Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0527%/8h= +57.7% APRpaid last 24h +0.043%

Price spread now: KuCoin against Perpl−0.036%7-day average −0.017% · you buy dearer than you sell

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

Long on Perpl Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.036%, 7d avg −0.017%

Together, before fees−0.096%+ Points / potential airdropPerpl: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.133%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -7.0% 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	Perpl ETH	2,748.6	−0.0447	get 0.0040% / 43m	7m 13s	$314K	$6.2M	8.3x
Short	KuCoin ETHUSDTM	2,747.6	0.0080	get 0.0080% / 8h	6h 45m	$383.5M	$606.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Perpl. 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 PerplbpFee KuCoinbpOrdersPrice spread, now −0.036%Rate

Funding earned: $110.57
Price spread: −0.036% → −0.017%: −$1.91
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $82.86
Costs to cover: 0.258%
Break-even: 1.8 days

Slippage unknown: Perpl: no order-book sample; KuCoin: live order book, 9 min ago. 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 Perpl no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 9 min ago	0.02 bp	6.9 bp −$7	9.5 bp −$95	11.6 bp −$1,156	doesn't fit

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 ETHlong	−0.0447%	43m	2,748.6	long leg	$314K	$6.2M	8.3x
ApeX Omni ETHUSDT	−0.0149%	1h	2,751	+0.087%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.5	−0.003%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748.2	−0.014%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.1	−0.019%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.7	+0.041%	$863K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.6	+0.003%	$10.9M	$41.9M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0005%	1h	2,748.5	−0.004%	$258.6M	$202.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,748.1	−0.016%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,748.5	−0.003%	$181K	$1.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0028%	8h	2,747.9	−0.024%	—	$1.20B	—	as long as short
OKX ETH-USDT-SWAP	+0.0037%	8h	2,748.1	−0.017%	$1.68B	$11.09B	100x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,748.1	−0.015%	$255.6M	$856.8M	200x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,747.4	−0.043%	$1.06B	$1.22B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,744.7	−0.141%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0065%	8h	2,747.8	−0.029%	$1.58B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,747.3	−0.048%	$6.35B	$16.32B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,748	−0.022%	$3.33B	$8.75B	200x	as long as short
KuCoin ETHUSDTMshort	+0.0080%	8h	2,747.6	−0.036%	$383.5M	$606.8M	100x
Bitget ETHUSDT	+0.0085%	8h	2,747.5	−0.039%	$2.07B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.4	−0.006%	$59.5M	$4.39B	50x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,751	+0.089%	$30K	$21K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,747.8	−0.029%	$113.1M	$439.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,749.2	+0.023%	$25.0M	$106.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.6	+0.001%	—	$35.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,750.8	+0.081%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.5	−0.039%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.8	−0.029%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.1	+0.056%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749	+0.016%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.3	−0.009%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748.2	−0.013%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.8	+0.010%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	+0.102%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.4	−0.005%	$14.9M	$42.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,750	+0.052%	$133.2M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.8	+0.082%	$184.4M	$736.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.1	+0.165%	$160.1M	$82.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750.8	+0.081%	$21.3M	$66.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.4	−0.043%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747.7	−0.032%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.7	+0.003%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749.2	+0.023%	$41.9M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.4	−0.043%	$964K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.2	−0.050%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.7	−0.032%	$267.4M	$66.2M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.1	+0.021%	—	$871K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.6	−0.072%	$30.7M	$74.7M	50x	as long as short
Kalshi KXETHPERP	+0.0135%	8h	2,749	+0.016%	$7.6M	$673.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0162%	8h	2,750	+0.052%	$32.3M	$11.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,750.9	+0.084%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,752.8	+0.155%	$285.0M	$179.1M	150x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,747.6	−0.035%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,747.5	−0.039%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.1	−0.016%	$92.8M	$316.0M	100x	as long as short