Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.008%

Price spread now: KuCoin against SoDEX+0.092%7-day average +0.013% · 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−$13as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on SoDEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.092%, 7d avg +0.013%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.079% dearer against SoDEX than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of +0.013%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,729.1	0.0100	pay 0.0013% / 1h	51m 42s	$54.4M	$187.2M	40x
Short	KuCoin ETHUSDTM	2,731.6	0.0068	get 0.0068% / 8h	51m 42s	$385.2M	$577.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against SoDEX. 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 SoDEXbpFee KuCoinbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$6.72
Price spread: +0.092% → +0.013%: $7.93
Slippage, 4 orders: −$0.59
Fee SoDEX: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$19.38
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; KuCoin: live order book, 7 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 SoDEX live order book, 2 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.7 bp −$573	30.5 bp −$15.3K
Sell KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	6.9 bp −$69	10.0 bp −$1,004	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
ApeX Omni ETHUSDT	−0.0132%	1h	2,727.7	−0.052%	$8.6M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.3	+0.007%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,730	+0.033%	$812K	$3.0M	25x	as long as short
BloFin ETH-USDT	−0.0011%	8h	2,728.3	−0.031%	$281.5M	$177.2M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.2	+0.004%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.2	+0.002%	$10.5M	$42.7M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.6	+0.018%	$6.5M	$680.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,728.3	−0.028%	$287K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.2	+0.041%	$262.4M	$212.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,729.2	+0.004%	$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
BingX ETH-USDC	+0.0020%	8h	2,730.3	+0.045%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0024%	8h	2,730.3	+0.044%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,728.5	−0.021%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,729.3	+0.007%	$192K	$891K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,731.1	+0.073%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,729.8	+0.026%	$82.0M	$309.6M	100x	as long as short
KuCoin ETHUSDTMshort	+0.0068%	8h	2,731.6	+0.092%	$385.2M	$577.7M	100x
OKX ETH-USDT-SWAP	+0.0077%	8h	2,730.2	+0.040%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,730.3	+0.042%	$252.9M	$848.7M	200x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,730.7	+0.059%	$6.32B	$16.15B	150x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,731.3	+0.080%	$1.55B	$2.55B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,732	+0.106%	$112.7M	$429.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.3	+0.118%	$23.5M	$101.8M	50x	as long as short
Hibachi ETH/USDT-P	+0.0096%	1h	2,731.5	+0.088%	$242K	$1.4M	20x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,726.6	−0.093%	$4.9M	$179K	20x	as long as short
Phemex ETHUSDT	+0.0099%	8h	2,730	+0.034%	$263.1M	$64.5M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.4	−0.026%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.3	+0.118%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.5	−0.022%	$14.0M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.5	+0.161%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.6	+0.091%	$32.2M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.7	−0.051%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.1	−0.001%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.4	+0.083%	$3.31B	$8.85B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.1	+0.074%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.7	+0.021%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.9	−0.080%	$133.9M	$319.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.056%	$185.5M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.3	+0.007%	$158.6M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.1	0.000%	$21.0M	$70.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.4	+0.049%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	+0.033%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.7	−0.014%	$186K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.4	+0.011%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.8	+0.061%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,727.8	−0.046%	$957K	$10.9M	100x	as long as short
SoDEX ETH-USDlong	+0.0100%	1h	2,729.1	long leg	$54.4M	$187.2M	40x
Bulk ETH-USD	+0.0100%	1h	2,729	−0.005%	$162.7M	$352.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,729.8	+0.025%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.7	+0.058%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,728.5	−0.023%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.5	+0.051%	$46.6M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,729.4	+0.011%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,731.2	+0.078%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,728	−0.040%	$7.3M	$975K	25x	as long as short