Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.016%

Price spread now: Derive against KuCoin+0.064%7-day average +0.057% · you sell dearer than you buy

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

Long on KuCoin Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.064%, 7d avg +0.057%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.057%, 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	KuCoin ETHUSDTM	2,769.4	0.0080	pay 0.0080% / 8h	7h 55m	$422.2M	$735.1M	100x
Short	Derive ETH-PERP	2,771.2	0.0100	get 0.0013% / 1h	55m 33s	$42.7M	$29.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against KuCoin. 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 KuCoinbpFee DerivebpOrdersPrice spread, now +0.064%Rate

Funding earned: $4.2
Price spread: +0.064% → +0.057%: $0.71
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$13.09
Costs to cover: 0.180%
Break-even: 28.8 days

Slippage unknown: KuCoin: live order book, 4 min ago; Derive: no order-book sample. 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 KuCoin live order book, 4 min ago	0.02 bp	6.0 bp −$6	8.1 bp −$81	10.6 bp −$1,065	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	2,771.6	+0.081%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDT	−0.0362%	1h	2,770.5	+0.042%	$8.7M	$32.9M	100x	as long as short
Perpl ETH	−0.0223%	43m	2,769.1	−0.008%	$284K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.9	−0.088%	$5.7M	$11.9M	25x	as long as short
Gate ETH_USDT	−0.0093%	8h	2,767.6	−0.065%	$3.29B	$8.88B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.8	−0.021%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,767.4	−0.071%	$168K	$1.2M	50x	as long as short
Bullet ETH-USD	−0.0013%	1h	2,768.6	−0.029%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	−0.0007%	1h	2,769.2	−0.006%	$55.1M	$228.8M	40x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.011%	$12.7M	$45.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,771.4	+0.073%	$8.1M	$690.0M	4.9x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.4	+0.073%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.5	+0.006%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,766.9	−0.088%	$1.70B	$11.77B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,769.4	0.000%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0035%	1h	2,773	+0.132%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,767.9	−0.051%	$255.5M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	+0.011%	$5.0M	$326K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,767.9	−0.053%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,767	−0.085%	$6.45B	$17.18B	150x	as long as short
Bybit ETHUSDT	+0.0063%	8h	2,767.4	−0.071%	$2.51B	$4.59B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,767.1	−0.082%	$2.10B	$3.07B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0079%	1h	2,770.2	+0.031%	$259.1M	$220.9M	50x	as long as short
KuCoin ETHUSDTMlong	+0.0080%	8h	2,769.4	long leg	$422.2M	$735.1M	100x
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.8	+0.051%	$60.8M	$4.57B	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,769.2	−0.007%	$269.7M	$68.1M	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.2	−0.044%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	−0.038%	$115.0M	$455.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.1	+0.025%	$25.2M	$109.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.4	−0.073%	$15.9M	$9.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.2	−0.078%	$482K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.049%	$14.6M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.8	+0.052%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.1	−0.010%	$31.2M	$319.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768	−0.049%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.2	−0.043%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	+0.042%	$170.6M	$266.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,767.3	−0.074%	—	$17.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	+0.012%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.4	+0.074%	$151.3M	$343.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	+0.016%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	+0.053%	$161.1M	$88.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.1	+0.026%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.2	−0.078%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.7	+0.013%	$21K	$24K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,771.2	+0.064%	$42.7M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,768.4	−0.036%	$971K	$13.8M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.017%	$1.08B	$1.31B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.3	−0.073%	$32.5M	$78.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	+0.092%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.8	+0.053%	$90.7M	$328.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0146%	8h	2,771.4	+0.074%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,770.6	+0.043%	$286.6M	$192.8M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,770.2	+0.032%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,766.8	−0.094%	$7.3M	$1.2M	25x	as long as short