Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.016%

Price spread now: Bullet against KuCoin−0.013%7-day average +0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on KuCoin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.042%+$4 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.013%, 7d avg +0.007%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.021% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.007%). If the spread goes back, that is −$2 on $10k: about 29 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,091.1	0.0043	pay 0.0043% / 8h	7h 06m	$827.8M	$715.6M	125x
Short	Bullet BTC-USD	86,079.5	0.0100	get 0.0013% / 1h	6m 12s	$189K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.013%Rate

Funding earned: $11.97
Price spread: −0.013% → +0.007%: −$2.08
Slippage, 4 orders: −$1.7
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$11.8
Costs to cover: 0.217%
Break-even: 13.9 days

Slippage from KuCoin: live order book, 3 min ago; Bullet: 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, 3 min ago	0.01 bp	6.3 bp −$6	7.7 bp −$77	9.6 bp −$956	doesn't fit
Sell Bullet live order book, 3 min ago	0.06 bp	4.2 bp −$4	8.0 bp −$80	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
Phoenix BTC	−0.0129%	1h	86,215	+0.144%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,106	+0.017%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,073.8	−0.020%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,118.3	+0.032%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,103.1	+0.014%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.318%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,108.9	+0.021%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,084.4	−0.008%	$499.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTMlong	+0.0043%	8h	86,091.1	long leg	$827.8M	$715.6M	125x
Reya BTCRUSDPERP	+0.0049%	1h	86,066.4	−0.029%	$6.7M	$145.8M	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-USDC	+0.0052%	8h	86,072.7	−0.021%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,087.1	−0.005%	$8.2M	$42.4M	25x	as long as short
HTX BTC-USDT	+0.0064%	8h	86,085.7	−0.006%	$2.28B	$957.8M	200x	as long as short
Bluefin BTC-PERP	+0.0065%	1h	86,106.9	+0.018%	$144K	$666K	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,083.9	−0.008%	$2.96B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0072%	1h	86,088	−0.004%	$60.3M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,074.8	−0.019%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,090.1	−0.001%	$5.11B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,092.6	+0.002%	$9.37B	$24.22B	150x	as long as short
Phemex BTCUSDT	+0.0085%	8h	86,107.2	+0.019%	$155.5M	$473.3M	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	86,087.7	−0.004%	$5.77B	$10.66B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,110.8	+0.023%	$170.1M	$994.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,108.2	+0.020%	$23.5M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,073	−0.021%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,049	−0.049%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,126.1	+0.041%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,098	+0.008%	$22.0M	$225.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,148.2	+0.066%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,128.5	+0.043%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,092.7	+0.002%	$5.24B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,101.9	+0.013%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,090	−0.001%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,098.6	+0.009%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,102	+0.013%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.014%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,183.7	+0.108%	$278.4M	$939.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.098%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.120%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,117.1	+0.030%	$30.6M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,128.2	+0.043%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,074	−0.020%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,079.5	−0.013%	$189K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,077.2	−0.016%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,097.4	+0.007%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,120.2	+0.034%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.058%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,058.2	−0.038%	$46.0M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,128.7	+0.044%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,137.5	+0.054%	$132.4M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,131.7	+0.047%	$190.3M	$953.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,147.6	+0.066%	$727K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,207.1	+0.135%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,110	+0.022%	$415.5M	$640.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,119	+0.032%	$10.4M	$766.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,099.4	+0.010%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0209%	1h	86,144.2	+0.062%	$902.8M	$1.51B	50x	as long as short