Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.013%

Price spread now: KuCoin against Phoenix−0.100%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.100%, 7d avg −0.092%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.092%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.090%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix ETH	2,735	0	get 0.0000% / 1h	20m 45s	$830K	$2.9M	25x
Short	KuCoin ETHUSDTM	2,732.3	0.0065	get 0.0065% / 8h	4h 20m	$380.0M	$574.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now −0.100%Rate

Funding earned: $13.65
Price spread: −0.100% → −0.092%: −$0.77
Slippage, 4 orders: −$2.85
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$8.97
Costs to cover: 0.218%
Break-even: 11.6 days

Slippage from Phoenix: live order book, 3 min ago; KuCoin: 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 Phoenix live order book, 3 min ago	0.18 bp	4.2 bp −$4	7.5 bp −$75	19.9 bp −$1,995	doesn't fit
Sell KuCoin live order book, 3 min ago	0.02 bp	6.7 bp −$7	9.0 bp −$90	10.8 bp −$1,082	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	−0.0447%	43m	2,732.7	−0.084%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.029%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,734.6	−0.015%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.4	−0.096%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.074%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,732.8	−0.080%	$187K	$823K	50x	as long as short
Phoenix ETHlong	0.0000%	1h	2,735	long leg	$830K	$2.9M	25x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.4	−0.094%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0008%	1h	2,732	−0.110%	$178K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0043%	1h	2,735	−0.002%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0046%	8h	2,731.4	−0.132%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDT	+0.0052%	8h	2,732.7	−0.084%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0061%	8h	2,733.3	−0.061%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTMshort	+0.0065%	8h	2,732.3	−0.100%	$380.0M	$574.5M	100x
OKX ETH-USDT-SWAP	+0.0071%	8h	2,733.9	−0.041%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0074%	8h	2,731.9	−0.114%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,733.3	−0.062%	$251.0M	$842.5M	200x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,732.5	−0.091%	$54.4M	$187.6M	40x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,733.5	−0.056%	$6.35B	$15.86B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,732.5	−0.093%	$1.55B	$2.56B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,733.6	−0.052%	$112.9M	$440.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.8	−0.007%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.9	−0.075%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.7	−0.195%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.8	+0.066%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,732.6	−0.086%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.8	−0.117%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.2	−0.101%	$13.7M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.9	+0.033%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.022%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.084%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.9	−0.079%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.5	−0.054%	$3.34B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.6	−0.051%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	−0.117%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.129%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.1	−0.032%	$183.9M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	−0.005%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734.3	−0.026%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.7	−0.046%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734	−0.037%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.2	−0.102%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.7	−0.046%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.4	−0.132%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.006%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.7	−0.119%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.5	−0.054%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,734.7	−0.012%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0127%	1h	2,733.9	−0.039%	$260.1M	$195.7M	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,732.5	−0.091%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,734.4	−0.023%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,731.8	−0.117%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.1	−0.070%	$83.3M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,735.3	+0.010%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0381%	8h	2,732.1	−0.105%	$282.3M	$175.5M	150x	as long as short