Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h +0.019%

Price spread now: dYdX against KuCoin−0.094%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 7 days+0.157%+$16 · spread now −0.094%, 7d avg −0.007%

Together, before fees+0.341%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.087% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.184%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,742	0.0069	pay 0.0069% / 8h	3h 55m	$380.8M	$574.1M	100x
Short	dYdX ETH-USD	2,739.5	0	get 0.0000% / 1h	55m 05s	$10.7M	$41.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$14.49
Price spread: −0.094% → −0.007%: −$8.7
Slippage, 4 orders: −$4.33
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$49.52
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; dYdX: 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	6.0 bp −$6	6.5 bp −$65	9.7 bp −$974	doesn't fit
Sell dYdX live order book, 4 min ago	1.46 bp	6.5 bp −$6	14.5 bp −$145	20.6 bp −$2,058	41.0 bp −$20.5K

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	2,739.4	−0.096%	$298K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.2	−0.067%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	−0.029%	$11.9M	—	200x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,739.5	−0.094%	$10.7M	$41.9M	50x
Kalshi KXETHPERP	0.0000%	8h	2,740.1	−0.070%	$6.7M	$680.3M	4.9x	as long as short
Phoenix ETH	0.0000%	1h	2,739.6	−0.089%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,741.6	−0.016%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0021%	8h	2,741.5	−0.021%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0031%	1h	2,740.6	−0.052%	$180K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,740.8	−0.045%	$187K	$818K	50x	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	+0.0042%	8h	2,741.3	−0.025%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0051%	8h	2,740.6	−0.051%	$2.37B	$4.37B	150x	as long as short
KuCoin ETHUSDTMlong	+0.0069%	8h	2,742	long leg	$380.8M	$574.1M	100x
OKX ETH-USDT-SWAP	+0.0075%	8h	2,740.8	−0.044%	$1.67B	$10.76B	100x	as long as short
Phemex ETHUSDT	+0.0077%	8h	2,741.8	−0.007%	$266.2M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,741.8	−0.009%	$251.5M	$842.3M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.9	−0.003%	$113.2M	$430.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.1	+0.038%	$23.5M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,740.1	−0.070%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,737.8	−0.156%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,734.2	−0.286%	$117K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,742.2	+0.005%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0099%	8h	2,741.6	−0.014%	$6.37B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.5	+0.055%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.8	−0.081%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.1	−0.071%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.2	+0.080%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,741	−0.038%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.3	−0.100%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.5	−0.055%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.305%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,742.1	+0.002%	$3.34B	$8.82B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.7	−0.048%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.5	−0.020%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.130%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.9	−0.152%	$184.2M	$669.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.120%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738.6	−0.124%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	−0.147%	$21.1M	$68.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.9	−0.005%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.5	−0.020%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743	+0.037%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.7	−0.123%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,741.5	−0.019%	$54.6M	$187.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.6	−0.051%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.8	−0.081%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	−0.052%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,738.1	−0.145%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,743	+0.034%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0152%	1h	2,742.7	+0.025%	$83.7M	$315.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0166%	1h	2,743	+0.035%	$260.4M	$197.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,743.6	+0.059%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,739.8	−0.080%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,738.8	−0.117%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0395%	8h	2,741.5	−0.021%	$283.7M	$176.1M	150x	as long as short