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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 05:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.002%
Price spread now: KuCoin against Backpack−0.004%7-day average −0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$230.227% of the position
Long on BackpackShort on KuCoin
What this pair did over the last
the charts below follow
Funding, last 7 days−0.112%−$11 on $10k
Price spread, last 7 days+0.318%+$32 · spread now −0.004%, 7d avg −0.015%
Together, before fees+0.206%+$21 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack ETH_USDC_PERP2,726.20.0100pay 0.0013% / 1h2m 39s$15.0M$42.4M50x
ShortKuCoin ETHUSDTM2,726.10.0062get 0.0062% / 8h3h 02m$376.7M$575.1M100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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
−$7.98
Price spread: −0.004% → −0.015%
$1.07
Slippage, 4 orders
−$0.66
Fee Backpack: 5 bp × 2 orders
−$10
Fee KuCoin: 6 bp × 2 orders
−$12
Net
−$29.57
Costs to cover
0.227%
Break-even
never at this rate
Slippage from Backpack: live order book, 2 min ago; KuCoin: live order book, 12 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 Backpack live order book, 2 min ago0.02 bp5.0 bp −$57.4 bp −$7430.7 bp −$3,067doesn't fit
Sell KuCoin live order book, 12 min ago0.02 bp6.0 bp −$67.5 bp −$7510.0 bp −$997doesn't fit

ETH on 55 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−0.0335%43m2,727.4+0.045%$290K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,727.5+0.048%$5K$1K50xas long as short
HTX ETH-USDT−0.0021%8h2,726.2+0.002%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,727+0.028%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,731.9+0.210%$816K$2.9M25xas long as short
dYdX ETH-USD+0.0006%1h2,727.7+0.055%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,727.1+0.033%$28.0M—200xas long as short
BingX ETH-USDC+0.0029%8h2,726.20.000%—$18.4M—as long as short
Bybit ETHUSDT+0.0035%8h2,726−0.006%$2.36B$4.40B150xas long as short
Bullet ETH-USD+0.0039%1h2,726.6+0.015%$179K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0048%1h2,726.9+0.026%$186K$785K50xas long as short
SunX ETH-USDT+0.0056%8h2,725.4−0.027%$955K$11.2M100xas long as short
KuCoin ETHUSDTMshort+0.0062%8h2,726.1−0.004%$376.7M$575.1M100x
Aster ETHUSDT+0.0076%8h2,726.6+0.016%$252.4M$842.8M200xas long as short
Aevo ETH-PERP+0.0080%1h2,724−0.081%$4.9M$155K20xas long as short
OKX ETH-USDT-SWAP+0.0082%8h2,726−0.006%$1.67B$10.73B100xas long as short
MEXC ETH_USDT+0.0082%8h2,726.1−0.001%$1.56B$2.59B500xas long as short
Binance ETHUSDT+0.0082%8h2,726.3+0.005%$6.32B$15.96B150xas long as short
Phemex ETHUSDT+0.0087%8h2,726.8+0.023%$264.2M$63.9M150xas long as short
ApeX Omni ETHUSDT+0.0091%1h2,728.3+0.077%$8.7M$31.2M100xas long as short
Aftermath Perps ETHUSD+0.0092%1h2,729.4+0.117%$30K$20K20xas long as short
Lighter ETH+0.0096%1h2,727.2+0.036%$112.0M$437.6M50xas long as short
Lighter RH ETH+0.0096%1h2,728.4+0.082%$23.4M$105.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,731.1+0.181%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,728.9+0.100%$117K$22.5M52xas long as short
SoDEX ETH-USD+0.0098%1h2,726.7+0.019%$54.3M$187.8M40xas long as short
Katana Perps ETH-USD+0.0100%8h2,726.2+0.001%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,728.8+0.098%$15.4M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.3+0.078%$13.8M$104.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,728.9+0.100%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,727.4+0.044%$31.9M$334.0M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,726.6+0.015%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,726.8+0.024%$1.5M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,726.2+0.001%$3.33B$8.98B200xas long as short
Bitget ETHUSDT+0.0100%8h2,726.1−0.003%$2.08B$2.73B150xas long as short
Backpack ETH_USDC_PERPlong+0.0100%1h2,726.2long leg$15.0M$42.4M50x
Variational Omni ETH+0.0100%8h2,730+0.139%$134.8M$322.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,729+0.103%$183.6M$672.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,729.5+0.122%$158.8M$87.0M50xas long as short
StandX ETH-USD+0.0100%1h2,730.9+0.173%$21.0M$72.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.1+0.108%—$846K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,728.4+0.081%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,726.8+0.023%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,728+0.068%$40.9M$30.1M15xas long as short
Bulk ETH-USD+0.0100%1h2,726.9+0.028%$164.5M$309.8M25xas long as short
Kalshi KXETHPERP+0.0104%8h2,728.2+0.074%$6.4M$688.1M4.9xas long as short
Extended ETH-USD+0.0104%1h2,725.3−0.032%$30.6M$73.7M50xas long as short
RISEx ETH/USDC+0.0107%1h2,726.8+0.021%$5.6M$11.7M25xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,727.8+0.058%$50.5M$4.28B50xas long as short
Deribit ETH-PERPETUAL+0.0146%1h2,728.1+0.071%$258.4M$202.7M50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,727.5+0.049%$82.8M$316.7M100xas long as short
Orderly PERP_ETH_USDC+0.0190%8h2,728.7+0.091%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0206%1h2,726.3+0.004%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0224%1h2,732.2+0.220%$250K$1.4M20xas long as short
BloFin ETH-USDT+0.0330%8h2,726.9+0.028%$281.7M$174.5M150xas long as short