Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0166%/8h= −18.2% APRpaid last 24h −0.051%

Price spread now: KuCoin against GMX+0.001%7-day average −0.041% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.135%−$14 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.001%, 7d avg −0.041%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.042% dearer against GMX than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.041%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,474.8	L +0.0174% / S −0.0148%	pay 0.0022% / 1h	47m 10s	$13.0M	—	200x
Short	KuCoin XBTUSDTM	85,475.4	0.0008	get 0.0008% / 8h	7h 47m	$932.5M	$776.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$34.84
Price spread: +0.001% → −0.041%: $4.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$54.67
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 2 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	0.01 bp	6.3 bp −$6	6.9 bp −$69	8.2 bp −$816	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,489	+0.017%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,467.6	−0.008%	$422.8M	$682.2M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,535	+0.070%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,493.6	+0.022%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,494.9	+0.023%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTMshort	+0.0008%	8h	85,475.4	+0.001%	$932.5M	$776.7M	125x
Aster BTCUSDT	+0.0029%	8h	85,464	−0.013%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0036%	1h	85,475.8	+0.001%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,489.2	+0.017%	$186.4M	$948.7M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,516	+0.048%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0080%	8h	85,475.7	+0.001%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,487.3	+0.015%	$170.5M	$941.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,485.8	+0.013%	$23.6M	$133.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,490	+0.018%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,458.4	−0.019%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0099%	1h	85,509.2	+0.040%	$831.3M	$1.66B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,462	−0.015%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,531.7	+0.067%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,481.6	+0.008%	$24.1M	$217.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,511	+0.042%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,467.5	−0.009%	$9.41B	$25.11B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,471.3	−0.004%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,478.4	+0.004%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,498	+0.027%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,493.7	+0.022%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.026%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,474.8	0.000%	$5.50B	$9.86B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,467.5	−0.009%	$5.06B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,478.5	+0.004%	$2.98B	$5.16B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,469.8	−0.006%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	−0.011%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,452.5	−0.026%	$283.3M	$961.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,471.5	−0.004%	$214.7M	$156.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,470.1	−0.006%	$136.6M	$312.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	−0.003%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,557.3	+0.096%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,256	−0.256%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,492.6	+0.021%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,472.2	−0.003%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,511.1	+0.042%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,488.3	+0.016%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,469	−0.007%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,473.3	−0.002%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,467.6	−0.008%	$160.7M	$517.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,437.6	−0.044%	$45.7M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,497.6	+0.027%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,517	+0.049%	$111.8M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,474.3	−0.001%	$6.6M	$139.3M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0174% / S −0.0148%	1h	85,474.8	long leg	$13.0M	—	200x
Kalshi KXBTCPERP	+0.0189%	8h	85,516	+0.048%	$10.6M	$738.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,488.6	+0.016%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0220%	1h	85,558	+0.097%	$3.81B	$5.15B	40x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.094%	$28.9M	$49.3M	15x	as long as short
Aftermath Perps BTCUSD	+0.0287%	1h	85,458	−0.020%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,508.2	+0.039%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.2	+0.011%	$468K	$18.4M	6.7x	as long as short