Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.020%

Price spread now: KuCoin against Bluefin+0.065%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 0.065% dearer against Bluefin than usual: you sell high and buy low (spread +0.065% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin ETH-PERP	2,768.3	0.0100	pay 0.0013% / 1h	50m 25s	$21K	$24K	25x
Short	KuCoin ETHUSDTM	2,770.1	0.0081	get 0.0081% / 8h	7h 50m	$420.6M	$732.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bluefin. 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 BluefinbpFee KuCoinbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$3.99
Price spread: +0.065% → 0.000%: $6.47
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$16.52
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; KuCoin: live order book, 9 min ago. Net counts fees only.

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 Bluefin no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 9 min ago	0.02 bp	6.3 bp −$6	7.9 bp −$79	10.8 bp −$1,080	doesn't fit

Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,772.4	+0.147%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,769.8	+0.052%	$285K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770	+0.058%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.6	+0.046%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,769.8	+0.053%	$168K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0016%	1h	2,771.8	+0.124%	$8.7M	$32.9M	100x	as long as short
Phoenix ETH	−0.0003%	1h	2,772.4	+0.147%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.018%	$12.7M	$45.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,769.4	+0.038%	$8.1M	$690.4M	4.9x	as long as short
SoDEX ETH-USD	+0.0003%	1h	2,768.2	−0.005%	$55.1M	$228.8M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0005%	1h	2,769.6	+0.047%	$183K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.5	+0.079%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,767.6	−0.028%	$1.71B	$11.71B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,770.2	+0.066%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0037%	1h	2,771.2	+0.104%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,769.9	+0.055%	$256.2M	$968.6M	200x	as long as short
Gate ETH_USDT	+0.0042%	8h	2,769.8	+0.053%	$3.30B	$8.91B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.6	+0.009%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,770	+0.060%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769.7	+0.049%	$6.47B	$17.10B	150x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,769.8	+0.052%	$1.08B	$1.31B	200x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,768.1	−0.009%	$2.10B	$3.04B	150x	as long as short
BingX ETH-USDC	+0.0073%	8h	2,769.4	+0.036%	—	$17.4M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.3	+0.035%	$60.4M	$4.55B	50x	as long as short
KuCoin ETHUSDTMshort	+0.0081%	8h	2,770.1	+0.065%	$420.6M	$732.0M	100x
Vest ETH-PERP	+0.0089%	1h	2,770	+0.059%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,769.9	+0.058%	$115.2M	$456.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.7	+0.085%	$25.2M	$109.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.2	+0.032%	$15.9M	$9.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.6	+0.046%	$487K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.8	+0.015%	$14.6M	$117.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	+0.139%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.8	+0.053%	$31.2M	$319.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.9	−0.014%	$2.50B	$4.57B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.7	+0.013%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	+0.079%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	+0.079%	$170.6M	$266.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769	+0.022%	$15.2M	$43.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	+0.017%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	+0.100%	$181.9M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	+0.154%	$161.3M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768	−0.012%	$21.4M	$58.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770	+0.060%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERPlong	+0.0100%	1h	2,768.3	long leg	$21K	$24K	25x
Derive ETH-PERP	+0.0100%	1h	2,769.9	+0.055%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.7	+0.014%	$970K	$13.7M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,768.7	+0.014%	$269.7M	$68.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767	−0.049%	$32.5M	$77.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.9	+0.056%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.6	+0.047%	$93.4M	$331.3M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,769.5	+0.041%	$259.2M	$217.2M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,770.5	+0.078%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,774.2	+0.211%	$253K	$1.6M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,769.4	+0.039%	$287.5M	$191.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,770	+0.059%	$7.3M	$1.2M	25x	as long as short