Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.014%

Price spread now: Phoenix against KuCoin+0.322%93s7-day average +0.091% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as 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−$210.208% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 7 days−0.243%−$24 · spread now +0.322%, 7d avg +0.091%

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

The price spread pays, funding is against you. Phoenix is 0.230% dearer against KuCoin than usual: you sell high and buy low (spread +0.322% now, against its 7-day average of +0.091%): +$23 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you. The two prices were read 93 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	2,730.2	0.0067	pay 0.0067% / 8h	3h 25m	$379.9M	$573.6M	100x
Short	Phoenix ETH	2,739	−0.0006	pay 0.0001% / 1h	25m 45s	$821K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.322%Rate

Funding earned: −$15.3
Price spread: +0.322% → +0.091%: $23.02
Slippage, 4 orders: −$1.84
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.11
Costs to cover: 0.208%
Break-even: from the start

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 3 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, 3 min ago	0.02 bp	6.0 bp −$6	8.0 bp −$80	9.3 bp −$933	doesn't fit
Sell Phoenix live order book, 3 min ago	0.18 bp	3.8 bp −$4	7.1 bp −$71	16.2 bp −$1,620	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
Perpl ETH	−0.0335%	43m	2,731.8	+0.056%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.5	+0.084%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,729.2	−0.037%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.1	+0.033%	$11.9M	—	200x	as long as short
Phoenix ETHshort	−0.0006%	1h	2,739	+0.322%	$821K	$2.9M	25x
dYdX ETH-USD	+0.0004%	1h	2,732.8	+0.094%	$10.7M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	+0.037%	$28.0M	—	200x	as long as short
Bullet ETH-USD	+0.0026%	1h	2,730.7	+0.018%	$178K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,729.4	−0.029%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,730	−0.009%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,732.6	+0.087%	$186K	$816K	50x	as long as short
KuCoin ETHUSDTMlong	+0.0067%	8h	2,730.2	long leg	$379.9M	$573.6M	100x
Deribit ETH-PERPETUAL	+0.0069%	1h	2,731.7	+0.055%	$259.5M	$200.2M	50x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,731.1	+0.032%	$957K	$11.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,730.3	+0.001%	$1.67B	$10.73B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,730.5	+0.010%	$250.8M	$841.2M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	+0.277%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,731.2	+0.037%	$264.8M	$65.1M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.4	−0.029%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,730.3	+0.004%	$6.34B	$15.92B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,730.5	+0.010%	$1.55B	$2.57B	500x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,730.6	+0.014%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,730.5	+0.011%	$112.4M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.3	+0.077%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.3	+0.076%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.105%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.8	+0.058%	$506K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.8	+0.132%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.9	+0.063%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.3	+0.076%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.2	+0.108%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.5	+0.047%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	+0.089%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.228%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.4	+0.005%	$3.33B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.4	+0.006%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.6	+0.013%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	−0.022%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.7	+0.162%	$184.0M	$670.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.162%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.1	+0.179%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	+0.097%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.1	+0.105%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.4	+0.044%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	+0.089%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.7	−0.020%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,732.5	+0.082%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,735.2	+0.182%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,732.2	+0.073%	$6.5M	$684.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.2	+0.035%	$50.9M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.2	+0.035%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,733.1	+0.106%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,730.8	+0.022%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,733.4	+0.115%	$244K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732	+0.065%	$282.9M	$174.9M	150x	as long as short