Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h −0.015%

Price spread now: dYdX against KuCoin+0.005%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days+0.023%+$2 · spread now +0.005%, 7d avg −0.003%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.076%, 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	85,172	−0.0054	get 0.0054% / 8h	2h 25m	$921.5M	$763.8M	125x
Short	dYdX BTC-USD	85,176	0.0001	get 0.0000% / 1h	25m 08s	$16.7M	$21.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.005%Rate

Funding earned: $11.51
Price spread: +0.005% → −0.003%: $0.74
Slippage, 4 orders: −$3.58
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$13.33
Costs to cover: 0.256%
Break-even: 15.1 days

Slippage from KuCoin: live order book, 4 min ago; dYdX: live order book, 4 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, 4 min ago	0.01 bp	6.1 bp −$6	6.9 bp −$69	8.0 bp −$795	doesn't fit
Sell dYdX live order book, 4 min ago	0.35 bp	6.6 bp −$7	11.0 bp −$110	16.5 bp −$1,649	18.7 bp −$9,333

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	85,189.1	+0.020%	$524K	$18.5M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.045%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,103	−0.081%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMlong	−0.0054%	8h	85,172	long leg	$921.5M	$763.8M	125x
BloFin BTC-USDT	−0.0036%	8h	85,188.1	+0.019%	$419.5M	$679.4M	150x	as long as short
Aster BTCUSDT	−0.0017%	8h	85,147.2	−0.029%	$511.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,204.2	+0.038%	$374K	$2.3M	50x	as long as short
dYdX BTC-USDshort	+0.0001%	1h	85,176	+0.005%	$16.7M	$21.6M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,193.8	+0.026%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.062%	$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	+0.0032%	1h	85,126.5	−0.053%	$24.7M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,188.2	+0.019%	$186.9M	$953.8M	100x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,149.8	−0.026%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,168.6	−0.004%	$147.7M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,173.8	+0.002%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0082%	1h	85,211.3	+0.046%	$868.3M	$1.61B	50x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,161.7	−0.012%	$5.05B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,150.2	−0.026%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,160.7	−0.013%	$9.41B	$24.80B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,186.2	+0.017%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,189.8	+0.021%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,191	+0.022%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,206	+0.040%	$117.0M	$5.37B	50x	as long as short
Bullet BTC-USD	+0.0099%	1h	85,188.2	+0.019%	$205K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,160	−0.014%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,241.9	+0.082%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,233	+0.072%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,184.3	+0.014%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,148.2	−0.028%	$5.14B	$9.96B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,144.4	−0.032%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,181	+0.011%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,195.1	+0.027%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.014%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,157.5	−0.017%	$5.49B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,142.2	−0.035%	$36.3M	$175.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.106%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,094.5	−0.091%	$278.9M	$945.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,198.3	+0.031%	$214.1M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,090.5	−0.096%	$139.1M	$315.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,120	−0.061%	$30.0M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,233.3	+0.072%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,180	+0.009%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,185.6	+0.016%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,220	+0.056%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,161.3	−0.013%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,164.1	−0.009%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,176	+0.005%	$59.6M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,164.6	−0.009%	$2.25B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,156.4	−0.018%	$45.2M	$238.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,189.2	+0.020%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0115%	1h	85,176.4	+0.005%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,190.4	+0.022%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,165	−0.008%	$11.4M	$743.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0221%	1h	85,186.1	+0.017%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,129.5	−0.050%	$716K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,211.9	+0.047%	$8.7M	$43.2M	25x	as long as short