Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h −0.027%

Price spread now: Reya against KuCoin+0.005%7-day average −0.036% · you sell dearer than you buy

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

Long on KuCoin Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.005%, 7d avg −0.036%

Together, before fees+0.009%+ Points / potential airdropReya: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Reya is 0.041% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,396.6	0.0017	pay 0.0017% / 8h	26m 07s	$849.7M	$715.7M	125x
Short	Reya BTCRUSDPERP	86,401.1	0.0031	get 0.0004% / 1h	26m 07s	$6.7M	$145.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.005%Rate

Funding earned: $3.01
Price spread: +0.005% → −0.036%: $4.11
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$10.88
Costs to cover: 0.180%
Break-even: 32.3 days

Slippage unknown: KuCoin: live order book, 3 min ago; Reya: 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, 3 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	8.4 bp −$842	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Phoenix BTC	−0.0118%	1h	86,477	+0.093%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,413	+0.019%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.198%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,420.6	+0.028%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,420.5	+0.028%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,388	−0.010%	$501.2M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,446.6	+0.058%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,423.2	+0.031%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0017%	8h	86,396.6	long leg	$849.7M	$715.7M	125x
Deribit BTC-PERPETUAL	+0.0026%	1h	86,422.6	+0.030%	$914.5M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0031%	1h	86,401.1	+0.005%	$6.7M	$145.5M	40x
BingX BTC-USDT	+0.0042%	8h	86,390	−0.008%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,385.9	−0.012%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,396.4	0.000%	$150.5M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0066%	1h	86,448.3	+0.060%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,386.9	−0.011%	$9.42B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,384.3	−0.014%	$5.15B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,386.7	−0.011%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,387.2	−0.011%	$5.85B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,382	−0.017%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,393.8	−0.003%	$170.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,403.1	+0.008%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,410	+0.016%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,390	−0.008%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,393	−0.004%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,462	+0.076%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,430.8	+0.040%	$22.0M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,459	+0.072%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,457.8	+0.071%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,397.1	+0.001%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,437	+0.047%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.5	+0.077%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,381.6	−0.017%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.011%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.060%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.103%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.076%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,390.9	−0.007%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,461.5	+0.075%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,408	+0.013%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,403.3	+0.008%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,390.1	−0.008%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,424	+0.032%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,420	+0.027%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,410.3	+0.016%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,375.1	−0.025%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.079%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,366.6	−0.035%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,458	+0.071%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,410.8	+0.016%	$192.1M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,431.1	+0.040%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0149%	1h	86,487.8	+0.106%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,438.5	+0.048%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	+0.057%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,416.3	+0.023%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,452	+0.064%	$9.7M	$747.5M	6.4x	as long as short