Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.019%

Price spread now: KuCoin against Kraken Futures−0.060%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.060%, 7d avg −0.009%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.052% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,728.3	0.0211	pay 0.0026% / 1h	43m 46s	$83.6M	$311.6M	100x
Short	KuCoin ETHUSDTM	2,726.7	0.0077	get 0.0077% / 8h	1h 43m	$378.2M	$577.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Kraken Futures. 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 Kraken FuturesbpFee KuCoinbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$28.09
Price spread: −0.060% → −0.009%: −$5.17
Slippage, 4 orders: −$2.07
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$57.33
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; KuCoin: live order book, 5 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 Kraken Futures live order book, 5 min ago	0.18 bp	6.3 bp −$6	7.5 bp −$75	9.1 bp −$908	11.8 bp −$5,904
Sell KuCoin live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.9 bp −$79	11.1 bp −$1,115	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	−0.0112%	43m	2,728.9	+0.022%	$291K	$5.8M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0088%	1h	2,725.8	−0.094%	$8.6M	$31.5M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	−0.082%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,725	−0.122%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.5	+0.008%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,725.4	−0.107%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.2	+0.032%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.6	+0.047%	$6.7M	$691.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.1	−0.007%	$262.6M	$215.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.7	+0.012%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0007%	8h	2,727.8	−0.021%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,729.5	+0.043%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,726.5	−0.067%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0037%	8h	2,726.4	−0.069%	$2.34B	$4.43B	150x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,728.6	+0.011%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTMshort	+0.0077%	8h	2,726.7	−0.060%	$378.2M	$577.5M	100x
SoDEX ETH-USD	+0.0082%	1h	2,727.4	−0.034%	$54.3M	$187.4M	40x	as long as short
SunX ETH-USDT	+0.0085%	8h	2,726.9	−0.051%	$957K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,726.8	−0.057%	$251.9M	$850.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0092%	8h	2,726.4	−0.071%	$1.65B	$10.96B	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,726.5	−0.066%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,726.6	−0.063%	$6.33B	$16.20B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.9	−0.052%	$111.9M	$433.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730	+0.060%	$23.4M	$102.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.3	−0.112%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.1	+0.028%	$509K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.9	+0.167%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.8	+0.017%	$14.0M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.3	+0.034%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.2	+0.069%	$32.0M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.4	+0.039%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.058%	$1.5M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.089%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.7	−0.059%	$3.27B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.5	−0.069%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.5	−0.032%	$15.0M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.1	−0.193%	$133.0M	$326.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,725.9	−0.087%	$184.8M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.3	−0.075%	$158.4M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724	−0.159%	$20.9M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.5	+0.042%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.4	+0.039%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728	−0.012%	$178K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.8	+0.017%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,729.5	+0.043%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727.7	−0.023%	$262.9M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726	−0.085%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.5	+0.045%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729	+0.025%	$50.4M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730	+0.063%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,730.1	+0.064%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,727.1	−0.044%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0211%	1h	2,728.3	long leg	$83.6M	$311.6M	100x
Hibachi ETH/USDT-P	+0.0264%	1h	2,730.6	+0.082%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,729.5	+0.043%	$282.4M	$175.5M	150x	as long as short