Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.015%

Price spread now: KuCoin against Backpack−0.015%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 7 days+0.405%+$41 · spread now −0.015%, 7d avg −0.012%

Together, before fees+0.483%+$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,110.8	0.0100	pay 0.0013% / 1h	27m 48s	$35.9M	$175.0M	75x
Short	KuCoin XBTUSDTM	85,097.8	−0.0054	pay 0.0054% / 8h	2h 27m	$918.9M	$763.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$32.34
Price spread: −0.015% → −0.012%: −$0.35
Slippage, 4 orders: −$1.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$55.75
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; KuCoin: live order book, 6 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 Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$591	57.6 bp −$28.8K
Sell KuCoin live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	8.4 bp −$837	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
Perpl BTC	−0.0112%	43m	85,147.4	+0.043%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.110%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,173	+0.073%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0054%	8h	85,097.8	−0.015%	$918.9M	$763.4M	125x
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.092%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,134.5	+0.028%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,103.1	−0.009%	$511.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,125.9	+0.018%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,118.6	+0.009%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.134%	$338K	$26.8M	52x	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	+0.0028%	1h	85,134.6	+0.028%	$24.7M	$222.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,128.6	+0.021%	$186.8M	$954.8M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,083.8	−0.032%	—	$17.3M	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,149.6	+0.046%	$870.1M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,115.3	+0.005%	$148.1M	$504.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,107.5	−0.004%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,106.8	−0.005%	$2.94B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,111.2	0.000%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,108.9	−0.002%	$9.40B	$24.80B	150x	as long as short
Bullet BTC-USD	+0.0091%	1h	85,111.3	+0.001%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,109.7	−0.001%	$170.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,119.9	+0.011%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,121	+0.012%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,148.9	+0.045%	$116.8M	$5.36B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,102	−0.010%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,190.2	+0.093%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,189	+0.092%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,160.3	+0.058%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,101.5	−0.011%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,106.7	−0.005%	$2.58B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,114	+0.004%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,130.3	+0.023%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.086%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,110.9	0.000%	$5.50B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,110.8	long leg	$35.9M	$175.0M	75x
Variational Omni BTC	+0.0100%	8h	85,111.9	+0.001%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	+0.027%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	+0.033%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	+0.017%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	+0.053%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,199.2	+0.104%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,111	0.000%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,116.3	+0.006%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,151.1	+0.047%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,092	−0.022%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.084%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,114	+0.004%	$59.5M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,101.4	−0.011%	$2.25B	$944.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,086.6	−0.028%	$45.2M	$238.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,121.7	+0.013%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,109.7	−0.001%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,118.4	+0.009%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,154	+0.051%	$11.4M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0220%	1h	85,209.3	+0.116%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,228.8	+0.139%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,149.7	+0.046%	$8.7M	$43.1M	25x	as long as short