Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0035%/8h= +3.8% APRpaid last 24h −0.008%

Price spread now: SoDEX against KuCoin−0.066%7-day average −0.012% · 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−$27as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on KuCoin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.066%, 7d avg −0.012%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.054% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.012%). If the spread goes back, that is −$5 on $10k: about 5.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,746.1	0.0065	pay 0.0065% / 8h	5h 31m	$383.5M	$583.9M	100x
Short	SoDEX ETH-USD	2,744.3	0.0100	get 0.0013% / 1h	31m 29s	$54.7M	$187.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $7.35
Price spread: −0.066% → −0.012%: −$5.42
Slippage, 4 orders: −$1.11
Fee KuCoin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$19.18
Costs to cover: 0.211%
Break-even: 25.3 days

Slippage from KuCoin: live order book, 8 min ago; SoDEX: 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, 8 min ago	0.02 bp	6.7 bp −$7	8.3 bp −$83	10.8 bp −$1,076	doesn't fit
Sell SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.5 bp −$554	32.1 bp −$16.1K

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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.8	−0.011%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.110%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.3	−0.031%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.1	−0.037%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,745	−0.042%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.3	−0.028%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	−0.033%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,747.2	+0.040%	$182K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.175%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDT	+0.0050%	8h	2,745.9	−0.007%	—	$1.15B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0065%	8h	2,746	−0.003%	$1.70B	$10.58B	100x	as long as short
KuCoin ETHUSDTMlong	+0.0065%	8h	2,746.1	long leg	$383.5M	$583.9M	100x
RISEx ETH/USDC	+0.0077%	1h	2,746.9	+0.028%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.9	−0.043%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,746	−0.003%	$252.4M	$840.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742	−0.149%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,745.8	−0.011%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,746.7	+0.023%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.9	−0.006%	$112.8M	$433.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.3	+0.043%	$24.7M	$103.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.3	−0.030%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745.8	−0.011%	$58.7M	$4.27B	50x	as long as short
HTX ETH-USDT	+0.0099%	8h	2,744.2	−0.070%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.6	+0.165%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.8	−0.011%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.6	+0.020%	$13.9M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.8	+0.062%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.3	+0.006%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.4	+0.010%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.8	−0.011%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.8	+0.025%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.167%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746	−0.004%	$3.39B	$8.73B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.2	+0.003%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.8	−0.084%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.198%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.5	−0.095%	$182.3M	$691.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.044%	$159.6M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.8	−0.048%	$21.2M	$68.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	+0.005%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.6	+0.018%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.2	−0.033%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.1	−0.002%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.9	−0.046%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,744.3	−0.066%	$54.7M	$187.5M	40x
Phemex ETHUSDT	+0.0100%	8h	2,744.2	−0.068%	$266.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.1	−0.035%	$30.6M	$72.3M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.9	−0.117%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,745.7	−0.016%	$258.8M	$195.9M	50x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,745.6	−0.019%	$7.6M	$669.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,746.7	+0.020%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.4	−0.026%	$87.0M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,745.1	−0.035%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746.2	+0.002%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0292%	8h	2,745.4	−0.026%	$285.2M	$182.1M	150x	as long as short