Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.067%

Price spread now: KuCoin against Coinbase International−0.544%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.544% cheaper against Coinbase International than usual: you would sell low and buy high (−$54 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETHFI-PERP-INTX	0.6990	0.0272	pay 0.0034% / 1h	12m 05s	$32K	$6K	50x
Short	KuCoin ETHFIUSDTM	0.6952	0.0100	get 0.0050% / 4h	12m 05s	$1.2M	$222K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.544%Rate

Funding earned: −$36.12
Price spread: −0.544% → 0.000%: −$54.36
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$112.48
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 3 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 3 min ago	6.47 bp	53.2 bp −$53	163.1 bp −$1,631	doesn't fit	doesn't fit

Coinbase International: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0470%	1h	0.6943	−0.672%	$41K	$11K	10x	as long as short
HTX ETHFI-USDT	−0.0413%	4h	0.6946	−0.629%	$82K	$150K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0288%	4h	0.6943	−0.672%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0196%	4h	0.6952	−0.538%	$916K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0087%	8h	0.6947	−0.622%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0073%	4h	0.6940	−0.715%	$17.1M	$12.9M	25x	as long as short
Extended ETHFI-USD	−0.0008%	1h	0.6939	−0.728%	$94K	$503K	10x	as long as short
Binance ETHFIUSDT	−0.0007%	4h	0.6938	−0.744%	$24.2M	$35.9M	75x	as long as short
MEXC ETHFI_USDT	−0.0006%	4h	0.6940	−0.715%	$15.7M	$4.2M	125x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.577%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0080%	1h	0.6940	−0.715%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6948	−0.599%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6946	−0.624%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6941	−0.696%	$177K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6944	−0.658%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6950	−0.572%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTMshort	+0.0100%	4h	0.6952	−0.544%	$1.2M	$222K	50x
Bitget ETHFIUSDT	+0.0100%	4h	0.6948	−0.601%	$6.1M	$4.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6940	−0.715%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6952	−0.542%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6942	−0.687%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0233%	4h	0.6950	−0.572%	$1.2M	$241K	75x	as long as short
Coinbase International ETHFI-PERP-INTXlong	+0.0272%	1h	0.6990	long leg	$32K	$6K	50x
Kraken Futures PF_ETHFIUSD	+0.0821%	1h	0.6961	−0.411%	$290K	$283K	20x	as long as short