ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0088%/8h= −9.6% APRnext payment −$0.88 per $10,000 · paid last 24h −0.005%

Price spread now: Phemex against KuCoin−0.098%50s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

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

costs, in and out, $10k−$240.244% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now −0.098%, 7d avg −0.004%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.095% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.004%). Swap the legs. The two prices were read 50 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	2,775.3	0.0100	pay 0.0100% / 8h	2h 26m	$424.2M	$741.0M	100x
Short	Phemex ETHUSDT	2,772.6	0.0012	get 0.0012% / 8h	2h 26m	$266.9M	$66.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$18.42
Price spread: −0.098% → −0.004%: −$9.48
Slippage, 4 orders: −$0.45
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.35
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	0.02 bp	6.4 bp −$6	7.8 bp −$78	10.5 bp −$1,049	doesn't fit
Sell Phemex live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.5 bp −$65	10.2 bp −$1,021	14.3 bp −$7,162

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	2,774.5	−0.030%	$290K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.332%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	−0.123%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,774.4	−0.033%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,768.8	−0.235%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,774.1	−0.046%	$5.8M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0008%	1h	2,768.6	−0.243%	$8.8M	$32.5M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.8	−0.054%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.6	−0.061%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,770.4	−0.179%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDTshort	+0.0012%	8h	2,772.6	−0.098%	$266.9M	$66.1M	150x
OKX ETH-USDT-SWAP	+0.0021%	8h	2,773.7	−0.059%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,773.5	−0.067%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,773.9	−0.050%	$256.4M	$995.9M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,776.5	+0.043%	$1.61B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,774.3	−0.035%	$6.44B	$17.21B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,770.9	−0.159%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,773.8	−0.054%	$3.30B	$9.64B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,774.3	−0.039%	$2.10B	$3.12B	150x	as long as short
Bullet ETH-USD	+0.0079%	1h	2,776.1	+0.030%	$185K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,768.2	−0.255%	$140.3M	$320.2M	—	as long as short
Lighter ETH	+0.0096%	1h	2,774.8	−0.018%	$115.3M	$513.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.5	+0.005%	$25.4M	$122.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.7	−0.094%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.5	−0.065%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.4	−0.033%	$482K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.2	−0.076%	$14.7M	$117.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776	+0.025%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.6	−0.026%	$31.2M	$287.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.1	−0.044%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.5	−0.066%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.8	+0.019%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.9	−0.339%	$164.9M	$256.3M	25x	as long as short
KuCoin ETHUSDTMlong	+0.0100%	8h	2,775.3	long leg	$424.2M	$741.0M	100x
BingX ETH-USDT	+0.0100%	8h	2,773.6	−0.062%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774	−0.046%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.7	−0.312%	$177.8M	$792.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.6	−0.241%	$161.0M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.6	−0.206%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.4	−0.032%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.7	+0.014%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	−0.073%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.3	−0.001%	$42.7M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.156%	$972K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,773.1	−0.080%	$55.2M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,772.5	−0.102%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.4	−0.071%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,775.1	−0.007%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,773	−0.084%	$8.6M	$672.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,775.7	+0.014%	$32.6M	$12.0M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0147%	1h	2,774.8	−0.019%	$258.4M	$224.7M	50x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,773.2	−0.077%	$285.3M	$195.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0182%	1h	2,774.3	−0.038%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,774.3	−0.036%	$86.9M	$330.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0424%	1h	2,771.5	−0.137%	$285K	$1.5M	20x	as long as short