Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.019%

Price spread now: Derive against KuCoin+0.052%7-day average +0.056% · 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+0.171%+$17 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.052%, 7d avg +0.056%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.056%, 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	2,729.9	0.0078	pay 0.0078% / 8h	1h 56m	$374.8M	$576.5M	100x
Short	Derive ETH-PERP	2,731.3	0.0100	get 0.0013% / 1h	56m 05s	$40.9M	$30.2M	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 +0.052%Rate

Funding earned: $4.62
Price spread: +0.052% → +0.056%: −$0.33
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$13.71
Costs to cover: 0.180%
Break-even: 27.8 days

Slippage unknown: KuCoin: live order book, 3 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, 3 min ago	0.02 bp	6.5 bp −$7	7.4 bp −$74	9.9 bp −$994	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
Perpl ETH	−0.0112%	43m	2,730.6	+0.029%	$291K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	+0.148%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,733.8	+0.145%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.3	+0.017%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736	+0.225%	$817K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.4	+0.058%	$10.5M	$42.9M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,730.4	+0.018%	$260.7M	$211.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.4	+0.019%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0009%	8h	2,729.8	−0.003%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDC	+0.0035%	8h	2,729.3	−0.020%	—	$18.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,729.4	−0.017%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,730.5	+0.024%	$190K	$891K	50x	as long as short
SoDEX ETH-USD	+0.0078%	1h	2,729.5	−0.013%	$54.4M	$187.5M	40x	as long as short
KuCoin ETHUSDTMlong	+0.0078%	8h	2,729.9	long leg	$374.8M	$576.5M	100x
Aftermath Perps ETHUSD	+0.0085%	1h	2,733.7	+0.140%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0090%	8h	2,729	−0.033%	$958K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0093%	8h	2,729.5	−0.012%	$252.6M	$849.4M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0095%	8h	2,729.6	−0.008%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,730.1	+0.008%	$112.2M	$430.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.2	+0.048%	$23.5M	$102.6M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,727.6	−0.082%	$4.9M	$156K	20x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,734.5	+0.170%	$8.7M	$31.5M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730	+0.005%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.6	+0.212%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.9	+0.003%	$14.1M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.4	+0.093%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.038%	$32.0M	$334.2M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,729.4	−0.017%	$6.33B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	+0.024%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731	+0.040%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	+0.188%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730	+0.005%	$3.28B	$8.92B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,729.6	−0.011%	$1.52B	$2.57B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.8	−0.001%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.9	+0.003%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734	+0.152%	$134.8M	$325.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.9	+0.075%	$185.3M	$680.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.4	+0.203%	$159.1M	$87.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	+0.152%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.8	+0.070%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,731.3	+0.053%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,730.1	+0.008%	$181K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,730.7	+0.031%	$22K	$21K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,731.3	+0.052%	$40.9M	$30.2M	15x
Phemex ETHUSDT	+0.0100%	8h	2,729.9	+0.002%	$263.2M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.1	−0.028%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,730.7	+0.032%	—	$30.6M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,730.7	+0.031%	$6.8M	$693.0M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.6	+0.026%	$50.1M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.7	+0.032%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,732.4	+0.093%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,729.3	−0.020%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,730.1	+0.009%	$83.4M	$311.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,732.3	+0.088%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,731.3	+0.051%	$281.7M	$175.2M	150x	as long as short