Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.027%

Price spread now: KuCoin against Aftermath Perps−0.114%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Aftermath Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.114%, 7d avg −0.029%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.085% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,298.3	0.0168	pay 0.0021% / 1h	12m 12s	$77K	$217K	20x
Short	KuCoin XBTUSDTM	86,200	0.0044	get 0.0044% / 8h	7h 12m	$829.4M	$716.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aftermath Perps. 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 Aftermath PerpsbpFee KuCoinbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$26.12
Price spread: −0.114% → −0.029%: −$8.46
Slippage, 4 orders: −$11.29
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$66.87
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 62 min ago; KuCoin: live order book, 2 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 Aftermath Perps live order book, 62 min ago	1.00 bp	10.0 bp −$10	14.8 bp −$148	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.01 bp	6.9 bp −$7	7.4 bp −$74	8.2 bp −$818	11.1 bp −$5,530

BTC on 56 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	−0.0129%	1h	86,372	+0.085%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,228	−0.082%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,205.4	−0.108%	$363K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0004%	1h	86,236.3	−0.072%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,214.1	−0.098%	$568K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,229.9	−0.079%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.077%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,269.4	−0.034%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,213.4	−0.098%	$499.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTMshort	+0.0044%	8h	86,200	−0.114%	$829.4M	$716.6M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,189	−0.127%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0052%	8h	86,214.7	−0.097%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,209.9	−0.103%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,212.9	−0.099%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,211	−0.101%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,200.5	−0.113%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,196.7	−0.118%	$5.12B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	86,211	−0.101%	$9.39B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,206.9	−0.106%	$5.76B	$10.62B	200x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,188.4	−0.127%	$2.29B	$959.4M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,230.6	−0.078%	$170.3M	$992.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,230	−0.079%	$23.6M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,215	−0.097%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,180	−0.137%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,259.2	−0.045%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,251.9	−0.054%	$22.0M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,272	−0.031%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,261.8	−0.042%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,220.7	−0.090%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,222	−0.088%	$2.56B	$12.44B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,207	−0.106%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.8	−0.086%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.177%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,235.8	−0.072%	$35.6M	$161.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.084%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.050%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	−0.007%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	−0.009%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,270	−0.033%	$30.6M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,265.7	−0.038%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	−0.107%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,213.4	−0.098%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,208.6	−0.104%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,228.7	−0.081%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,181.2	−0.136%	$3.3M	$5.4M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,228	−0.082%	$155.5M	$473.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,191.6	−0.124%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,272.7	−0.030%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,250	−0.056%	$132.2M	$5.29B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,238.8	−0.069%	$191.8M	$948.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,299.4	+0.001%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0168%	1h	86,298.3	long leg	$77K	$217K	20x
Deribit BTC-PERPETUAL	+0.0180%	1h	86,259.7	−0.045%	$902.3M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,271.5	−0.031%	$415.8M	$641.8M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,258	−0.047%	$10.5M	$766.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,227.5	−0.082%	$14.5M	—	200x	as long as short