Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0125%/8h= −13.7% APRpaid last 24h −0.012%

Price spread now: KuCoin against Bulk+0.057%7-day average −0.002% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Bulk Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.057%, 7d avg −0.002%

Together, before fees−0.115%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.059% dearer against Bulk than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.002%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 4 days (−0.058% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,349	0.0100	pay 0.0013% / 1h	41m 15s	$691.7M	$275.1M	40x
Short	KuCoin XBTUSDTM	85,397.9	−0.0025	pay 0.0025% / 8h	41m 15s	$931.5M	$775.3M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bulk. 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 BulkbpFee KuCoinbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$26.25
Price spread: +0.057% → −0.002%: $5.91
Slippage, 4 orders: −$0.07
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$39.41
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; KuCoin: live order book, 8 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 Bulk live order book, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.8 bp −$383	4.9 bp −$2,451
Sell KuCoin live order book, 8 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.6 bp −$765	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
Hotstuff BTC-PERP	−0.0080%	1h	85,391	+0.049%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.144%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTMshort	−0.0025%	8h	85,397.9	+0.057%	$931.5M	$775.3M	125x
BloFin BTC-USDT	−0.0022%	8h	85,388.6	+0.046%	$421.1M	$682.5M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,384.3	+0.041%	$512.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.4	+0.071%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,409.9	+0.071%	$465K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,440	+0.107%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,401.4	+0.061%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,403.3	+0.064%	$185.8M	$952.4M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.085%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.021%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0068%	8h	85,368.8	+0.023%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,408.6	+0.070%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,381.3	+0.038%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,384.5	+0.042%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,403.8	+0.064%	$168.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,403.9	+0.064%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,391	+0.049%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,387.1	+0.045%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,388.8	+0.047%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,388.6	+0.046%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,374	+0.029%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,444.3	+0.112%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,477	+0.150%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,425.1	+0.089%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,391.3	+0.050%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,394	+0.053%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,408	+0.069%	$4.7M	$96.8M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,349	long leg	$691.7M	$275.1M	40x
Gate BTC_USDT	+0.0100%	8h	85,391.5	+0.050%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	+0.079%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.091%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	+0.042%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.091%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	+0.054%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,456.5	+0.126%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,392	+0.050%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,396.4	+0.056%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,389.1	+0.047%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,426.2	+0.090%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,399.5	+0.059%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.8	+0.044%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,388	+0.046%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,388.8	+0.047%	$2.26B	$967.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,396.5	+0.056%	$159.0M	$514.5M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,431.9	+0.097%	$840.7M	$1.66B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,361.4	+0.015%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,400.2	+0.060%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,430.1	+0.095%	$112.3M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,376.1	+0.032%	$6.6M	$146.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,425	+0.089%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,413.2	+0.075%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,400.1	+0.060%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,459.3	+0.129%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,453.3	+0.122%	$79K	$252K	20x	as long as short