Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.026%

Price spread now: KuCoin against Coinbase International−0.057%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.057%, 7d avg −0.047%

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

The price spread sits at its 7-day average of −0.047%, 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	Coinbase International BTC-PERP-INTX	85,275.4	0.0104	pay 0.0013% / 1h	34m 14s	$116.8M	$5.45B	50x
Short	KuCoin XBTUSDTM	85,226.6	−0.0045	pay 0.0045% / 8h	1h 34m	$927.3M	$773.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$31.29
Price spread: −0.057% → −0.047%: −$1.04
Slippage, 4 orders: −$0.93
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$55.26
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; KuCoin: live order book, 5 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 Coinbase International live order book, 5 min ago	0.01 bp	5.5 bp −$5	5.7 bp −$57	6.6 bp −$664	12.9 bp −$6,470
Sell KuCoin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	8.7 bp −$874	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
Phoenix BTC	−0.0082%	1h	85,242	−0.039%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,248	−0.032%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0045%	8h	85,226.6	−0.057%	$927.3M	$773.4M	125x
BloFin BTC-USDT	−0.0028%	8h	85,224.2	−0.060%	$421.0M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,248.1	−0.032%	$512.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,233.1	−0.050%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,245.3	−0.035%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,254.6	−0.024%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,246.4	−0.034%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,231.4	−0.052%	$24.4M	$222.4M	50x	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	+0.0055%	1h	85,263.5	−0.014%	$139.4M	$314.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.033%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,233.1	−0.050%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,228.6	−0.055%	$2.96B	$5.18B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,226.8	−0.057%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,245.7	−0.035%	$186.0M	$957.6M	100x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,249.6	−0.030%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,234.8	−0.048%	$9.42B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,262.2	−0.015%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,262	−0.016%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,232	−0.051%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,210	−0.077%	$237K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,295.3	+0.023%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,307	+0.037%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,265	−0.012%	$40.2M	$604.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,250	−0.030%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,264	−0.013%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,226	−0.058%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,235.2	−0.047%	$5.2M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.004%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,236.9	−0.045%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,225.9	−0.058%	$36.9M	$179.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.079%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,237.8	−0.044%	$279.3M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,263.3	−0.014%	$214.1M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,220.6	−0.064%	$30.0M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,295.2	+0.023%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,234	−0.049%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,238	−0.044%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,236.2	−0.046%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,270.2	−0.006%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.071%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,217.6	−0.068%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,231	−0.052%	$59.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,230.2	−0.053%	$2.25B	$968.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,245.9	−0.035%	$151.1M	$509.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,211.3	−0.075%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,245.5	−0.035%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,275.4	long leg	$116.8M	$5.45B	50x
Deribit BTC-PERPETUAL	+0.0107%	1h	85,276.1	+0.001%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,222.7	−0.062%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,243.6	−0.037%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0185%	8h	85,267	−0.010%	$11.7M	$741.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,259.9	−0.018%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,268.6	−0.008%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0268%	1h	85,279.2	+0.004%	$79K	$229K	20x	as long as short