Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0037%/8h= +4.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Bullet−0.013%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Bullet Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.013%, 7d avg −0.011%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet ETH-USD	2,773.2	0.0044	pay 0.0006% / 1h	18m 47s	$182K	$1.7M	20x
Short	KuCoin ETHUSDTM	2,772.8	0.0081	get 0.0081% / 8h	18m 47s	$421.1M	$739.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bullet. 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 BulletbpFee KuCoinbpOrdersPrice spread, now −0.013%Rate

Funding earned: $7.73
Price spread: −0.013% → −0.011%: −$0.21
Slippage, 4 orders: −$3.96
Fee Bullet: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$16.44
Costs to cover: 0.240%
Break-even: 21.9 days

Slippage from Bullet: live order book, just now; 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 Bullet live order book, just now	0.18 bp	5.3 bp −$5	8.5 bp −$85	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.02 bp	6.0 bp −$6	8.7 bp −$87	11.3 bp −$1,127	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
Perpl ETH	−0.0223%	43m	2,772.1	−0.041%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773.1	−0.002%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.400%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.9	−0.047%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0043%	1h	2,766.6	−0.240%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	+0.007%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.7	−0.055%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	−0.119%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.8	+0.023%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.3	−0.032%	$1.70B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0025%	1h	2,771.7	−0.055%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,773.7	+0.017%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,772.8	−0.015%	$270.4M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,772.5	−0.025%	$255.9M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,772.8	−0.014%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USDlong	+0.0044%	1h	2,773.2	long leg	$182K	$1.7M	20x
Aevo ETH-PERP	+0.0056%	1h	2,770.6	−0.095%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,773	−0.006%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,772.4	−0.029%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,772.2	−0.036%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,773	−0.007%	$3.29B	$9.67B	200x	as long as short
KuCoin ETHUSDTMshort	+0.0081%	8h	2,772.8	−0.013%	$421.1M	$739.3M	100x
Bybit ETHUSDT	+0.0088%	8h	2,772.7	−0.016%	$2.51B	$4.63B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774.2	+0.037%	$60.1M	$4.60B	50x	as long as short
BingX ETH-USDC	+0.0089%	8h	2,772.6	−0.022%	—	$17.5M	—	as long as short
Vest ETH-PERP	+0.0094%	1h	2,772.9	−0.010%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.7	−0.018%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,772.5	−0.027%	$115.2M	$500.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.4	+0.042%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.5	−0.060%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771	−0.079%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.5	−0.025%	$477K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.8	−0.013%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.7	+0.054%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.9	−0.012%	$31.2M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.1	−0.039%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.1	+0.031%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	−0.008%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773	−0.009%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769	−0.152%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,766.1	−0.255%	$181.6M	$784.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.9	−0.190%	$161.0M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.104%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.022%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.2	+0.002%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.4	−0.030%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.3	+0.076%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.5	−0.025%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,772.5	−0.025%	$8.3M	$687.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,774.5	+0.047%	$259.0M	$222.5M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.1	+0.032%	$88.9M	$337.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0142%	8h	2,775.5	+0.082%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,772.8	−0.015%	$287.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0203%	1h	2,773.2	+0.001%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,771.9	−0.048%	$251K	$1.6M	20x	as long as short