Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h 0.000%

Price spread now: Coinbase International against KuCoin+0.109%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.109%, 7d avg +0.033%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.076% dearer against KuCoin than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,734.5	0.0072	pay 0.0072% / 8h	4h 50m	$380.7M	$573.6M	100x
Short	Coinbase International ETH-PERP-INTX	2,737.5	0.0112	get 0.0014% / 1h	50m 35s	$51.1M	$4.26B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.109%Rate

Funding earned: $8.4
Price spread: +0.109% → +0.033%: $7.63
Slippage, 4 orders: −$0.6
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$6.57
Costs to cover: 0.226%
Break-even: 12.5 days

Slippage from KuCoin: live order book, 4 min ago; Coinbase International: 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	8.1 bp −$81	10.9 bp −$1,089	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.5 bp −$55	7.9 bp −$793	20.3 bp −$10.2K

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	2,735.2	+0.025%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,739.3	+0.176%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.1	+0.132%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.5	+0.074%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.9	+0.016%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735	+0.019%	$181K	$833K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.246%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.1	+0.060%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0047%	1h	2,735.9	+0.052%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,735.8	+0.048%	$54.5M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0055%	8h	2,733.8	−0.024%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0071%	8h	2,735.5	+0.035%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTMlong	+0.0072%	8h	2,734.5	long leg	$380.7M	$573.6M	100x
Aster ETHUSDT	+0.0084%	8h	2,737	+0.091%	$253.1M	$840.4M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.1	−0.049%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,734.5	0.000%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,734.9	+0.017%	$6.35B	$15.71B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.9	+0.017%	$112.6M	$432.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737	+0.093%	$24.1M	$103.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,735.5	+0.039%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.3	+0.030%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.9	+0.198%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734	−0.018%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.5	+0.037%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.7	+0.191%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736	+0.056%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,734.8	+0.012%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	−0.007%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.1	+0.022%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.230%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.9	+0.015%	$3.38B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.6	+0.003%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.1	+0.059%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.015%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.128%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.164%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738	+0.127%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.176%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.9	+0.089%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.2	+0.099%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.3	+0.103%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.3	+0.030%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.8	+0.049%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736	+0.056%	$265.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.8	−0.025%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTXshort	+0.0112%	1h	2,737.5	+0.109%	$51.1M	$4.26B	50x
Aftermath Perps ETHUSD	+0.0123%	1h	2,739	+0.167%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0156%	8h	2,736.3	+0.067%	$7.7M	$672.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,737.8	+0.121%	$32.2M	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0196%	1h	2,737.5	+0.109%	$260.0M	$194.6M	50x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,735.5	+0.038%	$285.2M	$172.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,736.6	+0.078%	$85.6M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,735.3	+0.029%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.6	+0.187%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1422%	1h	2,736.1	+0.060%	$21K	$20K	25x	as long as short