Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.016%

Price spread now: KuCoin against ApeX Omni−0.430%97s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as 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−$220.221% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.072%+$7 on $10k

Price spread, last 7 days+0.435%+$44 · spread now −0.430%, 7d avg −0.003%

Together, before fees+0.507%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and KuCoin is 0.427% cheaper against ApeX Omni than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.003%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.072%, so the current rate has only just turned against you. The two prices were read 97 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	ApeX Omni ETHUSDT	2,773.5	0.0100	pay 0.0013% / 1h	3m 58s	$8.9M	$31.4M	100x
Short	KuCoin ETHUSDTM	2,761.6	0.0090	get 0.0090% / 8h	7h 03m	$418.9M	$589.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against ApeX Omni. 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 ApeX OmnibpFee KuCoinbpOrdersPrice spread, now −0.430%Rate

Funding earned: −$2.1
Price spread: −0.430% → −0.003%: −$42.75
Slippage, 4 orders: −$0.11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$66.96
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 5 min ago; KuCoin: 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 ApeX Omni live order book, 5 min ago	0.04 bp	5.0 bp −$5	6.0 bp −$60	19.9 bp −$1,993	46.1 bp −$23.1K
Sell KuCoin live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.9 bp −$79	12.3 bp −$1,232	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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.010%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0447%	43m	2,768.1	−0.195%	$323K	$6.1M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,767.6	−0.215%	$5.6M	$11.2M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	−0.196%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,768.1	−0.196%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.8	−0.098%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	+0.0004%	1h	2,768.8	−0.170%	$12.3M	$43.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.6	−0.212%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,765	−0.308%	$269.1M	$65.8M	150x	as long as short
Bullet ETH-USD	+0.0017%	1h	2,767.1	−0.232%	$185K	$1.7M	20x	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	+0.0033%	8h	2,761.1	−0.447%	$1.69B	$10.95B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,767.6	−0.213%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0048%	8h	2,763.5	−0.360%	$260.2M	$849.9M	200x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,765.4	−0.293%	$55.1M	$187.7M	40x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,764.3	−0.333%	$5.0M	$156K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,761	−0.452%	$6.45B	$16.03B	150x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,761.5	−0.433%	$1.61B	$2.67B	500x	as long as short
Aftermath Perps ETHUSD	+0.0069%	1h	2,769.9	−0.132%	$31K	$21K	20x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,764.9	−0.311%	$1.07B	$1.22B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,766.1	−0.266%	$60.2M	$4.39B	50x	as long as short
Bitget ETHUSDT	+0.0081%	8h	2,762.1	−0.414%	$2.09B	$2.82B	150x	as long as short
Vest ETH-PERP	+0.0087%	1h	2,767.7	−0.211%	—	$870K	50x	as long as short
Gate ETH_USDT	+0.0090%	8h	2,761.7	−0.426%	$3.39B	$9.13B	200x	as long as short
KuCoin ETHUSDTMshort	+0.0090%	8h	2,761.6	−0.430%	$418.9M	$589.1M	100x
Lighter ETH	+0.0096%	1h	2,765.6	−0.286%	$114.9M	$460.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,766.3	−0.261%	$25.5M	$112.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.9	+0.015%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.8	−0.207%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.2	−0.228%	$14.5M	$112.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766	−0.273%	$3.16B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.5	−0.182%	$31.3M	$328.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,761	−0.451%	$2.50B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.4	−0.221%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.3	−0.190%	$2.8M	$16.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771.7	−0.066%	$172.0M	$293.3M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,760.1	−0.484%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.8	−0.351%	$15.0M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,766.4	−0.258%	$134.4M	$347.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.3	−0.115%	$183.8M	$751.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	−0.033%	$161.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDTlong	+0.0100%	1h	2,773.5	long leg	$8.9M	$31.4M	100x
StandX ETH-USD	+0.0100%	1h	2,768.5	−0.181%	$21.4M	$64.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767	−0.235%	$10.5M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.4	−0.221%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.6	−0.214%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.9	−0.238%	$970K	$12.7M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,761.2	−0.443%	$30.9M	$74.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,766.9	−0.237%	—	$35.8M	500x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,768.2	−0.192%	$8.0M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0122%	1h	2,766.7	−0.248%	$259.1M	$200.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,766.2	−0.265%	$97.8M	$314.7M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0158%	8h	2,768.9	−0.168%	$32.6M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,768	−0.198%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,766.9	−0.239%	$287.3M	$174.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,766.9	−0.240%	$7.3M	$1.1M	25x	as long as short