Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.013%

Price spread now: Lighter against KuCoin+0.037%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$130.128% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.037%, 7d avg +0.011%

Together, before fees+0.043%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.026% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,584.1	0.0011	pay 0.0011% / 8h	47m 28s	$851.2M	$714.3M	125x
Short	Lighter BTC	86,616	0.0096	get 0.0012% / 1h	47m 28s	$170.4M	$1.01B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.037%Rate

Funding earned: $17.85
Price spread: +0.037% → +0.011%: $2.63
Slippage, 4 orders: −$0.82
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.66
Costs to cover: 0.128%
Break-even: 4.0 days

Slippage from KuCoin: live order book, 12 min ago; Lighter: live order book, 7 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, 12 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.0 bp −$804	doesn't fit
Sell Lighter live order book, 7 min ago	0.24 bp	0.4 bp $0	0.8 bp −$8	1.3 bp −$134	3.5 bp −$1,758

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	86,505	−0.091%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,590	+0.007%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.020%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,589.5	+0.006%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,606.1	+0.025%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,583.2	−0.001%	$502.6M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0003%	1h	86,628.6	+0.051%	$916.3M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,577.9	−0.007%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0011%	8h	86,584.1	long leg	$851.2M	$714.3M	125x
Reya BTCRUSDPERP	+0.0026%	1h	86,565.8	−0.021%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0035%	1h	86,586.1	+0.002%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,592.7	+0.010%	$150.0M	$479.6M	150x	as long as short
BingX BTC-USDC	+0.0041%	8h	86,569.2	−0.017%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,567.6	−0.019%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,560	−0.028%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,580.4	−0.004%	$9.43B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,612.1	+0.032%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,581.6	−0.003%	$5.88B	$10.72B	200x	as long as short
Lighter BTCshort	+0.0096%	1h	86,616	+0.037%	$170.4M	$1.01B	50x
Lighter RH BTC	+0.0096%	1h	86,613.8	+0.034%	$24.2M	$151.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,574	−0.012%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,560	−0.028%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,625.5	+0.048%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,591.1	+0.008%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,647	+0.073%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,634.7	+0.058%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,584.4	0.000%	$5.26B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,571.6	−0.014%	$2.55B	$12.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,598	+0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,613.3	+0.034%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.027%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,611.9	+0.032%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.068%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,501.6	−0.095%	$279.5M	$946.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,516.2	−0.078%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.049%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556.8	−0.032%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,623.2	+0.045%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,578	−0.007%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,556.7	−0.032%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,595.3	+0.013%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,619.8	+0.041%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,622.3	+0.044%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,551.6	−0.038%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,589	+0.006%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,587	+0.003%	$2.30B	$970.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,562.8	−0.025%	$45.4M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,608.1	+0.028%	—	$99.1M	500x	as long as short
Aftermath Perps BTCUSD	+0.0108%	1h	86,568	−0.019%	$79K	$220K	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,625.1	+0.047%	$193.7M	$951.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,617.7	+0.039%	$419K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,638.7	+0.063%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,615.5	+0.036%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,605.3	+0.025%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	−0.075%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,603	+0.022%	$9.7M	$741.4M	6.4x	as long as short