Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.014%

Price spread now: KuCoin against Phoenix−0.107%93s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$190.194% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.107%, 7d avg −0.052%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.107% now, against its 7-day average of −0.052%). If the spread goes back, that is −$6 on $10k: about 25 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.033% in total) that is about 12 days. 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	Phoenix BTC	85,568	−0.0179	get 0.0022% / 1h	45m 46s	$2.2M	$10.3M	40x
Short	KuCoin XBTUSDTM	85,476.6	−0.0003	pay 0.0003% / 8h	4h 45m	$918.1M	$750.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now −0.107%Rate

Funding earned: $37.02
Price spread: −0.107% → −0.052%: −$5.5
Slippage, 4 orders: −$0.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $12.15
Costs to cover: 0.194%
Break-even: 4.7 days

Slippage from Phoenix: live order book, 3 min ago; KuCoin: live order book, 3 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,194	doesn't fit
Sell KuCoin live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	9.4 bp −$935	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	−0.0905%	1h	85,517.1	−0.059%	$194K	$725K	40x	as long as short
Phoenix BTClong	−0.0179%	1h	85,568	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,464	−0.122%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,483.2	−0.099%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,469.1	−0.116%	$417.7M	$665.3M	150x	as long as short
KuCoin XBTUSDTMshort	−0.0003%	8h	85,476.6	−0.107%	$918.1M	$750.2M	125x
dYdX BTC-USD	0.0000%	1h	85,499.7	−0.080%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,480.9	−0.102%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,499.7	−0.080%	$515.2M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,471.3	−0.113%	$6.9M	$97.2M	40x	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	+0.0058%	1h	85,420.4	−0.173%	$22.6M	$219.1M	50x	as long as short
BingX BTC-USDC	+0.0060%	8h	85,492.3	−0.088%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,490.6	−0.090%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0078%	1h	85,457.6	−0.129%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,487.9	−0.094%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,510.8	−0.067%	$9.35B	$24.01B	150x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,510.5	−0.067%	$5.04B	$5.58B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,511.4	−0.066%	$173.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,503.6	−0.075%	$23.8M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,483	−0.099%	$8.4M	$52.6M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,555	−0.015%	$4.1M	$8.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,466	−0.119%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,565	−0.004%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,525.3	−0.050%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,512.4	−0.065%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,490.3	−0.091%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,486	−0.096%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.150%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,514.1	−0.063%	$5.54B	$10.58B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,489.3	−0.092%	$35.8M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	−0.118%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,552.4	−0.018%	$279.4M	$918.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,550.2	−0.021%	$214.8M	$166.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,565.9	−0.002%	$139.9M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,504.3	−0.074%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.1	−0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,471	−0.113%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,473	−0.111%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,485.2	−0.097%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,484.2	−0.098%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,456.3	−0.131%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,497	−0.083%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,482.8	−0.100%	$2.26B	$940.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,497.1	−0.083%	$150.9M	$483.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,486.9	−0.095%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,510.5	−0.067%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,528.1	−0.047%	$117.4M	$5.15B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,617	+0.057%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,520.9	−0.055%	$188.8M	$953.3M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0173%	1h	85,541.2	−0.031%	$893.6M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,478.9	−0.104%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,567.8	0.000%	$694K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,510.7	−0.067%	$8.3M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0206%	1h	85,587.4	+0.023%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,505	−0.074%	$10.4M	$759.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,485.3	−0.097%	$498K	$18.9M	6.7x	as long as short