Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h +0.015%

Price spread now: KuCoin against dYdX−0.070%47s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.255% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.070%, 7d avg +0.003%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.072% cheaper against dYdX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.003%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.076%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,326.5	0.0001	pay 0.0000% / 1h	31m 53s	$16.7M	$21.4M	50x
Short	KuCoin XBTUSDTM	85,267.1	−0.0045	pay 0.0045% / 8h	1h 31m	$927.5M	$773.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$9.7
Price spread: −0.070% → +0.003%: −$7.25
Slippage, 4 orders: −$3.54
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$42.49
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from dYdX: live order book, 2 min ago; KuCoin: live order book, 7 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 dYdX live order book, 2 min ago	0.41 bp	6.3 bp −$6	9.6 bp −$96	12.6 bp −$1,257	36.2 bp −$18.1K
Sell KuCoin live order book, 7 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	−0.099%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,293	−0.039%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0045%	8h	85,267.1	−0.070%	$927.5M	$773.6M	125x
BloFin BTC-USDT	−0.0029%	8h	85,299.8	−0.031%	$421.2M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,270.3	−0.066%	$512.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,279.3	−0.055%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,275.6	−0.060%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USDlong	+0.0001%	1h	85,326.5	long leg	$16.7M	$21.4M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,280.1	−0.054%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,299	−0.032%	$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	−0.074%	$139.4M	$314.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.093%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,276.8	−0.058%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,303.6	−0.027%	$862.3M	$1.64B	50x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,257.4	−0.081%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,274.6	−0.061%	$185.8M	$958.1M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,272.3	−0.064%	$2.96B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,281.2	−0.053%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,272.2	−0.064%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,275.3	−0.060%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,279.4	−0.055%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,270	−0.066%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,249	−0.091%	$236K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,327.5	+0.001%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,352	+0.030%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,315.8	−0.013%	$40.2M	$604.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,271	−0.065%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,275.5	−0.060%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	−0.063%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,273	−0.063%	$5.2M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,282.7	−0.051%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,257.5	−0.081%	$36.9M	$178.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.139%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,237.8	−0.104%	$279.3M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,263.3	−0.074%	$214.1M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,286.9	−0.046%	$30.1M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,332.1	+0.007%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	−0.069%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,263	−0.074%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,267.9	−0.069%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,305.2	−0.025%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.131%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,253	−0.086%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,261	−0.077%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,262.1	−0.075%	$2.25B	$968.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,277.1	−0.058%	$151.4M	$509.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.066%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,251.1	−0.088%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,312.2	−0.017%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,301.1	−0.030%	$116.1M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,253.5	−0.086%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,276.9	−0.058%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,307	−0.023%	$11.7M	$741.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,293.1	−0.039%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,271.9	−0.064%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0266%	1h	85,287.9	−0.045%	$79K	$230K	20x	as long as short