Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.041%

Price spread now: Deribit against KuCoin−0.044%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now −0.044%, 7d avg +0.053%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Deribit is 0.096% cheaper against KuCoin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.053%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.056%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,584.5	0.0010	pay 0.0010% / 8h	48m 42s	$850.7M	$714.4M	125x
Short	Deribit BTC-PERPETUAL	86,546.7	0	get 0.0000% / 1h	48m 42s	$916.5M	$1.49B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$2.1
Price spread: −0.044% → +0.053%: −$9.64
Slippage, 4 orders: −$0.33
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.07
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; Deribit: 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, 10 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.0 bp −$804	doesn't fit
Sell Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	5.9 bp −$592	15.2 bp −$7,609

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	−0.0118%	1h	86,505	−0.092%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.081%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.019%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,523.5	−0.070%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,526.3	−0.067%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,590.9	+0.007%	$502.7M	$1.15B	200x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,546.7	−0.044%	$916.5M	$1.49B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537	−0.055%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0010%	8h	86,584.5	long leg	$850.7M	$714.4M	125x
Reya BTCRUSDPERP	+0.0025%	1h	86,510.6	−0.085%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0036%	1h	86,586.1	+0.002%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDC	+0.0041%	8h	86,578.5	−0.007%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,523.6	−0.070%	$149.8M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,572.2	−0.014%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,576.5	−0.009%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,593.9	+0.011%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,513.1	−0.083%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,592.9	+0.010%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,598.8	+0.017%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,604.2	+0.023%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,510	−0.086%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,492	−0.107%	$205K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,615.3	+0.036%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,510.1	−0.086%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,668	+0.096%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.4	+0.044%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,581.5	−0.003%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,580.1	−0.005%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	+0.011%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,608.1	+0.027%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.028%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514	−0.081%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.069%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	−0.049%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	−0.049%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.049%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,538.5	−0.053%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,566.4	−0.021%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,513	−0.083%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.080%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,500.7	−0.097%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,523.4	−0.071%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,541.1	−0.050%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,501.6	−0.096%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,513	−0.083%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,498.4	−0.099%	$2.30B	$969.6M	200x	as long as short
Aftermath Perps BTCUSD	+0.0103%	1h	86,546.4	−0.044%	$79K	$220K	20x	as long as short
Extended BTC-USD	+0.0104%	1h	86,555.6	−0.033%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,537.6	−0.054%	—	$99.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,554.1	−0.035%	$193.5M	$951.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,540.8	−0.050%	$416K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,570.9	−0.016%	$132.6M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,578.4	−0.007%	$722K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,533.8	−0.059%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	−0.075%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,546	−0.044%	$9.8M	$740.8M	6.4x	as long as short