Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.040%

Price spread now: Hotstuff against KuCoin−0.051%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hotstuff is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,618.1	0.0002	pay 0.0002% / 8h	2h 31m	$844.3M	$704.9M	125x
Short	Hotstuff BTC-PERP	86,574	−0.0080	pay 0.0010% / 1h	31m 09s	$9K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$17.22
Price spread: −0.051% → 0.000%: −$5.09
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$39.31
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 3 min ago; Hotstuff: no order-book sample. Net counts fees only.

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	6.3 bp −$63	7.6 bp −$761	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps BTCUSD	−0.0233%	1h	86,613.5	−0.005%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,634.5	+0.019%	$428K	$24.9M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,590	−0.032%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0083%	1h	86,626.4	+0.010%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	86,574	−0.051%	$9K	$3K	50x
01 Exchange BTCUSD	0.0000%	1h	86,627.5	+0.011%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,652.7	+0.040%	$935.1M	$1.44B	50x	as long as short
KuCoin XBTUSDTMlong	+0.0002%	8h	86,618.1	long leg	$844.3M	$704.9M	125x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,641.2	+0.027%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,607.5	−0.012%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,618.6	+0.001%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0023%	8h	86,610.9	−0.008%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,618	0.000%	$149.7M	$471.5M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,621.5	+0.004%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.024%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,619.2	+0.001%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,618	0.000%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,621.3	+0.004%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,589.8	−0.033%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0073%	8h	86,627.3	+0.011%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,623.4	+0.006%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,617.9	0.000%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.039%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,632.6	+0.017%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,637.9	+0.023%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,620	+0.002%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,607	−0.013%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,630.3	+0.014%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,577.1	−0.047%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,694	+0.088%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,612.1	−0.007%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	−0.028%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,647.6	+0.034%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.046%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,624.7	+0.008%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,620.6	+0.003%	$279.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.002%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,627.4	+0.011%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,600	−0.021%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,668.9	+0.059%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,625	+0.008%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,621	+0.003%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,632.5	+0.017%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,644.6	+0.031%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,625.8	+0.009%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	−0.006%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	0.000%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,590.4	−0.032%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,608	−0.012%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,641.1	+0.027%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.4	+0.045%	$189.0M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,668.1	+0.058%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,624	+0.007%	$8.9M	$723.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,599.6	−0.021%	$416.9M	$652.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,635.8	+0.020%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.1	+0.032%	$614K	$7.1M	30x	as long as short