Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC−0.0521%/8h= −57.0% APRpaid last 24h −0.067%

Price spread now: Perpl against KuCoin−0.045%7-day average +0.016% · you buy dearer than you sell

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

Long on KuCoin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.045%, 7d avg +0.016%

Together, before fees+0.171%+ Points / potential airdropPerpl: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.062% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.016%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.123% in total (about 6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,726.8	0.0074	pay 0.0074% / 8h	19m 31s	$382.2M	$577.5M	100x
Short	Perpl ETH	2,725.5	−0.0447	pay 0.0040% / 43m	8m 31s	$276K	$5.7M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$109.31
Price spread: −0.045% → +0.016%: −$6.17
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$141.28
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 10 min ago; Perpl: 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, 10 min ago	0.02 bp	6.1 bp −$6	7.9 bp −$79	11.1 bp −$1,112	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0447%	43m	2,725.5	−0.045%	$276K	$5.7M	8.3x
BloFin ETH-USDT	−0.0176%	8h	2,722.4	−0.162%	$281.5M	$177.3M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,724.2	−0.094%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,724.5	−0.083%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.4	−0.049%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725	−0.065%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.2	−0.094%	$6.7M	$678.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.4	−0.052%	$263.6M	$213.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,727.3	+0.021%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,726.1	−0.024%	—	$18.7M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0020%	8h	2,726.7	−0.002%	$2.32B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0031%	8h	2,724.1	−0.100%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,727.3	+0.019%	$190K	$884K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.7	+0.071%	$200K	$21.5M	52x	as long as short
ApeX Omni ETHUSDT	+0.0051%	1h	2,722.5	−0.156%	$8.4M	$31.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,724.1	−0.097%	$241K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.4	−0.050%	$81.8M	$310.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,726.8	+0.003%	$1.65B	$10.80B	100x	as long as short
KuCoin ETHUSDTMlong	+0.0074%	8h	2,726.8	long leg	$382.2M	$577.5M	100x
Aster ETHUSDT	+0.0076%	8h	2,726.9	+0.006%	$252.6M	$847.3M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,726.9	+0.004%	$1.58B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,723	−0.137%	$4.9M	$172K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,726.8	+0.001%	$6.31B	$16.12B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.2	−0.021%	$112.3M	$432.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.7	+0.033%	$23.4M	$102.4M	50x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,724.6	−0.080%	$54.3M	$182.7M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.5	−0.010%	$500K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.8	+0.113%	$15.3M	$7.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.7	−0.001%	$14.0M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729	+0.082%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.3	−0.016%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.6	−0.043%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.1	+0.012%	$1.6M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727	+0.008%	$3.31B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.1	+0.011%	$2.11B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.058%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.2	−0.167%	$133.6M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	−0.185%	$185.2M	$682.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.4	−0.123%	$158.3M	$81.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.098%	$20.9M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.9	+0.042%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.2	+0.052%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.9	+0.004%	$182K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.6	−0.078%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.4	−0.124%	$955K	$10.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,724.6	−0.079%	$262.5M	$64.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,726.7	−0.001%	$161.2M	$356.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,725	−0.065%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.5	−0.045%	$30.4M	$71.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,727.3	+0.020%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.9	−0.033%	$46.5M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,727.4	+0.023%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0180%	1h	2,726.2	−0.022%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,726.8	+0.001%	$32.1M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0436%	1h	2,724.6	−0.080%	$20K	$23K	25x	as long as short