Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0167%/8h= +18.3% APRpaid last 24h +0.050%

Price spread now: Hibachi against KuCoin+0.077%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on KuCoin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.389%+$39 on $10k

Price spread, last 7 days−0.030%−$3 · spread now +0.077%, 7d avg +0.040%

Together, before fees+0.359%+ Points / potential airdropHibachi: Active · farm board+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hibachi is 0.037% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,380.7	0.0017	pay 0.0017% / 8h	20m 22s	$852.7M	$716.2M	125x
Short	Hibachi BTC/USDT-P	86,447.2	0.0184	get 0.0023% / 1h	20m 22s	$728K	$8.0M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.077%Rate

Funding earned: $35.07
Price spread: +0.077% → +0.040%: $3.71
Slippage, 4 orders: −$0.94
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $16.84
Costs to cover: 0.219%
Break-even: 3.6 days

Slippage from KuCoin: live order book, 4 min ago; Hibachi: 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	6.4 bp −$6	6.9 bp −$69	8.6 bp −$858	doesn't fit
Sell Hibachi live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	39.3 bp −$3,932	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	−0.0118%	1h	86,367	−0.016%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,378	−0.003%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.041%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,400.9	+0.023%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,400.7	+0.023%	$359K	$2.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,404.8	+0.028%	$410K	$22.9M	6.7x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,404.4	+0.027%	$501.3M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,417.5	+0.043%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0017%	8h	86,380.7	long leg	$852.7M	$716.2M	125x
Reya BTCRUSDPERP	+0.0033%	1h	86,400.7	+0.023%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0039%	1h	86,395.3	+0.017%	$914.0M	$1.48B	50x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,394.5	+0.016%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,400.1	+0.022%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,361.3	−0.022%	$150.1M	$478.8M	150x	as long as short
dYdX BTC-USD	+0.0059%	1h	86,411.1	+0.035%	$16.9M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,394.2	+0.016%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,398	+0.020%	$5.17B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,401.9	+0.025%	$9.42B	$24.56B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,400.7	+0.023%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,354	−0.031%	$60.4M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,411.3	+0.035%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,421.5	+0.047%	$23.9M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,390	+0.011%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,409.9	+0.034%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.016%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.8	+0.064%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,398.1	+0.020%	$21.9M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,472	+0.106%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417.7	+0.043%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,412.3	+0.037%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,429.9	+0.057%	$7.4M	$95.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,364.3	−0.019%	$37.9M	$157.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,376.4	−0.005%	$157.0M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,328.2	−0.061%	$278.8M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,354.3	−0.031%	$216.8M	$171.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,355.9	−0.029%	$141.2M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	+0.035%	$30.7M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	+0.061%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,404	+0.027%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,399.1	+0.021%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,392.6	+0.014%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,433.9	+0.062%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,387.9	+0.008%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,402.6	+0.025%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350.1	−0.035%	$2.29B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.097%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,372.4	−0.010%	$45.6M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,395.3	+0.017%	—	$99.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,385.3	+0.005%	$191.7M	$953.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,408.2	+0.032%	$132.2M	$5.64B	50x	as long as short
Aftermath Perps BTCUSD	+0.0155%	1h	86,426.6	+0.053%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-Pshort	+0.0184%	1h	86,447.2	+0.077%	$728K	$8.0M	30x
BloFin BTC-USDT	+0.0189%	8h	86,357.9	−0.026%	$415.7M	$658.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0197% / S −0.0220%	1h	86,412.4	+0.037%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,411	+0.035%	$9.8M	$749.4M	6.4x	as long as short