Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h +0.052%

Price spread now: Hibachi against KuCoin−0.027%7-day average +0.040% · 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−$31as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on KuCoin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.386%+$39 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.027%, 7d avg +0.040%

Together, before fees+0.460%+ Points / potential airdropHibachi: Active · farm board+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.067% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.040%). If the spread goes back, that is −$7 on $10k: about 42 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,420.3	0.0033	pay 0.0033% / 8h	7h 45m	$830.4M	$723.9M	125x
Short	Hibachi BTC/USDT-P	86,397.1	0.0160	get 0.0020% / 1h	45m 26s	$711K	$8.0M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.027%Rate

Funding earned: $26.67
Price spread: −0.027% → +0.040%: −$6.66
Slippage, 4 orders: −$3.01
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$4
Costs to cover: 0.240%
Break-even: 8.0 days

Slippage from KuCoin: live order book, 4 min ago; Hibachi: 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	7.1 bp −$7	8.2 bp −$82	10.0 bp −$1,002	doesn't fit
Sell Hibachi live order book, 4 min ago	0.01 bp	6.4 bp −$6	7.6 bp −$76	68.1 bp −$6,813	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
Phoenix BTC	−0.0129%	1h	86,400	−0.023%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,396	−0.028%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,413.4	−0.008%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,394.6	−0.030%	$479K	$22.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	+0.0001%	1h	86,406.1	−0.016%	$902.4M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,382	−0.044%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0018%	1h	86,389.5	−0.036%	$16.9M	$20.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	86,416.9	−0.004%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.226%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTMlong	+0.0033%	8h	86,420.3	long leg	$830.4M	$723.9M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0042%	1h	86,414.3	−0.007%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0048%	8h	86,405.5	−0.017%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,425.7	+0.006%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0061%	8h	86,415.3	−0.006%	$2.97B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0063%	8h	86,377.9	−0.049%	$153.6M	$478.4M	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,415.9	−0.005%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,418.7	−0.002%	$9.41B	$24.45B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,389.1	−0.036%	$2.5M	$1.6M	20x	as long as short
GRVT BTC_USDT_Perp	+0.0083%	8h	86,328.3	−0.106%	$216.6M	$167.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,418.3	−0.002%	$170.2M	$982.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,423.4	+0.004%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,419	−0.002%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,388	−0.037%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,466.1	+0.053%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,403.4	−0.020%	$22.0M	$230.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,477	+0.066%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,440.1	+0.023%	$40.8M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,420	0.000%	$5.26B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,429.9	+0.011%	$2.57B	$12.60B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,424	+0.004%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,437.2	+0.020%	$7.3M	$95.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,421.3	+0.001%	$5.82B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,369.3	−0.059%	$37.3M	$155.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,385.8	−0.040%	$158.2M	$567.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,296.2	−0.144%	$278.7M	$950.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,371.6	−0.056%	$141.4M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,386.3	−0.039%	$30.7M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,451.8	+0.036%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,413	−0.008%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,361.4	−0.068%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,374.3	−0.053%	$2.5M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,402.1	−0.021%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.7	−0.026%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.6	−0.029%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,370	−0.058%	$60.5M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,361.8	−0.068%	$2.29B	$964.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.097%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,402.5	−0.021%	$45.9M	$223.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,420.5	0.000%	—	$99.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,415	−0.006%	$132.3M	$5.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,403.9	−0.019%	$192.0M	$947.6M	100x	as long as short
Hibachi BTC/USDT-Pshort	+0.0160%	1h	86,397.1	−0.027%	$711K	$8.0M	30x
Aftermath Perps BTCUSD	+0.0163%	1h	86,396.9	−0.027%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,386.5	−0.039%	$415.1M	$652.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0216%	1h	86,377.7	−0.049%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,416	−0.005%	$9.7M	$761.4M	6.4x	as long as short