Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.019%

Price spread now: Jupiter Perps against KuCoin+0.026%7-day average +0.013% · you sell dearer than you buy

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

Long on KuCoin Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.026%, 7d avg +0.013%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,174.6	0.0030	pay 0.0030% / 8h	7h 10m	$940.2M	$674.4M	125x
Short	Jupiter Perps WBTC-PERP	86,196.8	L +0.0104% / S +0.0048%	pay 0.0006% / 1h	10m 09s	—	$94.3M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$16.38
Price spread: +0.026% → +0.013%: $1.32
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$39.06
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 9 min ago; Jupiter Perps: 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, 9 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	7.5 bp −$755	doesn't fit
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: 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 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
Bluefin BTC-PERP	−0.0374%	1h	86,214.7	+0.047%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,242	+0.078%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,222	+0.055%	$421.8M	$624.2M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,202.3	+0.032%	$356K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,180	+0.006%	$298K	$27.5M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,238	+0.074%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0030%	8h	86,174.6	long leg	$940.2M	$674.4M	125x
dYdX BTC-USD	+0.0039%	1h	86,186.1	+0.013%	$16.9M	$18.6M	50x	as long as short
Aster BTCUSDT	+0.0046%	8h	86,179	+0.005%	$503.8M	$985.4M	200x	as long as short
BingX BTC-USDC	+0.0066%	8h	86,142	−0.038%	—	$16.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,192.4	+0.021%	$189.0M	$870.2M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0070%	1h	86,208.3	+0.039%	$830.9M	$1.60B	50x	as long as short
Bybit BTCUSDT	+0.0074%	8h	86,167.4	−0.008%	$5.10B	$9.04B	150x	as long as short
Phoenix BTC	+0.0075%	1h	86,095	−0.092%	$2.3M	$10.4M	40x	as long as short
Nado BTC-PERP	+0.0095%	1h	86,199.1	+0.029%	$22.1M	$209.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,185.5	+0.013%	$173.1M	$966.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,195.1	+0.024%	$23.3M	$137.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,200	+0.030%	$8.5M	$52.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,162.3	−0.014%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,174	−0.001%	$219K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,231.4	+0.066%	$6.0M	$8.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,203.7	+0.034%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,172.9	−0.002%	$9.46B	$23.06B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,160	−0.017%	$2.61B	$10.80B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,186	+0.013%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,208.9	+0.040%	$4.7M	$93.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,192	+0.020%	$5.49B	$10.21B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,168	−0.008%	$5.07B	$5.88B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,156.4	−0.021%	$2.98B	$4.56B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,151.8	−0.026%	$37.3M	$187.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,230.7	+0.065%	$157.6M	$511.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,007	−0.194%	$289.3M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,992.6	−0.211%	$216.0M	$149.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,007.8	−0.194%	$137.0M	$302.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,190.2	+0.018%	$30.4M	$213.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,257.9	+0.097%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,206	+0.036%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,185	+0.012%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,169.8	−0.006%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,185.5	+0.013%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,174	−0.001%	$60.3M	$257.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,163	−0.013%	$2.28B	$909.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,171.2	−0.004%	$167.8M	$499.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.354%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,140.4	−0.040%	$46.3M	$220.4M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0048%	1h	86,196.8	+0.026%	—	$94.3M	500x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,228.4	+0.062%	$112.0M	$5.31B	50x	as long as short
Hyperliquid BTC	+0.0150%	1h	86,281	+0.124%	$3.87B	$4.83B	40x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	86,220.5	+0.053%	$6.7M	$133.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,221	+0.054%	$11.1M	$726.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,211.9	+0.043%	$9.0M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0183%	1h	86,196.6	+0.026%	$13.3M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	86,163.1	−0.013%	$693K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0374%	1h	86,089.5	−0.099%	$82K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,194.6	+0.023%	$490K	$16.8M	6.7x	as long as short