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: Backpack against KuCoin+0.004%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

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

Long on KuCoin Short on Backpack

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−0.394%−$39 · spread now +0.004%, 7d avg +0.012%

Together, before fees−0.472%−$47 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 cost −0.078%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,140.6	−0.0054	get 0.0054% / 8h	2h 29m	$921.3M	$763.4M	125x
Short	Backpack BTC_USDC_PERP	85,144.1	0.0100	get 0.0013% / 1h	29m 11s	$35.9M	$174.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.004%Rate

Funding earned: $32.34
Price spread: +0.004% → +0.012%: −$0.77
Slippage, 4 orders: −$1.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.51
Costs to cover: 0.231%
Break-even: 5.2 days

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 5 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, 5 min ago	0.01 bp	7.0 bp −$7	7.7 bp −$77	8.9 bp −$891	doesn't fit
Sell Backpack live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	15.3 bp −$7,633

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	85,184.9	+0.052%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.074%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,194	+0.063%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMlong	−0.0054%	8h	85,140.6	long leg	$921.3M	$763.4M	125x
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.057%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,224.1	+0.098%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,150.6	+0.012%	$511.9M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	+0.042%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,198.4	+0.068%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.099%	$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	+0.0025%	1h	85,187.4	+0.055%	$24.7M	$222.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,168.3	+0.033%	$187.0M	$955.3M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,138.1	−0.003%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,156	+0.018%	$148.4M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,171.6	+0.036%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,148.6	+0.009%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,155.2	+0.017%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,165.5	+0.029%	$9.41B	$24.82B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,207.2	+0.078%	$870.9M	$1.61B	50x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,185	+0.052%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,162.9	+0.026%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,169.7	+0.034%	$23.7M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,217	+0.090%	$8.4M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,187.9	+0.056%	$116.8M	$5.35B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,197	+0.066%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,247.1	+0.125%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,277	+0.160%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,199.3	+0.069%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,152.3	+0.014%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,154.8	+0.017%	$2.58B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,204	+0.074%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,210.6	+0.082%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.051%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,188.7	+0.056%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,144.1	+0.004%	$35.9M	$174.8M	75x
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.034%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.008%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.002%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.018%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	+0.018%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.4	+0.143%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	+0.059%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,178.4	+0.044%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,215.9	+0.088%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,155.7	+0.018%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.049%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,157	+0.019%	$59.6M	$335.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,187.2	+0.055%	$2.25B	$946.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,148.7	+0.009%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,202.2	+0.072%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,192.4	+0.061%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,189.4	+0.057%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,207	+0.078%	$11.3M	$744.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0209%	1h	85,232.8	+0.108%	$79K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,202.4	+0.073%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,233.7	+0.109%	$8.6M	$43.1M	25x	as long as short