Funding arb · Price arb /

TENCENT

RWAall TENCENT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.044%

Price spread now: Bybit against KuCoin+0.051%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$432as in the Funding arb table

Net, price: spread back to 7d avg − costs−$400as in the Price arb table

costs, in and out, $10k−$4094.095% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.051%, 7d avg −0.043%

Together, before fees−0.295%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.094% dearer against KuCoin than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of −0.043%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TENCENTUSDTM	58.990	0.0100	pay 0.0050% / 4h	1h 05m	$124K	$675K	20x
Short	Bybit TENCENTUSDT	59.020	0	get 0.0000% / 8h	5h 05m	$248K	$246K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$21
Price spread: +0.051% → −0.043%: $9.42
Slippage, 4 orders: −$386.49
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$421.07
Costs to cover: 4.095%
Break-even: never at this rate

Slippage from KuCoin: live order book, 18 min ago; Bybit: live order book, 49 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, 18 min ago	14.58 bp	142.8 bp −$143	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 49 min ago	7.77 bp	89.7 bp −$90	doesn't fit	doesn't fit	doesn't fit

TENCENT on 9 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
Aster TENCENTUSDT	0.0000%	8h	59.030	+0.067%	$54K	$4K	20x	as long as short
Binance TENCENTUSDT	0.0000%	4h	59.040	+0.085%	$2.9M	$3.7M	25x	as long as short
Bybit TENCENTUSDTshort	0.0000%	8h	59.020	+0.051%	$248K	$246K	25x
Gate TENCENT_USDT	0.0000%	8h	59.080	+0.153%	$1.7M	$600K	25x	as long as short
Bitget TENCENTUSDT	0.0000%	8h	59.020	+0.051%	$1.2M	$2.8M	20x	as long as short
HTX TENCENT-USDT	0.0000%	4h	59.130	+0.237%	$10K	$39K	10x	as long as short
Lighter TENCENT	+0.0032%	1h	59.291	+0.510%	$69K	$4K	10x	as long as short
KuCoin TENCENTUSDTMlong	+0.0100%	4h	58.990	long leg	$124K	$675K	20x
edgeX TENCENTUSDC	+0.0864%	4h	58.878	−0.190%	$122K	$211K	10x	as long as short