Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h 0.000%

Price spread now: Bullet against KuCoin−0.040%46s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$230.233% of the position

Long on KuCoin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.040%, 7d avg +0.011%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bullet is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.011%). Swap the legs. The two prices were read 46 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	KuCoin ETHUSDTM	2,769.3	0.0100	pay 0.0100% / 8h	2h 30m	$424.8M	$740.9M	100x
Short	Bullet ETH-USD	2,768.2	0.0077	get 0.0010% / 1h	30m 35s	$185K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against KuCoin. 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 KuCoinbpFee BulletbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$4.9
Price spread: −0.040% → +0.011%: −$5.13
Slippage, 4 orders: −$3.32
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$33.35
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bullet: 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 KuCoin live order book, 4 min ago	0.02 bp	6.2 bp −$6	7.7 bp −$77	10.8 bp −$1,083	doesn't fit
Sell Bullet live order book, 4 min ago	0.18 bp	6.5 bp −$7	9.8 bp −$98	doesn't fit	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	2,768.1	−0.043%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.117%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,766.7	−0.095%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,769.4	+0.003%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767	−0.084%	$794K	$3.7M	25x	as long as short
ApeX Omni ETHUSDT	−0.0011%	1h	2,766.3	−0.110%	$8.8M	$32.5M	100x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.4	+0.003%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.3	0.000%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.3	−0.003%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,769	−0.012%	$1.71B	$11.86B	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	2,768.8	−0.020%	$266.6M	$66.0M	150x	as long as short
Aftermath Perps ETHUSD	+0.0027%	1h	2,767.4	−0.069%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.2	−0.006%	$13.1M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,769.4	+0.003%	$255.9M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,769.4	+0.001%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,769.5	+0.005%	$6.43B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,766.2	−0.114%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0066%	8h	2,769.4	+0.002%	$3.29B	$9.62B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,769.2	−0.005%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USDshort	+0.0077%	1h	2,768.2	−0.040%	$185K	$1.8M	20x
Variational Omni ETH	+0.0092%	8h	2,764	−0.191%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	+0.022%	$115.4M	$511.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.3	+0.072%	$25.4M	$122.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.7	+0.013%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.004%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.2	−0.005%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767	−0.086%	$14.7M	$117.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.1	+0.064%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	+0.021%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.2	−0.006%	$2.50B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.1	−0.008%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.3	+0.072%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.123%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTMlong	+0.0100%	8h	2,769.3	long leg	$424.8M	$740.9M	100x
BingX ETH-USDC	+0.0100%	8h	2,768.9	−0.014%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.6	+0.010%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.118%	$177.8M	$792.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.8	−0.128%	$160.8M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,766.3	−0.109%	$21.4M	$57.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770	+0.024%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.1	−0.007%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.9	+0.057%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.2	−0.041%	$971K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,768.8	−0.019%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.1	−0.046%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,768.7	−0.025%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.8	−0.019%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770.8	+0.053%	$60.1M	$4.62B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,770.1	+0.028%	$258.4M	$224.7M	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,768.2	−0.041%	$8.6M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,771.2	+0.068%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,768.8	−0.020%	$285.6M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,767.6	−0.064%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.2	+0.031%	$87.6M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,768.8	−0.019%	$290K	$1.5M	20x	as long as short