Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.010%

Price spread now: Phoenix against KuCoin−0.068%93s7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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−$190.191% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 7 days+0.114%+$11 · spread now −0.068%, 7d avg +0.052%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.120% cheaper against KuCoin than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.052%). Swap the legs. The two prices were read 93 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	85,660.2	0.0011	pay 0.0011% / 8h	5h 33m	$917.6M	$753.0M	125x
Short	Phoenix BTC	85,602	−0.0160	pay 0.0020% / 1h	33m 59s	$2.2M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$35.88
Price spread: −0.068% → +0.052%: −$12.02
Slippage, 4 orders: −$0.13
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.03
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Phoenix: 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	6.0 bp −$6	6.3 bp −$63	7.8 bp −$785	doesn't fit
Sell Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	4.2 bp −$42	8.8 bp −$880	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
Phoenix BTCshort	−0.0160%	1h	85,602	−0.068%	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,650	−0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,642.4	−0.021%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,650	−0.012%	$416.1M	$663.9M	150x	as long as short
Bluefin BTC-PERP	−0.0024%	1h	85,691.5	+0.037%	$196K	$722K	40x	as long as short
dYdX BTC-USD	0.0000%	1h	85,640.3	−0.023%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,660	0.000%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0011%	8h	85,660.2	long leg	$917.6M	$753.0M	125x
Nado BTC-PERP	+0.0011%	1h	85,645.1	−0.018%	$22.9M	$221.3M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,658.2	−0.002%	$516.1M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,671.6	+0.013%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0067%	8h	85,651.2	−0.010%	$2.27B	$935.2M	200x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,644.8	−0.018%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,660.4	0.000%	$2.95B	$5.02B	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.096%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,656.8	−0.004%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,658.7	−0.002%	$147.9M	$479.1M	150x	as long as short
SunX BTC-USDT	+0.0081%	8h	85,607.1	−0.062%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,667.4	+0.008%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,669.1	+0.010%	$9.35B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,664.2	+0.005%	$169.9M	$989.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,675.9	+0.018%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,647	−0.015%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,671.1	+0.013%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.060%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,735	+0.087%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,656.4	−0.004%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,675	+0.017%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,674.7	+0.017%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,643	−0.020%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.7	−0.071%	$7.2M	$96.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,671.9	+0.014%	$5.55B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,657.8	−0.003%	$35.4M	$172.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.044%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,510.3	−0.175%	$279.0M	$929.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,588.5	−0.084%	$214.9M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,576.1	−0.098%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.3	−0.036%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,696.4	+0.042%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,645	−0.018%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,657.6	−0.003%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,658.3	−0.002%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,646	−0.017%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	0.000%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.053%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,643.6	−0.019%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,662.9	+0.003%	—	$105.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,699.8	+0.046%	$893.0M	$1.52B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,709.1	+0.057%	$130.6M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,666.3	+0.007%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,694	+0.039%	$188.9M	$949.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0192%	1h	85,613.1	−0.055%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	+0.027%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,660.7	+0.001%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,673	+0.015%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,669.4	+0.011%	$520K	$19.4M	6.7x	as long as short