Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.013%

Price spread now: Phoenix against KuCoin+0.101%108s7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.207% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.101%, 7d avg +0.092%

Together, before fees+0.075%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.092%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.091%, so the current rate has only just turned against you. The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,737.3	0.0071	pay 0.0071% / 8h	5h 03m	$380.7M	$575.0M	100x
Short	Phoenix ETH	2,740.1	0.0017	get 0.0002% / 1h	3m 34s	$846K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$11.24
Price spread: +0.101% → +0.092%: $0.88
Slippage, 4 orders: −$1.73
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$31.09
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Phoenix: 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 KuCoin live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.6 bp −$66	10.5 bp −$1,049	doesn't fit
Sell Phoenix live order book, 5 min ago	0.18 bp	4.3 bp −$4	8.4 bp −$84	17.8 bp −$1,782	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
Hotstuff ETH-PERP	−0.0080%	1h	2,737.7	+0.014%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.063%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.3	+0.070%	$12.0M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,739.7	+0.085%	$303K	$5.5M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739	+0.060%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.5	+0.079%	$25.3M	—	200x	as long as short
Phoenix ETHshort	+0.0017%	1h	2,740.1	+0.101%	$846K	$2.9M	25x
01 Exchange ETHUSD	+0.0024%	1h	2,739.2	+0.068%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0037%	1h	2,739.3	+0.071%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,737.2	−0.005%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,737.2	−0.006%	$1.70B	$10.54B	100x	as long as short
Bullet ETH-USD	+0.0070%	1h	2,739	+0.061%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTMlong	+0.0071%	8h	2,737.3	long leg	$380.7M	$575.0M	100x
RISEx ETH/USDC	+0.0077%	1h	2,738.6	+0.047%	$5.6M	$11.4M	25x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,738.8	+0.054%	$54.5M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,738.9	+0.058%	$253.4M	$840.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.2	+0.033%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,738.6	+0.045%	$6.36B	$15.69B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,737.1	−0.009%	$1.56B	$2.57B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,737.6	+0.009%	$112.4M	$436.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.1	+0.064%	$24.5M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.5	+0.116%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,740.8	+0.127%	$54.3M	$4.25B	50x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,738.9	+0.056%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,741	+0.135%	$15.9M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.3	+0.035%	$476K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.1	+0.064%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.6	+0.083%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.1	+0.028%	$31.6M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739	+0.060%	$2.44B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737	−0.012%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.6	+0.047%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.087%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.5	+0.005%	$3.39B	$8.79B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.4	+0.003%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.8	+0.052%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739.1	+0.064%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	+0.044%	$182.0M	$666.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.2	+0.067%	$159.2M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740	+0.098%	$21.2M	$68.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.6	+0.084%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.1	+0.101%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.3	+0.108%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.3	+0.037%	$959K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,739.4	+0.076%	$266.2M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.5	−0.029%	$30.7M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,742.5	+0.189%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,740.4	+0.112%	$7.7M	$671.7M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0181%	1h	2,740.5	+0.115%	$260.0M	$195.3M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,740.9	+0.129%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.6	+0.045%	$285.2M	$179.2M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,740.2	+0.104%	$86.4M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,738	+0.025%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,740.7	+0.124%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0290%	1h	2,739.4	+0.074%	$21K	$20K	25x	as long as short