Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0015%/8h= +1.6% APRpaid last 24h +0.005%

Price spread now: Ondo Perps against KuCoin−0.002%7-day average −0.013% · you buy dearer than you sell

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

Long on KuCoin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 7 days−0.382%−$38 · spread now −0.002%, 7d avg −0.013%

Together, before fees−0.276%+ Points / potential airdropOndo Perps: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: $0 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	2,731.2	0.0085	pay 0.0085% / 8h	7h 42m	$383.3M	$576.0M	100x
Short	Ondo Perps ETH-USD.P	2,731.1	0.0100	get 0.0013% / 1h	42m 14s	$2.7M	$16.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.002%Rate

Funding earned: $3.15
Price spread: −0.002% → −0.013%: $1.1
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$12.75
Costs to cover: 0.170%
Break-even: 35.3 days

Slippage unknown: KuCoin: live order book, 7 min ago; Ondo Perps: 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, 7 min ago	0.02 bp	6.0 bp −$6	6.9 bp −$69	10.1 bp −$1,008	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
BloFin ETH-USDT	−0.0140%	8h	2,730.4	−0.026%	$280.2M	$177.7M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731.3	+0.005%	$277K	$5.7M	8.3x	as long as short
Phemex ETHUSDT	−0.0091%	8h	2,732	+0.030%	$263.3M	$63.7M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.3	+0.005%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0060%	8h	2,731.5	+0.011%	$1.05B	$1.21B	200x	as long as short
Bybit ETHUSDT	−0.0013%	8h	2,730.6	−0.021%	$2.32B	$4.31B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,733	+0.068%	$807K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.4	+0.045%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.6	+0.054%	$10.6M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.9	+0.027%	$6.7M	$672.0M	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	2,732.3	+0.041%	$264.6M	$218.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.4	+0.045%	$33.0M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,732.8	+0.060%	$191K	$883K	50x	as long as short
SunX ETH-USDT	+0.0051%	8h	2,731	−0.007%	$940K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,731.5	+0.013%	$54.4M	$182.5M	40x	as long as short
Hibachi ETH/USDT-P	+0.0072%	1h	2,731.4	+0.009%	$239K	$1.4M	20x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,730.8	−0.011%	$8.4M	$31.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,730.7	−0.016%	$1.65B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,731.1	−0.001%	$252.2M	$849.6M	200x	as long as short
Gate ETH_USDT	+0.0083%	8h	2,731.7	+0.021%	$3.28B	$8.24B	200x	as long as short
KuCoin ETHUSDTMlong	+0.0085%	8h	2,731.2	long leg	$383.3M	$576.0M	100x
Binance ETHUSDT	+0.0092%	8h	2,731.1	0.000%	$6.32B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,730.8	−0.012%	$1.57B	$2.55B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,731.6	+0.015%	$112.6M	$401.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.7	+0.056%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.9	+0.028%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.4	−0.065%	$4.9M	$195K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732	+0.031%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.8	+0.133%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.5	+0.014%	$14.2M	$100.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.8	+0.134%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732	+0.031%	$32.0M	$332.0M	50x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,731.1	−0.002%	$2.7M	$16.5M	25x
Arcus ETH-USD	+0.0100%	1h	2,732.4	+0.044%	$1.6M	$15.8M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.8	−0.014%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,730.1	−0.040%	—	$18.7M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.1	−0.002%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731	−0.004%	$131.5M	$316.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.1	−0.002%	$185.8M	$686.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.6	+0.017%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.9	+0.027%	$21.0M	$70.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.6	+0.090%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.2	+0.075%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,732.2	+0.039%	$178K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.8	+0.024%	$40.6M	$29.0M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	−0.012%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.8	−0.013%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,732.2	+0.038%	$82.0M	$309.8M	100x	as long as short
Aftermath Perps ETHUSD	+0.0112%	1h	2,731.8	+0.022%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,732.6	+0.053%	$46.4M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,733	+0.066%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0174%	1h	2,731.4	+0.009%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,734	+0.103%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,735.4	+0.156%	$293K	$20.1M	52x	as long as short
Bluefin ETH-PERP	+0.2429%	1h	2,759.6	+1.042%	$20K	$23K	25x	as long as short