Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h −0.029%

Price spread now: GMX against KuCoin+0.021%7-day average +0.031% · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 3 days (all we have)+0.066%+$7 · spread now +0.021%, 7d avg +0.031%

Together, before fees+0.095%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.031%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,777.1	0.0099	pay 0.0099% / 8h	1h 35m	$426.6M	$738.0M	100x
Short	GMX ETH/USD [ETH-USDC]	2,777.7	L +0.0028% / S +0.0009%	pay 0.0001% / 1h	35m 24s	$13.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$22.71
Price spread: +0.021% → +0.031%: −$1.01
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$47.72
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 4 min ago; GMX: no order-book sample. 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 KuCoin live order book, 4 min ago	0.02 bp	6.1 bp −$6	7.5 bp −$75	10.2 bp −$1,018	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	2,777	−0.005%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.5	−0.023%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	−0.037%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	−0.001%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,776.5	−0.022%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0019%	1h	2,777.1	−0.001%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.1	−0.072%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.097%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.8	+0.023%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,777	−0.006%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,773.8	−0.121%	$269.8M	$68.5M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,777	−0.006%	$1.71B	$11.83B	100x	as long as short
GMX ETH/USD [ETH-USDC]short	L +0.0028% / S +0.0009%	1h	2,777.7	+0.021%	$13.2M	—	200x
Aster ETHUSDT	+0.0035%	8h	2,777	−0.005%	$256.6M	$989.9M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,777	−0.006%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0058%	1h	2,775.8	−0.046%	$14.2M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,777.2	+0.004%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,777	−0.006%	$6.45B	$17.11B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.8	−0.085%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,777.1	0.000%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.9	−0.009%	$3.29B	$9.58B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,775.2	−0.068%	$258.3M	$221.9M	50x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,773.4	−0.134%	$55.2M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.9	−0.152%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,777.2	+0.004%	$2.52B	$4.59B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,775.7	−0.053%	$114.9M	$498.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.8	−0.013%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.5	−0.057%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTMlong	+0.0099%	8h	2,777.1	long leg	$426.6M	$738.0M	100x
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.4	−0.099%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.8	−0.012%	$480K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.093%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.8	−0.048%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.9	−0.044%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.5	+0.049%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.151%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.8	−0.118%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.091%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.2	−0.032%	$179.9M	$779.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.3	−0.031%	$161.5M	$91.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.027%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.4	−0.062%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.013%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.053%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	+0.019%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.084%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.7	−0.088%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	−0.040%	$31.5M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.1	−0.109%	$60.2M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,776.1	−0.037%	$8.7M	$673.6M	4.9x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,777.9	+0.028%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,779.6	+0.090%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.2	−0.104%	$86.1M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,775.5	−0.058%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,777.2	+0.004%	$7.4M	$1.1M	25x	as long as short