Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.174%

Price spread now: KuCoin against Bluefin−0.036%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Bluefin Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 3 days (all we have)+0.075%+$7 · spread now −0.036%, 7d avg +0.020%

Together, before fees+0.295%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.056% cheaper against Bluefin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.020%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.220%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,581.5	0.0100	pay 0.0013% / 1h	7m 09s	$140K	$619K	40x
Short	KuCoin XBTUSDTM	86,550.1	0.0006	get 0.0006% / 8h	2h 07m	$851.4M	$708.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bluefin. 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 BluefinbpFee KuCoinbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$19.74
Price spread: −0.036% → +0.020%: −$5.58
Slippage, 4 orders: −$5.13
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$49.45
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from Bluefin: live order book, 17 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 Bluefin live order book, 17 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.01 bp	6.3 bp −$6	6.9 bp −$69	8.3 bp −$828	doesn't fit

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
Aftermath Perps BTCUSD	−0.0251%	1h	86,667.5	+0.099%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,624.4	+0.050%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.102%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.028%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.075%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,562	−0.023%	$505.4M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,614.4	+0.038%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,589.8	+0.010%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,589.9	+0.010%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMshort	+0.0006%	8h	86,550.1	−0.036%	$851.4M	$708.7M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,579.2	−0.003%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,551.6	−0.035%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,565.4	−0.019%	$149.7M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,547.7	−0.039%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.218%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,552.7	−0.033%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,547.3	−0.040%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,548.5	−0.038%	$5.20B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	+0.032%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,548.6	−0.038%	$5.84B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,550	−0.036%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0094%	8h	86,558.2	−0.027%	$2.55B	$12.72B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,557.7	−0.027%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,567.6	−0.016%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,585	+0.004%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,572	−0.011%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,657.6	+0.088%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,604.4	+0.026%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.056%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,645.7	+0.074%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,593	+0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.1	+0.095%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.116%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,547.2	−0.040%	$38.4M	$150.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.105%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.046%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.037%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	+0.041%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.078%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.6	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,593	+0.013%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,565	−0.019%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.3	−0.013%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	86,581.5	long leg	$140K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,562.8	−0.022%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.9	−0.028%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,550	−0.036%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,556.9	−0.028%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,538.4	−0.050%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,640.6	+0.068%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,573.8	−0.009%	$187.3M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,608.5	+0.031%	$131.6M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,634	+0.061%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.033%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,585	+0.004%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,647	+0.076%	$779K	$7.9M	30x	as long as short