0.0086%	1h	2,727	+0.043%	$30K	$20K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,725.1	−0.029%	$1.65B	$10.91B	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,723.1	−0.100%	$4.9M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,725.3	−0.022%	$1.52B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,725.1	−0.028%	$6.32B	$16.16B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726	+0.003%	$112.0M	$434.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.1	+0.043%	$23.4M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.1	−0.028%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.4	+0.130%	$15.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725	−0.031%	$179K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725	−0.030%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.5	+0.060%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.3	+0.016%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.4	−0.054%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.7	−0.006%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.3	+0.051%	$162.4M	$353.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.4	−0.017%	$3.29B	$8.97B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725	−0.032%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.6	−0.011%	$15.0M	$41.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.8	−0.040%	$133.4M	$324.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.6	−0.008%	$184.8M	$681.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.7	+0.031%	$158.4M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.9	+0.038%	$21.0M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,726.7	+0.030%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,726.4	+0.020%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.1	+0.007%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.3	+0.052%	$40.9M	$30.3M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726.1	+0.007%	$262.8M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.1	−0.063%	$30.4M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.9	0.000%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,727.3	+0.053%	$50.2M	$4.31B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,725.8	−0.004%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,728.1	+0.083%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,724.1	−0.065%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,726.3	+0.018%	$83.2M	$311.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,726.5	+0.023%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0363%	8h	2,726.2	+0.010%	$281.8M	$175.4M	150x	as long as short