Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h −0.050%

Price spread now: KuCoin against Hibachi−0.321%47s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as 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−$220.216% of the position

Long on Hibachi Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.385%−$39 on $10k

Price spread, last 7 days+0.277%+$28 · spread now −0.321%, 7d avg −0.040%

Together, before fees−0.109%+ Points / potential airdropHibachi: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.282% cheaper against Hibachi than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.040%). Swap the legs. 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	Hibachi BTC/USDT-P	85,704.9	0.0136	pay 0.0017% / 1h	40m 34s	$708K	$7.9M	30x
Short	KuCoin XBTUSDTM	85,429.4	0.0038	get 0.0038% / 8h	6h 40m	$891.3M	$757.5M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hibachi. 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 HibachibpFee KuCoinbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$20.58
Price spread: −0.321% → −0.040%: −$28.17
Slippage, 4 orders: −$0.59
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$70.34
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Hibachi: live order book, 4 min ago; KuCoin: live order book, 4 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 Hibachi live order book, 4 min ago	0.01 bp	4.9 bp −$5	5.1 bp −$51	34.8 bp −$3,485	doesn't fit
Sell KuCoin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	8.8 bp −$880	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	−0.0144%	1h	85,678	−0.031%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	−0.265%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.173%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,422.1	−0.330%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,484.9	−0.257%	$16.7M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,669.3	−0.042%	$508K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,653.9	−0.059%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.123%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,493.8	−0.246%	$495.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTMshort	+0.0038%	8h	85,429.4	−0.321%	$891.3M	$757.5M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,461.9	−0.284%	$7.9M	$42.7M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,470.2	−0.274%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,641.8	−0.074%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0065%	8h	85,600.3	−0.122%	$2.27B	$970.7M	200x	as long as short
Gate BTC_USDT	+0.0068%	8h	85,472.1	−0.272%	$5.62B	$10.40B	200x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,472.3	−0.271%	$2.94B	$5.16B	150x	as long as short
Nado BTC-PERP	+0.0084%	1h	85,425.3	−0.326%	$22.6M	$230.1M	50x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,407	−0.348%	$9.30B	$24.66B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,469	−0.275%	$5.10B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,624.5	−0.094%	$2.5M	$1.8M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,475.2	−0.268%	$169.0M	$982.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,461	−0.285%	$23.1M	$145.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,426	−0.325%	$8.3M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,419	−0.334%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,473.1	−0.270%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,623	−0.096%	$3.77B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,495.6	−0.244%	$40.7M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,406.5	−0.348%	$5.24B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,410.9	−0.343%	$2.52B	$12.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,459	−0.287%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,431.1	−0.319%	$7.3M	$98.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,614.1	−0.106%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,634.2	−0.083%	$157.4M	$554.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,806	+0.118%	$278.1M	$938.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	+0.041%	$215.2M	$164.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,842.7	+0.161%	$140.4M	$321.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,689	−0.019%	$30.3M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,714	+0.011%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,648	−0.066%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,645.8	−0.069%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,635.6	−0.081%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,679.4	−0.030%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,636.9	−0.079%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,612.2	−0.108%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,634	−0.083%	$60.0M	$337.8M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,634.8	−0.082%	$153.8M	$480.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.117%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,457.1	−0.289%	$44.8M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.9	−0.024%	—	$102.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,660.9	−0.051%	$131.0M	$5.26B	50x	as long as short
Hibachi BTC/USDT-Plong	+0.0136%	1h	85,704.9	long leg	$708K	$7.9M	30x
Deribit BTC-PERPETUAL	+0.0144%	1h	85,673.5	−0.037%	$893.1M	$1.55B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,651.1	−0.063%	$188.6M	$971.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,772.4	+0.079%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,650.8	−0.063%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,683	−0.026%	$10.0M	$770.8M	6.4x	as long as short