Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.009%

Price spread now: KuCoin against Aevo−0.010%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Aevo Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.010%, 7d avg +0.013%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.023% cheaper against Aevo than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	85,752.6	0.0088	pay 0.0011% / 1h	23m 24s	$2.5M	$1.8M	20x
Short	KuCoin XBTUSDTM	85,744	0.0032	get 0.0032% / 8h	6h 23m	$903.4M	$754.5M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aevo. 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 AevobpFee KuCoinbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$11.76
Price spread: −0.010% → +0.013%: −$2.28
Slippage, 4 orders: −$4.65
Fee Aevo: 8 bp × 2 orders: −$16
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$46.69
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Aevo: live order book, 1 min ago; KuCoin: live order book, 11 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 Aevo live order book, 1 min ago	1.18 bp	11.4 bp −$11	13.3 bp −$133	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	8.4 bp −$840	doesn't fit

BTC 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
Phoenix BTC	−0.0144%	1h	85,733	−0.023%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.028%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,746.5	−0.007%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,774.7	+0.026%	$514K	$20.5M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.055%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,770	+0.020%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.072%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTMshort	+0.0032%	8h	85,744	−0.010%	$903.4M	$754.5M	125x
Aster BTCUSDT	+0.0038%	8h	85,749.9	−0.003%	$516.6M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,782.8	+0.035%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0053%	1h	85,760.6	+0.009%	$22.6M	$227.4M	50x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,745.8	−0.008%	—	$17.0M	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,751.2	−0.002%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,751.1	−0.002%	$2.95B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,734.1	−0.022%	$2.27B	$946.6M	200x	as long as short
ApeX Omni BTCUSDT	+0.0086%	1h	85,787	+0.040%	$140.3M	$318.4M	100x	as long as short
Aevo BTC-PERPlong	+0.0088%	1h	85,752.6	long leg	$2.5M	$1.8M	20x
MEXC BTC_USDT	+0.0092%	8h	85,758	+0.006%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,758.3	+0.007%	$9.34B	$24.29B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,765.6	+0.015%	$170.4M	$990.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,776.4	+0.028%	$23.5M	$147.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,759	+0.007%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,729	−0.028%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,738.4	−0.017%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,819	+0.077%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,790.3	+0.044%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,768.6	+0.019%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,772.3	+0.023%	$2.54B	$12.36B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,747	−0.007%	$4.0M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,727.3	−0.030%	$7.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.009%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,764.8	+0.014%	$5.61B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,745.8	−0.008%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.055%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.014%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,794.3	+0.049%	$215.3M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,774	+0.025%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.8	+0.075%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,753	0.000%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,759	+0.007%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,754.9	+0.003%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,798.1	+0.053%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,761.7	+0.011%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,722	−0.036%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,757	+0.005%	$60.0M	$337.3M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,756.3	+0.004%	$154.2M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,734.1	−0.022%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,768.1	+0.018%	—	$101.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,795	+0.049%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,791.7	+0.046%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,781.1	+0.033%	$188.5M	$963.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,801.8	+0.057%	$894.7M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,757.3	+0.005%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,766.9	+0.017%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,798	+0.053%	$10.1M	$769.9M	6.4x	as long as short