Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.015%

Price spread now: dYdX against KuCoin+0.047%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on KuCoin Short on dYdX

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−0.038%−$4 · spread now +0.047%, 7d avg −0.003%

Together, before fees−0.115%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.051% dearer against KuCoin than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.003%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,702.7	0.0031	pay 0.0031% / 8h	6h 21m	$901.7M	$754.3M	125x
Short	dYdX BTC-USD	85,743.4	0.0002	get 0.0000% / 1h	21m 36s	$16.8M	$21.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$6.05
Price spread: +0.047% → −0.003%: $5.07
Slippage, 4 orders: −$8.29
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$31.27
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; dYdX: 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	6.0 bp −$6	6.6 bp −$66	8.0 bp −$799	doesn't fit
Sell dYdX live order book, 3 min ago	4.14 bp	9.1 bp −$9	11.5 bp −$115	19.8 bp −$1,976	56.8 bp −$28.4K

BTC on 55 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	−0.0144%	1h	85,733	+0.035%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,717	+0.017%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,698.4	−0.005%	$364K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,822.9	+0.140%	$513K	$20.6M	6.7x	as long as short
dYdX BTC-USDshort	+0.0002%	1h	85,743.4	+0.047%	$16.8M	$21.0M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.2	+0.099%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.014%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTMlong	+0.0031%	8h	85,702.7	long leg	$901.7M	$754.3M	125x
Aster BTCUSDT	+0.0038%	8h	85,730.1	+0.032%	$516.4M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,729.6	+0.031%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0051%	1h	85,710.1	+0.009%	$22.6M	$227.4M	50x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,684	−0.022%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,789.2	+0.101%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,694	−0.010%	$2.95B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,768.7	+0.077%	$2.27B	$947.1M	200x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,696.6	−0.007%	$5.06B	$5.73B	500x	as long as short
ApeX Omni BTCUSDT	+0.0094%	1h	85,762.3	+0.070%	$140.2M	$318.2M	100x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,720.6	+0.021%	$9.33B	$24.29B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,717	+0.017%	$170.3M	$991.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,724.9	+0.026%	$23.5M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,711	+0.010%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,768.1	+0.076%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,682	−0.024%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,681.6	−0.025%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,769	+0.077%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,745	+0.049%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,729.2	+0.031%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,727.2	+0.029%	$2.54B	$12.35B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,707	+0.005%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,677.9	−0.029%	$7.2M	$97.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.049%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,708.5	+0.007%	$5.59B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,751.5	+0.057%	$35.3M	$164.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.113%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,744.1	+0.048%	$278.8M	$940.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,761.2	+0.068%	$215.2M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,792	+0.104%	$30.3M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,786	+0.097%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,791	+0.103%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792.3	+0.105%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,774.1	+0.083%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,815.7	+0.132%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,778.1	+0.088%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,722	+0.023%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,765	+0.073%	$60.0M	$337.2M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,760.5	+0.067%	$154.3M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,677.2	−0.030%	$44.1M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,807	+0.122%	—	$101.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,790.3	+0.102%	$131.2M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0125%	1h	85,815.3	+0.131%	$894.7M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,791.7	+0.104%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,774.9	+0.084%	$188.5M	$963.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	85,768.4	+0.077%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,787	+0.098%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,813	+0.129%	$10.0M	$769.9M	6.4x	as long as short