Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0318%/8h= +34.8% APRpaid last 24h +0.021%

Price spread now: Aftermath Perps against KuCoin+0.058%46s7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$330.332% of the position

Long on KuCoin Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.263%+$26 · spread now +0.058%, 7d avg +0.032%

Together, before fees+0.364%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Aftermath Perps is 0.027% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.032%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.100% in total (about 10.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,408.6	−0.0025	get 0.0025% / 8h	41m 37s	$931.7M	$775.2M	125x
Short	Aftermath Perps BTCUSD	85,458.6	0.0293	get 0.0037% / 1h	41m 37s	$79K	$252K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against KuCoin. 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 KuCoinbpFee Aftermath PerpsbpOrdersPrice spread, now +0.058%Rate

Funding earned: $66.81
Price spread: +0.058% → +0.032%: $2.68
Slippage, 4 orders: −$12.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $36.34
Costs to cover: 0.332%
Break-even: 3.2 days

Slippage from KuCoin: live order book, 8 min ago; Aftermath Perps: live order book, 3 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 KuCoin live order book, 8 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.1 bp −$811	doesn't fit
Sell Aftermath Perps live order book, 3 min ago	0.00 bp	14.5 bp −$15	doesn't fit	doesn't fit	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
Hotstuff BTC-PERP	−0.0080%	1h	85,391	−0.021%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.074%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTMlong	−0.0025%	8h	85,408.6	long leg	$931.7M	$775.2M	125x
BloFin BTC-USDT	−0.0022%	8h	85,380.7	−0.033%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,383.3	−0.030%	$512.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.4	+0.001%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,445.8	+0.044%	$467K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,440	+0.037%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.2	+0.028%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,432.3	+0.028%	$185.8M	$952.5M	100x	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	+0.0066%	1h	85,421.4	+0.015%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.049%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,388.4	−0.024%	—	$1.57B	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,408.6	0.000%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,382.8	−0.030%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,385.3	−0.027%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,409.7	+0.001%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,406.5	−0.002%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,391	−0.021%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,420.1	+0.013%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,392.3	−0.019%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,393.1	−0.018%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,374	−0.041%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,444.3	+0.042%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,491	+0.096%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,425.1	+0.019%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,396.1	−0.015%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,394	−0.017%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,408	−0.001%	$4.7M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.070%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,393.6	−0.018%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	+0.009%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	+0.021%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	−0.028%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.021%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	−0.016%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,478.6	+0.082%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,431	+0.026%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,426	+0.020%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,421.7	+0.015%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,462.6	+0.063%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,399.5	−0.011%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.9	−0.025%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,420	+0.013%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	+0.019%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.3	+0.025%	$159.2M	$514.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,362.7	−0.054%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.4	+0.002%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455	+0.054%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,463.6	+0.064%	$840.7M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,415.8	+0.008%	$6.6M	$146.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,410	+0.002%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,413.2	+0.005%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,432.1	+0.028%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,445.2	+0.043%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSDshort	+0.0293%	1h	85,458.6	+0.058%	$79K	$252K	20x