Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0131%/8h= +14.3% APRpaid last 24h +0.015%

Price spread now: Extended against KuCoin−0.011%7-day average −0.035% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 7 days−0.009%−$1 · spread now −0.011%, 7d avg −0.035%

Together, before fees+0.093%+ Points / potential airdropExtended: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Extended is 0.024% dearer against KuCoin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,431	−0.0027	get 0.0027% / 8h	4h 14m	$919.0M	$752.1M	125x
Short	Extended BTC-USD	85,421.4	0.0104	get 0.0013% / 1h	14m 04s	$44.6M	$231.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.011%Rate

Funding earned: $27.51
Price spread: −0.011% → −0.035%: $2.42
Slippage, 4 orders: −$0.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $12.56
Costs to cover: 0.174%
Break-even: 3.8 days

Slippage from KuCoin: live order book, 5 min ago; Extended: 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	6.0 bp −$6	6.1 bp −$61	7.8 bp −$782	11.1 bp −$5,560
Sell Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	3.0 bp −$302	9.4 bp −$4,693

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
Phoenix BTC	−0.0179%	1h	85,466	+0.041%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	+0.055%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,443.6	+0.015%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTMlong	−0.0027%	8h	85,431	long leg	$919.0M	$752.1M	125x
BloFin BTC-USDT	−0.0021%	8h	85,452.4	+0.025%	$417.8M	$668.4M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,447.1	+0.019%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,434.9	+0.005%	$515.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,459.5	+0.033%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,450.1	+0.022%	$25.3M	$221.8M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,433.4	+0.003%	$4.6M	$97.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,454.5	+0.028%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,451.6	+0.024%	$147.7M	$488.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,446	+0.018%	$2.94B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,429.5	−0.002%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,463.7	+0.038%	$172.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,468.5	+0.044%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,446	+0.018%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,445.6	+0.017%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,448.6	+0.021%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,449.1	+0.021%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,422	−0.010%	$209K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,519.4	+0.104%	$5.0M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,529	+0.115%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,479.7	+0.057%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,444.8	+0.016%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,454.7	+0.028%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,426	−0.006%	$3.9M	$18.3M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,445.9	+0.017%	$666.8M	$675.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,457.3	+0.031%	$5.51B	$10.75B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,438.9	+0.009%	$35.6M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.012%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,426.8	−0.005%	$279.1M	$922.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,459.5	+0.033%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,462.5	+0.037%	$139.7M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,439	+0.009%	$30.2M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,500.4	+0.081%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,439	+0.009%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,436.6	+0.007%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,443.4	+0.015%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,485.7	+0.064%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,436.2	+0.006%	$29.9M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,427.7	−0.004%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,455	+0.028%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,439.4	+0.010%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,421.4	−0.011%	$44.6M	$231.0M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,449.2	+0.021%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,490	+0.069%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0129%	1h	85,495.3	+0.075%	$891.4M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,444	+0.015%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,475.4	+0.052%	$187.3M	$955.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,444	+0.015%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,466.1	+0.041%	$8.2M	$42.5M	25x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,472	+0.048%	$10.3M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,470.7	+0.047%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,501.7	+0.083%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,466.4	+0.041%	$495K	$18.8M	6.7x	as long as short