Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.003%

Price spread now: Ondo Perps against KuCoin−0.026%7-day average −0.018% · you buy dearer than you sell

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

Long on KuCoin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 7 days−0.083%−$8 · spread now −0.026%, 7d avg −0.018%

Together, before fees+0.027%+ Points / potential airdropOndo Perps: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,728.9	0.0069	pay 0.0069% / 8h	4h 38m	$380.1M	$576.0M	100x
Short	Ondo Perps ETH-USD.P	2,728.2	0.0100	get 0.0013% / 1h	38m 52s	$2.7M	$17.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.026%Rate

Funding earned: $6.51
Price spread: −0.026% → −0.018%: −$0.77
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$11.26
Costs to cover: 0.170%
Break-even: 19.1 days

Slippage unknown: KuCoin: live order book, 5 min ago; Ondo Perps: no order-book sample. 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 KuCoin live order book, 5 min ago	0.02 bp	6.2 bp −$6	8.4 bp −$84	10.9 bp −$1,086	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

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	2,728.9	0.000%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,728.7	−0.007%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.2	+0.011%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.9	0.000%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.7	+0.030%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,728.7	−0.007%	$187K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.004%	$828K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0004%	1h	2,728.4	−0.018%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.8	−0.004%	$26.8M	—	200x	as long as short
Deribit ETH-PERPETUAL	+0.0029%	1h	2,728.2	−0.026%	$260.1M	$196.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0039%	1h	2,729.5	+0.023%	$8.9M	$31.3M	100x	as long as short
SoDEX ETH-USD	+0.0057%	1h	2,726.8	−0.077%	$54.3M	$187.6M	40x	as long as short
BingX ETH-USDT	+0.0059%	8h	2,728.5	−0.015%	—	$1.14B	—	as long as short
KuCoin ETHUSDTMlong	+0.0069%	8h	2,728.9	long leg	$380.1M	$576.0M	100x
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.7	−0.006%	$1.67B	$10.71B	100x	as long as short
HTX ETH-USDT	+0.0075%	8h	2,726.5	−0.088%	$1.05B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,728.7	−0.006%	$251.3M	$844.6M	200x	as long as short
Bybit ETHUSDT	+0.0084%	8h	2,728.3	−0.023%	$2.39B	$4.35B	150x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,728.3	−0.023%	$1.52B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,725.4	−0.127%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,728.6	−0.011%	$6.34B	$15.87B	150x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,726.9	−0.072%	$265.0M	$65.5M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.7	−0.045%	$112.2M	$436.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.7	−0.006%	$23.2M	$105.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,729	+0.005%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,732.4	+0.129%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.1	+0.006%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.1	−0.029%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.7	−0.009%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.2	+0.048%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.1	+0.045%	$31.9M	$334.3M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,728.2	−0.026%	$2.7M	$17.0M	25x
Arcus ETH-USD	+0.0100%	1h	2,728.9	+0.001%	$2.8M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.3	−0.021%	$3.35B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.7	−0.008%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	−0.044%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	+0.014%	$133.2M	$325.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,730.8	+0.069%	$183.7M	$669.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.6	+0.063%	$158.9M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.7	+0.029%	$21.1M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730	+0.041%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.4	+0.055%	$11.1M	$9.1M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.7	−0.006%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.1	−0.031%	$956K	$11.4M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.9	+0.073%	$166.8M	$318.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.3	−0.057%	$30.4M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728.2	−0.025%	$51.5M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0125%	1h	2,731.2	+0.084%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0150%	8h	2,729	+0.004%	$6.5M	$678.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,729.7	+0.029%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,728	−0.032%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,727.7	−0.044%	$84.1M	$313.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,732.4	+0.129%	$253K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0275%	1h	2,728.2	−0.027%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0355%	8h	2,727.1	−0.067%	$282.6M	$174.6M	150x	as long as short