Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.016%

Price spread now: KuCoin against Bullet−0.016%7-day average −0.008% · 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−$22as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Bullet Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.016%, 7d avg −0.008%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,351.3	0.0100	pay 0.0013% / 1h	40m 07s	$197K	$3.3M	20x
Short	KuCoin XBTUSDTM	85,337.6	−0.0024	pay 0.0024% / 8h	40m 07s	$930.5M	$775.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bullet. 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 BulletbpFee KuCoinbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$26.04
Price spread: −0.016% → −0.008%: −$0.83
Slippage, 4 orders: −$1.64
Fee Bullet: 4 bp × 2 orders: −$8
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$48.5
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Bullet: live order book, 9 min ago; KuCoin: live order book, 9 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 Bullet live order book, 9 min ago	0.06 bp	4.4 bp −$4	7.1 bp −$71	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 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	85,358	+0.008%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.141%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTMshort	−0.0024%	8h	85,337.6	−0.016%	$930.5M	$775.4M	125x
BloFin BTC-USDT	−0.0022%	8h	85,388.6	+0.044%	$421.1M	$682.5M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,337.6	−0.016%	$511.8M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,354.9	+0.004%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,383.2	+0.037%	$459K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,354.5	+0.004%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,389.7	+0.045%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,348.5	−0.003%	$185.6M	$952.2M	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	+0.082%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.018%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,314.2	−0.043%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,364.6	+0.016%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,326.4	−0.029%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,337.4	−0.016%	$2.97B	$5.18B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0094%	1h	85,376.7	+0.030%	$840.7M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,346.5	−0.006%	$168.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,349.4	−0.002%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,351	0.000%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,334.8	−0.019%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,335.5	−0.019%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,333	−0.021%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,328	−0.027%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,416.4	+0.076%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,418	+0.078%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,392	+0.048%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,336.4	−0.017%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,344	−0.009%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,364	+0.015%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.003%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,339.1	−0.014%	$5.52B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,325.9	−0.030%	$37.2M	$185.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.012%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	+0.039%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.088%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,423	+0.084%	$30.1M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,417.1	+0.077%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.004%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,351.3	long leg	$197K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,338.5	−0.015%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,371.4	+0.024%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,320.3	−0.036%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,335	−0.019%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,333	−0.021%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,341.9	−0.011%	$2.26B	$967.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,344.5	−0.008%	$159.0M	$514.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,314.1	−0.044%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,353.5	+0.003%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,373	+0.025%	$112.3M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,325	−0.031%	$6.6M	$146.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,371	+0.023%	$12.0M	$736.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,370.5	+0.023%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,352.3	+0.001%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,459.3	+0.127%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,410.3	+0.069%	$79K	$252K	20x	as long as short