Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.010%

Price spread now: Injective against KuCoin−0.190%70s7-day average +0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.190%, 7d avg +0.020%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.209% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.190% now, against its 7-day average of +0.020%). If the spread goes back, that is −$21 on $10k: about 15 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.046% in total) that is about 32 days. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,803.7	0.0003	pay 0.0003% / 8h	2h 23m	$849.4M	$706.1M	125x
Short	Injective BTC/USDC PERP	86,639	0.0049	get 0.0006% / 1h	23m 55s	$315K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.190%Rate

Funding earned: $9.67
Price spread: −0.190% → +0.020%: −$20.92
Slippage, 4 orders: −$6.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$29.43
Costs to cover: 0.182%
Break-even: 28.3 days

Slippage from KuCoin: live order book, 5 min ago; Injective: live order book, 5 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, 5 min ago	0.01 bp	7.4 bp −$7	8.4 bp −$84	9.9 bp −$989	12.7 bp −$6,350
Sell Injective live order book, 5 min ago	2.13 bp	2.3 bp −$2	14.3 bp −$143	doesn't fit	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
Aftermath Perps BTCUSD	−0.0236%	1h	86,700	−0.119%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,815.1	+0.013%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.254%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,781	−0.026%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0071%	1h	86,784.5	−0.022%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,822.9	+0.022%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,844.3	+0.047%	$934.6M	$1.45B	50x	as long as short
KuCoin XBTUSDTMlong	+0.0003%	8h	86,803.7	long leg	$849.4M	$706.1M	125x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,831	+0.031%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,798.6	−0.006%	$507.0M	$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	86,799.1	−0.005%	$6.8M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,810.2	+0.007%	$150.4M	$471.6M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,814.5	+0.012%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,809.8	+0.007%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERPshort	+0.0049%	1h	86,639	−0.190%	$315K	$26.8M	52x
MEXC BTC_USDT	+0.0056%	8h	86,810.4	+0.008%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,811.2	+0.009%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,811.3	+0.009%	$9.45B	$24.34B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,802.1	−0.002%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,813.4	+0.011%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,824.7	+0.024%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,811.1	+0.009%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,822.6	+0.022%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,827.5	+0.027%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,790	−0.016%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.088%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,780	−0.027%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,838	+0.040%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,799.9	−0.004%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,886	+0.095%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,822.1	+0.021%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,791	−0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,861.5	+0.067%	$7.6M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.260%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,808.6	+0.006%	$38.2M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.173%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.146%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.134%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.085%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,835.8	+0.037%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,800	−0.004%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,811	+0.008%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,829.6	+0.030%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,841.9	+0.044%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,818.2	+0.017%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,790.9	−0.015%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,810	+0.007%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,797	−0.008%	$2.31B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,803.5	0.000%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,820.2	+0.019%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,842.7	+0.045%	$188.8M	$932.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,861.3	+0.066%	$132.2M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,833	+0.034%	$9.6M	$726.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.060%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,826.4	+0.026%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.024%	$618K	$7.1M	30x	as long as short