Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.026%

Price spread now: gTrade (Gains Network) against KuCoin+0.102%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−$11as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on KuCoin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now +0.102%, 7d avg +0.012%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.089% dearer against KuCoin than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of +0.012%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,747	0.0070	pay 0.0070% / 8h	6h 17m	$372.1M	$610.2M	100x
Short	gTrade (Gains Network) ETH/USD	2,749.8	L +0.0006% / S −0.0006%	get 0.0001% / 1h	17m 38s	$22.2M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against KuCoin. 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 KuCoinbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.102%Rate

Funding earned: −$13.46
Price spread: +0.102% → +0.012%: $8.95
Slippage, 4 orders: −$1.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$24.88
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; gTrade (Gains Network): virtual book (oracle venue), 2 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 KuCoin live order book, 7 min ago	0.02 bp	6.3 bp −$6	7.5 bp −$75	10.1 bp −$1,012	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$501	8.9 bp −$4,457

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 ETH	−0.0112%	43m	2,747.8	+0.030%	$312K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.7	+0.027%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,747.2	+0.009%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.4	+0.090%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,747.2	+0.009%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747	+0.002%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,749.8	+0.102%	$22.2M	—	200x
ApeX Omni ETHUSDT	+0.0019%	1h	2,749.4	+0.089%	$8.7M	$31.4M	100x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,747.6	+0.023%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0037%	8h	2,746.9	−0.004%	—	$1.17B	—	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	+0.0048%	8h	2,747.2	+0.008%	$1.69B	$10.95B	100x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,747.8	+0.031%	$1.06B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,747.5	+0.018%	$253.0M	$858.6M	200x	as long as short
KuCoin ETHUSDTMlong	+0.0070%	8h	2,747	long leg	$372.1M	$610.2M	100x
MEXC ETH_USDT	+0.0080%	8h	2,747.2	+0.010%	$1.56B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,746.2	−0.029%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,747.6	+0.023%	$6.38B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,750	+0.109%	$59.0M	$4.34B	50x	as long as short
Bitget ETHUSDT	+0.0095%	8h	2,747.1	+0.004%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,748.1	+0.040%	$113.0M	$443.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.3	+0.084%	$24.9M	$107.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748	+0.038%	—	$35.6M	500x	as long as short
Gate ETH_USDT	+0.0096%	8h	2,747.2	+0.009%	$3.39B	$8.92B	200x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,749.8	+0.105%	$30K	$20K	20x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,748.7	+0.064%	$267.4M	$66.0M	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,751.9	+0.178%	$16.3M	$8.1M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.9	+0.071%	$182K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.6	−0.013%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.6	+0.097%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750	+0.110%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.1	+0.041%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.3	+0.013%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.1	+0.005%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.6	+0.023%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.9	−0.001%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	+0.064%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749.6	+0.096%	$181.8M	$704.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	+0.182%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.3	+0.049%	$21.3M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.2	+0.082%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.9	+0.071%	$10.7M	$8.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.2	+0.081%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.6	+0.133%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.8	+0.068%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749	+0.074%	$54.7M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.176%	$165.7M	$300.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746	−0.036%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,750	+0.111%	$7.7M	$674.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0150%	1h	2,750.4	+0.125%	$258.5M	$199.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0173%	8h	2,751.2	+0.153%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,748.2	+0.044%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.3	−0.024%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,748.2	+0.044%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.9	+0.106%	$89.2M	$317.0M	100x	as long as short