Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.028%

Price spread now: KuCoin against GMX−0.062%59s7-day average −0.027% · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.062%, 7d avg −0.027%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.035% cheaper against GMX than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of −0.027%). If the spread goes back, that is −$3 on $10k: about 32 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour. The two prices were read 59 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	GMX ETH/USD [ETH-USDC]	2,727.7	L −0.0010% / S +0.0043%	get 0.0001% / 1h	48m 30s	$12.0M	—	200x
Short	KuCoin ETHUSDTM	2,726	0.0078	get 0.0078% / 8h	1h 48m	$375.1M	$576.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now −0.062%Rate

Funding earned: $18.42
Price spread: −0.062% → −0.027%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$9.07
Costs to cover: 0.240%
Break-even: 10.4 days

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 11 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 GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 11 min ago	0.02 bp	6.0 bp −$6	7.6 bp −$76	11.9 bp −$1,187	doesn't fit

GMX: 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
Perpl ETH	−0.0112%	43m	2,726	−0.063%	$287K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,727.9	+0.007%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	−0.011%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,731	+0.121%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]long	L −0.0010% / S +0.0043%	1h	2,727.7	long leg	$12.0M	—	200x
Phoenix ETH	−0.0006%	1h	2,730	+0.084%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.2	+0.018%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.7	0.000%	$6.7M	$691.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.5	−0.007%	$261.8M	$213.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.9	+0.007%	$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
HTX ETH-USDT	+0.0009%	8h	2,726.9	−0.030%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,726.5	−0.044%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,726.2	−0.057%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,726	−0.063%	$2.34B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0076%	1h	2,729.4	+0.060%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTMshort	+0.0078%	8h	2,726	−0.062%	$375.1M	$576.2M	100x
SunX ETH-USDT	+0.0087%	8h	2,726.9	−0.028%	$955K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,726.3	−0.053%	$251.9M	$849.9M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,726	−0.063%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,727.8	+0.003%	$112.0M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.9	+0.042%	$23.5M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.7	−0.111%	$4.9M	$161K	20x	as long as short
Binance ETHUSDT	+0.0097%	8h	2,726.2	−0.054%	$6.32B	$16.18B	150x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,726.3	−0.053%	$1.52B	$2.58B	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.9	−0.066%	$507K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.8	+0.151%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	−0.048%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.5	+0.029%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.3	+0.022%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.1	−0.022%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.1	−0.023%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.066%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.028%	$3.27B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.9	−0.066%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.5	−0.009%	$15.0M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.025%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.003%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.1	−0.021%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.1	+0.014%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.1	+0.014%	—	$767K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.4	−0.011%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.1	−0.060%	$179K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.9	+0.006%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.6	+0.034%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,726.8	−0.033%	$54.3M	$187.4M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727	−0.027%	$262.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726	−0.063%	$30.3M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.6	+0.070%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728	+0.009%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,726.9	−0.030%	$5.5M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.3	+0.059%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,725.1	−0.096%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,727.5	−0.007%	$83.3M	$311.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,730.9	+0.117%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0390%	8h	2,726.9	−0.029%	$282.3M	$175.0M	150x	as long as short