Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.037%

Price spread now: Hotstuff against KuCoin+0.059%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.059% dearer against KuCoin than usual: you sell high and buy low (spread +0.059% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,690.3	0.0009	pay 0.0009% / 8h	5h 28m	$918.3M	$753.9M	125x
Short	Hotstuff BTC-PERP	85,741	−0.0080	pay 0.0010% / 1h	28m 50s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$18.69
Price spread: +0.059% → 0.000%: $5.92
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$29.77
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 10 min ago; Hotstuff: no order-book sample. Net counts fees only.

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, 10 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.8 bp −$785	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bluefin BTC-PERP	−0.0617%	1h	84,893.2	−0.930%	$194K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	+0.118%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,741	+0.059%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0048%	1h	85,725.2	+0.041%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,703.2	+0.015%	$416.3M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,739.4	+0.057%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,752.6	+0.073%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0009%	8h	85,690.3	long leg	$918.3M	$753.9M	125x
Nado BTC-PERP	+0.0010%	1h	85,724.9	+0.040%	$22.8M	$220.8M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,691	+0.001%	$516.3M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,685.5	−0.006%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,683.8	−0.008%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0069%	1h	85,736	+0.053%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,691.3	+0.001%	$2.27B	$936.7M	200x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,690.4	0.000%	$148.1M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.131%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0079%	1h	85,743.1	+0.062%	$892.3M	$1.53B	50x	as long as short
SunX BTC-USDT	+0.0086%	8h	85,743	+0.062%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,678.3	−0.014%	$5.05B	$5.62B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,705.9	+0.018%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,676.2	−0.016%	$9.35B	$23.94B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,709.6	+0.023%	$170.3M	$991.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,714.9	+0.029%	$23.9M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,725	+0.040%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,769.2	+0.092%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,697	+0.008%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,776	+0.100%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,756.7	+0.077%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,689.9	0.000%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,684.5	−0.007%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,729	+0.045%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,690.6	0.000%	$7.1M	$97.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,691.9	+0.002%	$5.56B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,685.7	−0.005%	$35.1M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	+0.090%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,658.9	−0.037%	$279.6M	$930.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,774.1	+0.098%	$215.4M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,800	+0.128%	$140.4M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,761	+0.083%	$30.3M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,794.8	+0.122%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,741	+0.059%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,748	+0.067%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,731.1	+0.048%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,713.3	+0.027%	$30.0M	$50.9M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,710	+0.023%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.089%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,659.5	−0.036%	$44.1M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,727.1	+0.043%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,749.6	+0.069%	$130.4M	$5.12B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,749.4	+0.069%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,722.1	+0.037%	$189.0M	$952.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,706	+0.018%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,751.8	+0.072%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,780.9	+0.106%	$701K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,753	+0.073%	$10.4M	$760.9M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,746.6	+0.066%	$516K	$19.3M	6.7x	as long as short