Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h +0.008%

Price spread now: KuCoin against SoDEX+0.040%7-day average +0.012% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on SoDEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.027%−$3 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.040%, 7d avg +0.012%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.028% dearer against SoDEX than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.012%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,726.9	0.0100	pay 0.0013% / 1h	53m 41s	$54.3M	$187.8M	40x
Short	KuCoin ETHUSDTM	2,728	0.0065	get 0.0065% / 8h	2h 53m	$377.9M	$576.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against SoDEX. 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 SoDEXbpFee KuCoinbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$7.35
Price spread: +0.040% → +0.012%: $2.77
Slippage, 4 orders: −$1.36
Fee SoDEX: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$25.95
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from SoDEX: live order book, just now; KuCoin: live order book, 10 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 SoDEX live order book, just now	0.55 bp	4.6 bp −$5	4.6 bp −$46	6.4 bp −$639	31.4 bp −$15.7K
Sell KuCoin live order book, 10 min ago	0.02 bp	6.2 bp −$6	8.1 bp −$81	10.6 bp −$1,059	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	−0.0335%	43m	2,726.6	−0.011%	$287K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	+0.037%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0019%	8h	2,726.4	−0.019%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,726.7	−0.007%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,727.6	+0.026%	$814K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.3	+0.014%	$10.7M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,726.8	−0.002%	$28.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,729.1	+0.081%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,727.3	+0.015%	—	$1.13B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,727.2	+0.011%	$2.36B	$4.40B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,728.1	+0.044%	$186K	$785K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0058%	1h	2,728	+0.041%	$258.5M	$203.1M	50x	as long as short
SunX ETH-USDT	+0.0059%	8h	2,725.8	−0.039%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTMshort	+0.0065%	8h	2,728	+0.040%	$377.9M	$576.6M	100x
Bullet ETH-USD	+0.0073%	1h	2,726.2	−0.027%	$176K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,727.6	+0.026%	$252.3M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,724.5	−0.089%	$4.9M	$155K	20x	as long as short
Aftermath Perps ETHUSD	+0.0082%	1h	2,728.3	+0.050%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0084%	8h	2,727.5	+0.021%	$1.56B	$2.55B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0084%	8h	2,727.3	+0.014%	$1.67B	$10.74B	100x	as long as short
Binance ETHUSDT	+0.0085%	8h	2,727.4	+0.018%	$6.32B	$15.97B	150x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,726.5	−0.013%	$263.9M	$64.1M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.8	+0.034%	$111.8M	$428.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.1	+0.081%	$23.4M	$102.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,726.9	+0.001%	—	$31.0M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.9	0.000%	$500K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.3	+0.090%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.3	+0.014%	$13.7M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.7	+0.103%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.2	+0.048%	$31.8M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.4	+0.018%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728	+0.040%	$1.5M	$16.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.5	+0.023%	$3.33B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.5	+0.021%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726.5	−0.015%	$15.0M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	+0.071%	$134.6M	$323.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.9	+0.037%	$183.5M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731	+0.150%	$158.9M	$87.3M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,729.4	+0.092%	$8.7M	$31.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.3	+0.088%	$21.0M	$73.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.2	+0.048%	—	$846K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.1	+0.044%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.2	+0.011%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.1	+0.044%	$40.9M	$30.1M	15x	as long as short
SoDEX ETH-USDlong	+0.0100%	1h	2,726.9	long leg	$54.3M	$187.8M	40x
Bulk ETH-USD	+0.0100%	1h	2,726.9	+0.002%	$164.5M	$309.8M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.5	−0.013%	$30.6M	$73.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,728	+0.039%	$50.1M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,727.9	+0.037%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,728	+0.040%	$6.4M	$688.4M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,727.5	+0.021%	$83.0M	$316.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,728.9	+0.072%	$32.1M	$11.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,725.7	−0.045%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,728.1	+0.042%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0338%	8h	2,727.6	+0.024%	$283.4M	$174.5M	150x	as long as short