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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC−0.0031%/8h= −3.4% APRnext payment −$0.31 per $10,000 · paid last 24h +0.014%
Price spread now: KuCoin against Phemex−0.062%7-day average +0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$250.252% of the position
Long on PhemexShort on KuCoin
What this pair did over the last
the charts below follow
Funding, last 7 days+0.001%$0 on $10k
Price spread, last 3 days (all we have)+0.063%+$6 · spread now −0.062%, 7d avg +0.002%
Together, before fees+0.063%+$6 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.064% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.002%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,748.10.0100pay 0.0100% / 8h6h 15m$267.4M$66.0M150x
ShortKuCoin ETHUSDTM2,746.40.0069get 0.0069% / 8h6h 15m$371.9M$610.1M100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

KuCoin against Phemex. 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

Funding earned
−$6.51
Price spread: −0.062% → +0.002%
−$6.37
Slippage, 4 orders
−$1.2
Fee Phemex: 6 bp × 2 orders
−$12
Fee KuCoin: 6 bp × 2 orders
−$12
Net
−$38.08
Costs to cover
0.252%
Break-even
never at this rate
Slippage from Phemex: live order book, 4 min ago; KuCoin: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 4 min ago0.02 bp6.1 bp −$67.0 bp −$709.6 bp −$96114.7 bp −$7,351
Sell KuCoin live order book, 4 min ago0.02 bp6.0 bp −$68.0 bp −$8010.7 bp −$1,067doesn't fit

ETH on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0112%43m2,747.2−0.032%$310K$5.9M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,746.9−0.044%$5K$1K50xas long as short
RISEx ETH/USDC−0.0071%1h2,747.1−0.037%$5.7M$11.4M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0009% / S +0.0043%1h2,748−0.003%$12.2M—200xas long as short
Phoenix ETH−0.0006%1h2,749+0.032%$848K$3.1M25xas long as short
dYdX ETH-USD0.0000%1h2,747−0.041%$10.8M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,748.10.000%$22.2M—200xas long as short
01 Exchange ETHUSD+0.0032%1h2,747.5−0.023%$181K$1.1M50xas long as short
ApeX Omni ETHUSDT+0.0036%1h2,747.8−0.013%$8.7M$31.4M100xas long as short
BingX ETH-USDC+0.0038%8h2,746.7−0.053%—$18.5M—as long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0049%8h2,747.2−0.032%$1.69B$10.95B100xas long as short
HTX ETH-USDT+0.0060%8h2,747.4−0.027%$1.06B$1.20B200xas long as short
KuCoin ETHUSDTMshort+0.0069%8h2,746.4−0.062%$371.9M$610.1M100x
Aster ETHUSDT+0.0069%8h2,746.7−0.052%$253.7M$858.5M200xas long as short
MEXC ETH_USDT+0.0080%8h2,746.7−0.052%$1.57B$2.57B500xas long as short
Aevo ETH-PERP+0.0080%1h2,744.9−0.118%$4.9M$168K20xas long as short
Binance ETHUSDT+0.0080%8h2,746.7−0.052%$6.38B$16.21B150xas long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,748−0.005%$58.9M$4.33B50xas long as short
Lighter ETH+0.0096%1h2,747−0.041%$113.1M$444.2M50xas long as short
Lighter RH ETH+0.0096%1h2,748.3+0.006%$24.8M$107.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,748.5+0.012%—$35.6M500xas long as short
Bitget ETHUSDT+0.0096%8h2,747.2−0.033%$2.08B$2.83B150xas long as short
Aftermath Perps ETHUSD+0.0098%1h2,749.3+0.041%$30K$20K20xas long as short
Bullet ETH-USD+0.0099%1h2,748.1−0.001%$183K$1.7M20xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,751.2+0.112%$16.3M$8.1M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,746.6−0.055%$477K$2.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,746.6−0.057%$14.0M$112.3M50xas long as short
Hyperliquid ETH+0.0100%1h2,748.9+0.028%$3.13B$2.10B25xas long as short
Pacifica ETH+0.0100%1h2,747.2−0.033%$31.7M$334.3M50xas long as short
Bybit ETHUSDT+0.0100%8h2,746.9−0.043%$2.46B$4.32B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,746.5−0.059%$2.8M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,747.4−0.025%$2.8M$16.5M25xas long as short
Gate ETH_USDT+0.0100%8h2,746.8−0.048%$3.39B$8.92B200xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,746.6−0.056%$15.0M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,747.1−0.038%$133.1M$345.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,746.3−0.065%$181.6M$704.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,747.6−0.018%$159.8M$82.9M50xas long as short
StandX ETH-USD+0.0100%1h2,748.6+0.017%$21.3M$69.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,748.2+0.001%—$868K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,747.6−0.019%$10.7M$8.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,747.7−0.017%$21K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,748.8+0.026%$41.7M$29.5M15xas long as short
SunX ETH-USDT+0.0100%8h2,747.2−0.034%$964K$12.3M100xas long as short
SoDEX ETH-USD+0.0100%1h2,747−0.041%$54.7M$187.7M40xas long as short
Phemex ETHUSDTlong+0.0100%8h2,748.1long leg$267.4M$66.0M150x
Bulk ETH-USD+0.0100%1h2,747.7−0.017%$164.0M$301.0M25xas long as short
Extended ETH-USD+0.0104%1h2,745.9−0.082%$30.5M$73.4M50xas long as short
Deribit ETH-PERPETUAL+0.0125%1h2,748.2+0.001%$258.5M$199.8M50xas long as short
Kalshi KXETHPERP+0.0145%8h2,748.7+0.021%$7.7M$674.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0174%8h2,749.5+0.051%$32.3M$11.2M100xas long as short
Hibachi ETH/USDT-P+0.0208%1h2,749.1+0.036%$250K$1.5M20xas long as short
Injective ETH/USDC PERP+0.0209%1h2,746.3−0.066%$118K$22.5M52xas long as short
Reya ETHRUSDPERP+0.0221%1h2,746.9−0.043%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0354%1h2,747.7−0.015%$89.1M$316.9M100xas long as short