Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h −0.033%

Price spread now: Injective against KuCoin+0.379%85s7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.727% of the position

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 4 days (all we have)−0.607%−$61 · spread now +0.379%, 7d avg +0.074%

Together, before fees−0.441%−$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.305% dearer against KuCoin than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.074%. The two prices were read 85 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	KuCoin ETHUSDTM	2,724.7	0.0082	pay 0.0082% / 8h	7h 31m	$382.5M	$565.0M	100x
Short	Injective ETH/USDC PERP	2,735	0.0253	get 0.0032% / 1h	31m 50s	$117K	$21.0M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.379%Rate

Funding earned: $35.95
Price spread: +0.379% → +0.074%: $30.55
Slippage, 4 orders: −$60.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$6.17
Costs to cover: 0.727%
Break-even: 8.2 days

Slippage from KuCoin: live order book, 7 min ago; Injective: live order book, 2 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 KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	7.8 bp −$78	10.2 bp −$1,017	doesn't fit
Sell Injective live order book, 2 min ago	13.90 bp	46.7 bp −$47	47.8 bp −$478	47.9 bp −$4,793	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
BloFin ETH-USDT	−0.0174%	8h	2,727	+0.085%	$280.2M	$176.7M	150x	as long as short
HTX ETH-USDT	−0.0128%	8h	2,724.6	−0.003%	$1.05B	$1.21B	200x	as long as short
Perpl ETH	−0.0112%	43m	2,726.1	+0.054%	$275K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.5	+0.030%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0075%	8h	2,724.4	−0.010%	$2.31B	$4.29B	150x	as long as short
SunX ETH-USDT	−0.0047%	8h	2,724.8	+0.006%	$940K	$10.6M	100x	as long as short
Phoenix ETH	−0.0012%	1h	2,732	+0.269%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.3	+0.023%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728	+0.124%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.1	+0.052%	$6.7M	$669.7M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,726	+0.050%	$264.1M	$219.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.4	+0.027%	$32.9M	—	200x	as long as short
Gate ETH_USDT	+0.0016%	8h	2,725.1	+0.017%	$3.27B	$8.27B	200x	as long as short
ApeX Omni ETHUSDT	+0.0025%	1h	2,731.7	+0.257%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,725.9	+0.045%	$194K	$888K	50x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,731.4	+0.248%	$237K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,725	+0.012%	$54.3M	$182.4M	40x	as long as short
Aster ETHUSDT	+0.0075%	8h	2,725.3	+0.021%	$252.2M	$842.1M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,724.7	+0.001%	$1.65B	$10.62B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,726	+0.047%	$4.9M	$195K	20x	as long as short
KuCoin ETHUSDTMlong	+0.0082%	8h	2,724.7	long leg	$382.5M	$565.0M	100x
Binance ETHUSDT	+0.0086%	8h	2,724.8	+0.006%	$6.30B	$16.00B	150x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,724.6	−0.004%	$1.56B	$2.56B	500x	as long as short
Bullet ETH-USD	+0.0089%	1h	2,724.8	+0.005%	$175K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,725.8	+0.040%	$112.4M	$402.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	+0.084%	$23.6M	$96.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.6	+0.107%	—	$30.4M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.1	+0.052%	$498K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.5	+0.214%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.6	+0.069%	$14.3M	$101.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	+0.094%	$3.10B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.2	+0.093%	$32.0M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.9	+0.045%	$2.7M	$16.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.3	+0.060%	$1.6M	$15.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.4	+0.173%	$164.7M	$339.6M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725	+0.012%	$2.11B	$2.73B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,724.3	−0.012%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.7	+0.003%	$15.1M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.8	+0.224%	$132.0M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731	+0.232%	$185.8M	$683.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.8	+0.261%	$158.8M	$80.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.1	+0.126%	$20.9M	$70.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.6	+0.106%	—	$436K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,723.5	−0.043%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.9	+0.301%	$40.6M	$29.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.3	+0.023%	$262.6M	$63.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,723.6	−0.038%	$30.5M	$70.6M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,725.7	+0.039%	$81.8M	$309.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0118%	1h	2,730.3	+0.208%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,726.1	+0.051%	$45.9M	$4.22B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,726.7	+0.076%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0172%	1h	2,724	−0.023%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0183%	8h	2,727.3	+0.097%	$32.1M	$10.9M	100x	as long as short
Injective ETH/USDC PERPshort	+0.0253%	1h	2,735	+0.379%	$117K	$21.0M	52x
Bluefin ETH-PERP	+0.1713%	1h	2,725.9	+0.046%	$20K	$23K	25x	as long as short