Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h +0.007%

Price spread now: RISEx against KuCoin−0.007%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on KuCoin Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 7 days+0.029%+$3 · spread now −0.007%, 7d avg +0.006%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.073%, 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	2,771.8	0.0100	pay 0.0100% / 8h	2h 08m	$422.2M	$742.4M	100x
Short	RISEx ETH/USDC	2,771.6	−0.0011	pay 0.0001% / 1h	8m 54s	$5.8M	$11.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$23.21
Price spread: −0.007% → +0.006%: −$1.26
Slippage, 4 orders: −$1.47
Fee KuCoin: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$43.95
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; RISEx: live order book, 5 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, 10 min ago	0.02 bp	6.0 bp −$6	6.7 bp −$67	9.5 bp −$947	doesn't fit
Sell RISEx live order book, 5 min ago	0.02 bp	3.0 bp −$3	3.3 bp −$33	doesn't fit	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	2,771	−0.029%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.161%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	+0.005%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,771.4	−0.013%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,772.2	+0.016%	$885K	$3.7M	25x	as long as short
RISEx ETH/USDCshort	−0.0011%	1h	2,771.6	−0.007%	$5.8M	$11.7M	25x
dYdX ETH-USD	0.0000%	1h	2,771.7	0.000%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0004%	1h	2,773.9	+0.079%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.9	+0.005%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,771.6	−0.007%	$1.71B	$11.90B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0027%	8h	2,771.8	0.000%	$267.0M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.9	+0.005%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,770.3	−0.052%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,771.7	−0.004%	$256.3M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.4	−0.084%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,772	+0.010%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,772	+0.008%	$6.44B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,771.7	−0.003%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,771.8	+0.001%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,770.9	−0.032%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.016%	$114.7M	$515.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.6	+0.066%	$25.3M	$123.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	+0.016%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.055%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0099%	8h	2,771.5	−0.010%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770.9	−0.032%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.4	−0.013%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.9	−0.031%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.7	+0.070%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.4	−0.013%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	−0.001%	$2.51B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.5	−0.045%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.1	+0.049%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.043%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTMlong	+0.0100%	8h	2,771.8	long leg	$422.2M	$742.4M	100x
BingX ETH-USDT	+0.0100%	8h	2,771.8	0.000%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.9	+0.005%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.5	−0.045%	$179.5M	$782.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.029%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.1	+0.013%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.8	+0.001%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.4	+0.023%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	+0.009%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.7	+0.072%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.9	−0.030%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,771.7	−0.002%	$55.2M	$228.6M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,773.5	+0.062%	$258.5M	$225.2M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.4	−0.011%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.4	+0.060%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.4	+0.023%	$8.5M	$674.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0134%	8h	2,774.3	+0.092%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,771	−0.028%	$286.0M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,771.1	−0.025%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773	+0.046%	$86.4M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0464%	1h	2,772.8	+0.039%	$281K	$1.5M	20x	as long as short