Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.037%

Price spread now: KuCoin against Hotstuff−0.041%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. KuCoin is 0.041% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,649	−0.0080	get 0.0010% / 1h	56m 59s	$8K	$3K	50x
Short	KuCoin XBTUSDTM	85,614.3	−0.0036	pay 0.0036% / 8h	3h 56m	$923.2M	$754.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hotstuff. 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 HotstuffbpFee KuCoinbpOrdersPrice spread, now −0.041%Rate

Funding earned: $9.24
Price spread: −0.041% → 0.000%: −$4.05
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$11.81
Costs to cover: 0.170%
Break-even: 15.9 days

Slippage unknown: Hotstuff: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	9.9 bp −$993	doesn't fit

Hotstuff: 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
Phoenix BTC	−0.0179%	1h	85,646	−0.004%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,649	long leg	$8K	$3K	50x
KuCoin XBTUSDTMshort	−0.0036%	8h	85,614.3	−0.041%	$923.2M	$754.0M	125x
BloFin BTC-USDT	−0.0020%	8h	85,624.5	−0.029%	$417.3M	$675.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,635.4	−0.016%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	−0.016%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,635.9	−0.015%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,614	−0.041%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,634.6	−0.017%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.048%	$340K	$26.9M	52x	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	+0.0063%	8h	85,626.8	−0.026%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,616.4	−0.038%	$148.6M	$489.3M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,665.3	+0.019%	$886.4M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,625.8	−0.027%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0089%	1h	85,625.8	−0.027%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,635.7	−0.016%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,641.3	−0.009%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,625	−0.028%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,622.7	−0.031%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,601	−0.056%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,698.8	+0.058%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,666.1	+0.020%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,624.5	−0.029%	$9.38B	$24.26B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,620.4	−0.033%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635.7	−0.016%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,617	−0.037%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,617.4	−0.037%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.189%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,626.6	−0.026%	$5.52B	$10.71B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,624.6	−0.028%	$5.07B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,615.2	−0.039%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.097%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	−0.014%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	+0.021%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,668.6	+0.023%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.2	−0.023%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,682.2	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,630	−0.022%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,630.2	−0.022%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,625.5	−0.027%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.8	+0.023%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,619.7	−0.034%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,613.4	−0.042%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,625	−0.028%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,621.9	−0.032%	$2.27B	$946.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,601.2	−0.056%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,635.5	−0.016%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,661.6	+0.015%	$117.3M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0114%	1h	85,716	+0.078%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,646.3	−0.003%	$187.7M	$955.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,652.5	+0.004%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,636.9	−0.014%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0217%	1h	85,629.5	−0.023%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0239%	8h	85,658	+0.011%	$12.0M	$757.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,699.5	+0.059%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.7	−0.012%	$502K	$18.8M	6.7x	as long as short