Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.013%

Price spread now: Phoenix against KuCoin+0.231%7-day average +0.092% · 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−$7as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.146%−$15 · spread now +0.231%, 7d avg +0.092%

Together, before fees−0.055%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.139% dearer against KuCoin than usual: you sell high and buy low (spread +0.231% now, against its 7-day average of +0.092%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days. Mind the row above: over the last 7 days funding on this pair paid +0.091%, 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	2,738.4	0.0063	pay 0.0063% / 8h	5h 41m	$383.1M	$597.8M	100x
Short	Phoenix ETH	2,744.7	0.0017	get 0.0002% / 1h	41m 18s	$849K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.231%Rate

Funding earned: −$9.56
Price spread: +0.231% → +0.092%: $13.88
Slippage, 4 orders: −$1.97
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.65
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 2 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	6.8 bp −$7	7.7 bp −$77	10.4 bp −$1,043	doesn't fit
Sell Phoenix live order book, 2 min ago	0.18 bp	3.8 bp −$4	7.0 bp −$70	16.1 bp −$1,611	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	2,738.7	+0.014%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	+0.060%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.173%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.2	−0.042%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	+0.029%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737	−0.049%	$22.1M	—	200x	as long as short
Phoenix ETHshort	+0.0017%	1h	2,744.7	+0.231%	$849K	$2.9M	25x
01 Exchange ETHUSD	+0.0040%	1h	2,738.3	−0.003%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,736.1	−0.081%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,739.6	+0.044%	$1.69B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTMlong	+0.0063%	8h	2,738.4	long leg	$383.1M	$597.8M	100x
RISEx ETH/USDC	+0.0077%	1h	2,738.3	−0.002%	$5.6M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,738.3	−0.004%	$251.9M	$841.3M	200x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,736.8	−0.056%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.4	−0.182%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,739.1	+0.025%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,738.2	−0.005%	$6.36B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,737.9	−0.016%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,736.8	−0.058%	$112.5M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.4	+0.037%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745	+0.242%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,738.5	+0.005%	$58.7M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,741.5	+0.116%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.5	+0.005%	$467K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.007%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.6	+0.045%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.3	+0.034%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.2	+0.031%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.4	+0.001%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.1	+0.026%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.188%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.4	−0.037%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.9	+0.057%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	+0.181%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	+0.074%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.144%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.188%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.149%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.231%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.2	+0.068%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.7	+0.012%	$10.9M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737	−0.052%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	−0.011%	$41.5M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.9	−0.091%	$960K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.7	−0.061%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	+0.001%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.7	−0.098%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0112%	1h	2,738	−0.015%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.8	+0.162%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,739.8	+0.052%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,738.5	+0.004%	$32.2M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.070%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	−0.025%	$86.9M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.2	−0.044%	$7.2M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.6	+0.263%	$250K	$1.4M	20x	as long as short