Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.013%

Price spread now: KuCoin against Phoenix+0.074%63s7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$210.209% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days−0.159%−$16 · spread now +0.074%, 7d avg −0.092%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.167% dearer against Phoenix than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.092%. Mind the row above: over the last 7 days funding on this pair cost −0.090%, so the current rate has only just turned in your favour. The two prices were read 63 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	Phoenix ETH	2,733.9	0	get 0.0000% / 1h	2m 21s	$826K	$2.9M	25x
Short	KuCoin ETHUSDTM	2,735.9	0.0067	get 0.0067% / 8h	4h 02m	$380.3M	$573.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now +0.074%Rate

Funding earned: $14.07
Price spread: +0.074% → −0.092%: $16.67
Slippage, 4 orders: −$1.87
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $9.87
Costs to cover: 0.209%
Break-even: 2.1 days

Slippage from Phoenix: live order book, 1 min ago; KuCoin: live order book, 7 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 Phoenix live order book, 1 min ago	0.18 bp	4.3 bp −$4	7.9 bp −$79	20.8 bp −$2,081	doesn't fit
Sell KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	8.1 bp −$81	10.9 bp −$1,086	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	−0.0447%	43m	2,735.9	+0.072%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.011%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.8	+0.106%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.9	+0.108%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736.6	+0.099%	$187K	$822K	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,733.9	long leg	$826K	$2.9M	25x
dYdX ETH-USD	+0.0001%	1h	2,736.7	+0.102%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.9	+0.110%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0015%	1h	2,736.3	+0.089%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,735.9	+0.072%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0043%	8h	2,736.6	+0.097%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,736.9	+0.108%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,733.1	−0.029%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTMshort	+0.0067%	8h	2,735.9	+0.074%	$380.3M	$573.4M	100x
OKX ETH-USDT-SWAP	+0.0075%	8h	2,737	+0.113%	$1.67B	$10.73B	100x	as long as short
Phemex ETHUSDT	+0.0078%	8h	2,736.5	+0.095%	$265.9M	$65.0M	150x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,736.6	+0.098%	$251.2M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,736.6	+0.099%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,736.6	+0.099%	$6.36B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.3	+0.088%	$112.9M	$442.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.3	+0.123%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,736.7	+0.102%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734.4	+0.019%	$4.9M	$155K	20x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,736.7	+0.102%	$5.7M	$11.8M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.3	+0.235%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,735.8	+0.069%	$499K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.9	+0.073%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.7	+0.176%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.8	+0.107%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,735.9	+0.073%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.7	+0.101%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.008%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.6	+0.099%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.1	+0.117%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	+0.064%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.070%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.055%	$183.8M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.6	−0.012%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.4	+0.091%	$21.1M	$68.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.2	+0.157%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.3	+0.125%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.8	+0.181%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	+0.044%	$959K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,737	+0.113%	$54.5M	$187.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.2	+0.122%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.8	+0.069%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.6	+0.134%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,734.8	+0.034%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,736.6	+0.099%	$6.7M	$678.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0148%	1h	2,738.5	+0.168%	$259.6M	$196.4M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0198%	8h	2,739.7	+0.213%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,735.8	+0.071%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.9	+0.146%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,737.2	+0.120%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0382%	8h	2,736.6	+0.099%	$283.6M	$175.9M	150x	as long as short