Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0007%/8h= +0.7% APRpaid last 24h −0.041%

Price spread now: KuCoin against Deribit−0.029%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.029%, 7d avg −0.053%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.024% dearer against Deribit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,628.6	0.0003	pay 0.0000% / 1h	48m 11s	$916.3M	$1.49B	50x
Short	KuCoin XBTUSDTM	86,603.6	0.0010	get 0.0010% / 8h	48m 11s	$850.9M	$714.3M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.029%Rate

Funding earned: $1.38
Price spread: −0.029% → −0.053%: $2.39
Slippage, 4 orders: −$0.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$15.56
Costs to cover: 0.193%
Break-even: 86.1 days

Slippage from Deribit: live order book, 1 min ago; KuCoin: live order book, 11 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 Deribit live order book, 1 min ago	0.03 bp	3.7 bp −$4	4.9 bp −$49	8.1 bp −$808	12.9 bp −$6,435
Sell KuCoin live order book, 11 min ago	0.01 bp	6.1 bp −$6	7.8 bp −$78	8.9 bp −$891	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	−0.0118%	1h	86,505	−0.143%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,512	−0.135%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	−0.032%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,579.7	−0.056%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,579.7	−0.056%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,591.7	−0.043%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUALlong	+0.0003%	1h	86,628.6	long leg	$916.3M	$1.49B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.1	−0.024%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMshort	+0.0010%	8h	86,603.6	−0.029%	$850.9M	$714.3M	125x
Reya BTCRUSDPERP	+0.0025%	1h	86,589.3	−0.045%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0036%	1h	86,586.1	−0.049%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,592.7	−0.041%	$150.0M	$479.6M	150x	as long as short
BingX BTC-USDT	+0.0041%	8h	86,618.2	−0.012%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,612.9	−0.018%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,613.7	−0.017%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,594.1	−0.040%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,612.1	−0.019%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,612.6	−0.018%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,602.3	−0.030%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,614.8	−0.016%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	−0.070%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,555	−0.085%	$196K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.3	−0.015%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,592.8	−0.041%	$21.8M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,684	+0.064%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.4	−0.007%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,619.4	−0.011%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,624.5	−0.005%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	−0.040%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,608.1	−0.024%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.078%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,611.9	−0.019%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.120%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	−0.100%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	−0.099%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.100%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,502.8	−0.145%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,606.8	−0.025%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,590	−0.045%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,592	−0.042%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,595.3	−0.038%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.8	−0.010%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.3	−0.007%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,551.6	−0.089%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,589	−0.046%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,587	−0.048%	$2.30B	$970.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,573.3	−0.064%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,608.1	−0.024%	—	$99.1M	500x	as long as short
Aftermath Perps BTCUSD	+0.0106%	1h	86,552.5	−0.088%	$79K	$220K	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,625.1	−0.004%	$193.7M	$951.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,573.7	−0.063%	$419K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,638.7	+0.012%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,558.4	−0.081%	$721K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,605.3	−0.027%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	−0.126%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,603	−0.030%	$9.7M	$741.4M	6.4x	as long as short