Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.026%

Price spread now: Coinbase International against KuCoin+0.058%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.058%, 7d avg +0.047%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,376.5	−0.0053	get 0.0053% / 8h	2h 15m	$923.3M	$765.1M	125x
Short	Coinbase International BTC-PERP-INTX	85,425.8	0.0096	get 0.0012% / 1h	15m 02s	$117.1M	$5.42B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.058%Rate

Funding earned: $31.29
Price spread: +0.058% → +0.047%: $1.07
Slippage, 4 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $10.34
Costs to cover: 0.220%
Break-even: 4.7 days

Slippage from KuCoin: live order book, 4 min ago; Coinbase International: 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 KuCoin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	8.2 bp −$820	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$517	11.5 bp −$5,727

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
Perpl BTC	−0.0112%	43m	85,396.2	+0.023%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	+0.017%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,415	+0.045%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMlong	−0.0053%	8h	85,376.5	long leg	$923.3M	$765.1M	125x
BloFin BTC-USDT	−0.0029%	8h	85,388.6	+0.014%	$419.8M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,379.2	+0.003%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,406	+0.035%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,386.9	+0.012%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,395.8	+0.023%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.032%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,384.2	+0.009%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,408.3	+0.037%	$187.4M	$955.1M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,378.1	+0.002%	—	$17.5M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,384.4	+0.009%	$147.9M	$505.6M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,386.3	+0.011%	$2.95B	$5.16B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,383.6	+0.008%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,396.9	+0.024%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,396.9	+0.024%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,399.4	+0.027%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,404.6	+0.033%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	+0.023%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0096%	1h	85,425.8	+0.058%	$117.1M	$5.42B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,370	−0.008%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,445.8	+0.081%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,474	+0.114%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,423.3	+0.055%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,389.6	+0.015%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,398	+0.025%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,386	+0.011%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,403.1	+0.031%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.249%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,389.6	+0.015%	$5.50B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,386.3	+0.011%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.012%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,351.5	−0.029%	$279.6M	$950.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.036%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,371.5	−0.006%	$139.6M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.015%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,459	+0.097%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	+0.012%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,388.5	+0.014%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,392.7	+0.019%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.4	+0.068%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,365.1	−0.013%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,375.3	−0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,390	+0.016%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,382.4	+0.007%	$2.26B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,358.4	−0.021%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.9	+0.023%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,378.5	+0.002%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,431.2	+0.064%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,390.7	+0.017%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,413	+0.043%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,329.9	−0.055%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,419.4	+0.050%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,420.2	+0.051%	$8.7M	$43.3M	25x	as long as short