Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.006%

Price spread now: Backpack against KuCoin+0.007%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 7 days−0.500%−$50 · spread now +0.007%, 7d avg −0.016%

Together, before fees−0.576%−$58 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.024% dearer against KuCoin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.016%. Mind the row above: over the last 7 days funding on this pair cost −0.077%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,576	0.0003	pay 0.0003% / 8h	1h 53m	$851.1M	$709.6M	125x
Short	Backpack BTC_USDC_PERP	86,582.5	0.0100	get 0.0013% / 1h	53m 30s	$38.3M	$153.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.007%Rate

Funding earned: $20.37
Price spread: +0.007% → −0.016%: $2.39
Slippage, 4 orders: −$0.18
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $0.57
Costs to cover: 0.222%
Break-even: 6.8 days

Slippage from KuCoin: live order book, 6 min ago; Backpack: live order book, 1 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, 6 min ago	0.01 bp	6.2 bp −$6	7.3 bp −$73	8.3 bp −$828	doesn't fit
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$581	27.7 bp −$13.8K

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
Aftermath Perps BTCUSD	−0.0217%	1h	86,636.4	+0.070%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.029%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,616	+0.046%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0027%	1h	86,634.2	+0.067%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,605.7	+0.034%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,585.8	+0.011%	$505.5M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,602.9	+0.031%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,629.9	+0.062%	$926.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTMlong	+0.0003%	8h	86,576	long leg	$851.1M	$709.6M	125x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,626.6	+0.058%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,593.2	+0.020%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,638.1	+0.072%	$725K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,557.5	−0.021%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	+0.013%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,581.8	+0.007%	$149.6M	$473.2M	150x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,569.5	−0.008%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,562.8	−0.015%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,615	+0.045%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,586.9	+0.013%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,584.9	+0.010%	$9.42B	$24.39B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,599	+0.027%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,583.4	+0.008%	$5.85B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0087%	8h	86,591.4	+0.018%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,595.7	+0.023%	$172.0M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,612	+0.042%	$24.1M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,583	+0.008%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,573	−0.003%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,628.8	+0.061%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,586.3	+0.012%	$21.6M	$234.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,650	+0.085%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,626.7	+0.059%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,580.2	+0.005%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,581	+0.006%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,659.6	+0.097%	$7.4M	$94.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.016%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,582.5	+0.007%	$38.3M	$153.1M	75x
Variational Omni BTC	+0.0100%	8h	86,582.6	+0.008%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,613.4	+0.043%	$279.8M	$941.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.103%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,648.6	+0.084%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,637.1	+0.071%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,634.1	+0.067%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,577	+0.001%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,568	−0.009%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,614.1	+0.044%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,624.6	+0.056%	$141K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,599.9	+0.028%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,660.4	+0.097%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,602.8	+0.031%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,564.6	−0.013%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,674.6	+0.114%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,636	+0.069%	$131.8M	$5.80B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,624	+0.055%	$191.4M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,642.7	+0.077%	$417.2M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,619.9	+0.051%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,673	+0.112%	$9.6M	$726.6M	6.4x	as long as short