Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0548%/8h= +60.0% APRpaid last 24h +0.152%

Price spread now: KuCoin against Deribit−0.070%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 10 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.7159	−0.0448	get 0.0056% / 1h	1m 07s	$41K	$13K	10x
Short	KuCoin ETHFIUSDTM	0.7154	0.0100	get 0.0050% / 4h	1m 07s	$1.2M	$269K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.070%Rate

Funding earned: $115.07
Price spread: −0.070% → 0.000%: −$6.98
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $89.08
Costs to cover: 0.190%
Break-even: 1.6 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	6.30 bp	56.2 bp −$56	185.5 bp −$1,855	doesn't fit	doesn't fit

Deribit: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALlong	−0.0448%	1h	0.7159	long leg	$41K	$13K	10x
HTX ETHFI-USDT	−0.0359%	4h	0.7140	−0.265%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0193%	4h	0.7153	−0.084%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	−0.0048%	8h	0.7146	−0.186%	$6K	—	5x	as long as short
Variational Omni ETHFI	+0.0009%	4h	0.7147	−0.174%	$1.0M	$746K	—	as long as short
MEXC ETHFI_USDT	+0.0020%	4h	0.7154	−0.070%	$15.2M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0022%	4h	0.7153	−0.084%	$24.9M	$37.4M	75x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7152	−0.104%	$92K	$492K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.131%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7150	−0.124%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin ETHFI-USDT	+0.0089%	4h	0.7149	−0.140%	$1.2M	$280K	75x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7164	+0.075%	$1.1M	$897K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7161	+0.024%	$18.0M	$9.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7154	−0.076%	$183K	$259K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7155	−0.056%	$18.1M	$13.1M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7159	0.000%	$5.0M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7155	−0.056%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTMshort	+0.0100%	4h	0.7154	−0.070%	$1.2M	$269K	50x
Bitget ETHFIUSDT	+0.0100%	4h	0.7152	−0.098%	$6.1M	$5.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7156	−0.042%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7151	−0.108%	$59K	$94K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7165	+0.084%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0216%	1h	0.7237	+1.090%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0553%	1h	0.7162	+0.046%	$275K	$162K	20x	as long as short