Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0520%/8h= +56.9% APRpaid last 24h +0.043%

Price spread now: KuCoin against Perpl−0.088%7-day average −0.017% · you buy dearer than you sell

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

Long on Perpl Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.088%, 7d avg −0.017%

Together, before fees−0.045%+ Points / potential airdropPerpl: Active · farm board−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.071% cheaper against Perpl than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of −0.017%). If the spread goes back, that is −$7 on $10k: about 11 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.133%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -7.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,751.1	−0.0447	get 0.0040% / 43m	33m 51s	$310K	$6.0M	8.3x
Short	KuCoin ETHUSDTM	2,748.7	0.0073	get 0.0073% / 8h	6h 28m	$381.0M	$605.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee KuCoinbpOrdersPrice spread, now −0.088%Rate

Funding earned: $109.1
Price spread: −0.088% → −0.017%: −$7.07
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $76.23
Costs to cover: 0.258%
Break-even: 2.1 days

Slippage unknown: Perpl: no order-book sample; KuCoin: live order book, 5 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	0.02 bp	6.2 bp −$6	8.0 bp −$80	10.8 bp −$1,083	doesn't fit

Perpl: 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 54 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 ETHlong	−0.0447%	43m	2,751.1	long leg	$310K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.064%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.5	−0.020%	$5.6M	$11.3M	25x	as long as short
ApeX Omni ETHUSDT	−0.0014%	1h	2,748.2	−0.103%	$8.7M	$31.6M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.092%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.061%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,751.2	+0.003%	$10.8M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.1	−0.109%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.5	−0.021%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,748.9	−0.079%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0045%	8h	2,749	−0.075%	$1.69B	$11.01B	100x	as long as short
HTX ETH-USDT	+0.0047%	8h	2,746.5	−0.165%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0064%	8h	2,748.9	−0.079%	$252.9M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,745.2	−0.214%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0073%	8h	2,748.8	−0.084%	$1.57B	$2.56B	500x	as long as short
KuCoin ETHUSDTMshort	+0.0073%	8h	2,748.7	−0.088%	$381.0M	$605.7M	100x
Binance ETHUSDT	+0.0074%	8h	2,749.1	−0.071%	$6.36B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748	−0.113%	$59.0M	$4.37B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,748.8	−0.081%	$2.07B	$2.85B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.8	−0.119%	$112.9M	$442.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.8	−0.082%	$24.8M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,751.5	+0.017%	—	$35.4M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,749.6	−0.052%	$3.39B	$8.87B	200x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,756.2	+0.187%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.8	−0.046%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.2	+0.004%	$14.0M	$113.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.6	−0.017%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.8	+0.027%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,749.3	−0.065%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.4	−0.024%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.9	−0.005%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,747.1	−0.146%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.132%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.9	−0.117%	$181.7M	$730.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.192%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	−0.039%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.053%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.2	−0.104%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.4	−0.097%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	−0.079%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.3	−0.138%	$962K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.152%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.1	−0.145%	$267.0M	$66.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.260%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.7	−0.013%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,748	−0.112%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.9	−0.114%	$30.5M	$74.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,748.2	−0.105%	$258.5M	$200.3M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,750.8	−0.010%	$7.7M	$674.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0169%	8h	2,750.2	−0.033%	$32.3M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,750.4	−0.024%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.9	−0.115%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,748.3	−0.102%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.4	−0.134%	$89.9M	$316.4M	100x	as long as short