Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.015%

Price spread now: KuCoin against Lighter RH−0.025%7-day average −0.010% · 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−$15as in the Price arb table

costs, in and out, $10k−$140.139% of the position

Long on Lighter RH Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.025%, 7d avg −0.010%

Together, before fees−0.046%+ Points / potential airdropLighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, 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	Lighter RH BTC	86,334.3	0.0096	pay 0.0012% / 1h	32m 20s	$23.7M	$149.2M	50x
Short	KuCoin XBTUSDTM	86,313	0.0040	get 0.0040% / 8h	7h 32m	$830.3M	$721.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter RH. 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 Lighter RHbpFee KuCoinbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$11.76
Price spread: −0.025% → −0.010%: −$1.42
Slippage, 4 orders: −$1.87
Fee Lighter RH: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$27.05
Costs to cover: 0.139%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 2 min ago; KuCoin: live order book, 2 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 Lighter RH live order book, 2 min ago	0.75 bp	1.0 bp −$1	1.5 bp −$15	3.4 bp −$341	26.5 bp −$13.3K
Sell KuCoin live order book, 2 min ago	0.01 bp	6.0 bp −$6	7.1 bp −$71	7.6 bp −$765	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
Bluefin BTC-PERP	−0.0500%	1h	86,381.8	+0.055%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,337	+0.003%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,330	−0.005%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,303.8	−0.035%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,312.5	−0.025%	$483K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,353.3	+0.022%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,336.8	+0.003%	$500.7M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.027%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,331.5	−0.003%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTMshort	+0.0040%	8h	86,313	−0.025%	$830.3M	$721.0M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0045%	1h	86,322.8	−0.013%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,339.8	+0.006%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,312.9	−0.025%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,349.4	+0.017%	$2.97B	$5.04B	150x	as long as short
Phemex BTCUSDT	+0.0074%	8h	86,311.3	−0.027%	$154.0M	$473.9M	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	86,300	−0.040%	$2.29B	$965.0M	200x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,348.4	+0.016%	$9.40B	$24.30B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,324.4	−0.011%	$5.12B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,329.1	−0.006%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,349	+0.017%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,329.1	−0.006%	$170.4M	$985.5M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,334.3	long leg	$23.7M	$149.2M	50x
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.042%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,279	−0.064%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.3	+0.002%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,336.8	+0.003%	$22.0M	$228.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,383	+0.056%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,351.2	+0.020%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,354.8	+0.024%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,362.7	+0.033%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,312	−0.026%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,331.2	−0.004%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	+0.016%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,349.9	+0.018%	$5.80B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,312.3	−0.025%	$37.5M	$156.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.076%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,352.6	+0.021%	$278.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,334.3	0.000%	$216.8M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.073%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,355.2	+0.024%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,357.1	+0.026%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,324	−0.012%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,330.8	−0.004%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,346	+0.014%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.4	+0.048%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,325.6	−0.010%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.7	−0.001%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,325	−0.011%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0115%	1h	86,392.1	+0.067%	$902.8M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,393	+0.068%	$132.1M	$5.41B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,383.1	+0.057%	$192.4M	$942.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,386	+0.060%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,382.3	+0.056%	$710K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,325.8	−0.010%	$415.7M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,352	+0.020%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,383	+0.056%	$10.2M	$763.3M	6.4x	as long as short