Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0153%/8h= +16.8% APRpaid last 24h +0.017%

Price spread now: Ondo Perps against KuCoin+0.002%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 Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 7 days−0.102%−$10 · spread now +0.002%, 7d avg +0.013%

Together, before fees−0.001%+ Points / potential airdropOndo Perps: Active · farm board$0 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: +$5 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	85,465.9	−0.0053	get 0.0053% / 8h	2h 13m	$923.6M	$765.5M	125x
Short	Ondo Perps BTC-USD.P	85,468	0.0100	get 0.0013% / 1h	13m 12s	$3.8M	$17.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo 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 Ondo PerpsbpOrdersPrice spread, now +0.002%Rate

Funding earned: $32.13
Price spread: +0.002% → +0.013%: −$1.02
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $14.11
Costs to cover: 0.170%
Break-even: 3.9 days

Slippage unknown: KuCoin: live order book, 6 min ago; Ondo 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, 6 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	8.2 bp −$820	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 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
Perpl BTC	−0.0112%	43m	85,469.3	+0.004%	$525K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	−0.088%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,453	−0.015%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMlong	−0.0053%	8h	85,465.9	long leg	$923.6M	$765.5M	125x
BloFin BTC-USDT	−0.0028%	8h	85,488.1	+0.026%	$419.5M	$683.0M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,488.8	+0.027%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,480.2	+0.017%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,435.1	−0.036%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,506	+0.047%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.137%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,463.8	−0.003%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,490.4	+0.029%	$187.6M	$955.3M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,483.3	+0.020%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,483.1	+0.020%	$148.1M	$505.9M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,480.3	+0.017%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,497.6	+0.037%	$5.03B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,505.9	+0.047%	$9.46B	$24.88B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,490.7	+0.029%	$171.5M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,496.4	+0.036%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,475	+0.011%	$8.4M	$55.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,475.4	+0.011%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,517.7	+0.061%	$117.3M	$5.43B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,441	−0.029%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,511.8	+0.054%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,549	+0.097%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,484.8	+0.022%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,489.2	+0.027%	$5.16B	$9.96B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,504.2	+0.045%	$2.59B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,468	+0.002%	$3.8M	$17.5M	25x
Arcus BTC-USD	+0.0100%	1h	85,471.6	+0.007%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.354%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,491.7	+0.030%	$5.51B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,454.3	−0.014%	$36.4M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	−0.117%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,376.5	−0.105%	$279.7M	$951.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,394.8	−0.083%	$214.5M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,392.6	−0.086%	$139.6M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,415.7	−0.059%	$30.1M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,529.2	+0.074%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,482	+0.019%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,499.3	+0.039%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,490.4	+0.029%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,536.3	+0.082%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,464.4	−0.002%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,471	+0.006%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,475	+0.011%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,467.3	+0.002%	$2.26B	$941.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,454.1	−0.014%	$44.4M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,505	+0.046%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0118%	1h	85,487.4	+0.025%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,517.1	+0.060%	$866.9M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,501.3	+0.041%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	85,503	+0.043%	$11.6M	$743.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0215%	1h	85,364.7	−0.118%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,468.7	+0.003%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,486.2	+0.024%	$8.7M	$43.2M	25x	as long as short