Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h +0.018%

Price spread now: Kraken Futures against KuCoin+0.024%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.024%, 7d avg +0.020%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,991.6	0.0053	pay 0.0053% / 8h	4h 43m	$943.4M	$635.2M	125x
Short	Kraken Futures PF_XBTUSD	86,012.1	0.0019	get 0.0002% / 1h	43m 15s	$193.1M	$738.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$7.14
Price spread: +0.024% → +0.020%: $0.43
Slippage, 4 orders: −$1.2
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$29.92
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Kraken Futures: 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	6.5 bp −$7	6.7 bp −$67	7.6 bp −$758	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.1 bp −$5	6.3 bp −$63	7.2 bp −$723	8.9 bp −$4,461

BTC on 56 exchanges

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	−0.0150%	1h	85,888	−0.120%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,970.7	−0.024%	$473K	$13.4M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,930	−0.072%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,960.8	−0.036%	$369K	$1.8M	50x	as long as short
BloFin BTC-USDT	−0.0046%	8h	85,959.5	−0.037%	$423.4M	$550.4M	150x	as long as short
SoDEX BTC-USD	−0.0007%	1h	85,988	−0.004%	$65.9M	$186.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	85,977.8	−0.016%	$16.9M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,976	−0.018%	$321K	$29.3M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,984.3	−0.008%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,978.6	−0.015%	$511.8M	$830.7M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSDshort	+0.0019%	1h	86,012.1	+0.024%	$193.1M	$738.4M	100x
Popdex BTCUSDT	+0.0024%	1h	85,962	−0.034%	$8.6M	$45.6M	100x	as long as short
BingX BTC-USDC	+0.0048%	8h	85,964.6	−0.031%	—	$16.1M	—	as long as short
KuCoin XBTUSDTMlong	+0.0053%	8h	85,991.6	long leg	$943.4M	$635.2M	125x
Phemex BTCUSDT	+0.0053%	8h	85,988.3	−0.004%	$171.4M	$474.8M	150x	as long as short
Bybit BTCUSDT	+0.0062%	8h	86,000	+0.010%	$5.15B	$7.97B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	85,961.6	−0.035%	$2.4M	$6.8M	20x	as long as short
MEXC BTC_USDT	+0.0073%	8h	85,986.1	−0.006%	$5.17B	$4.71B	500x	as long as short
Binance BTCUSDT	+0.0073%	8h	85,988.3	−0.004%	$9.42B	$20.00B	150x	as long as short
Gate BTC_USDT	+0.0076%	8h	85,976.7	−0.017%	$5.52B	$8.78B	200x	as long as short
HTX BTC-USDT	+0.0081%	8h	85,974.1	−0.020%	$2.27B	$758.4M	200x	as long as short
Bitget BTCUSDT	+0.0086%	8h	86,005	+0.016%	$3.00B	$3.83B	150x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,937.2	−0.063%	$137.8M	$287.4M	100x	as long as short
Bullet BTC-USD	+0.0093%	1h	85,979	−0.015%	$218K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0094%	1h	85,965.9	−0.030%	$23.5M	$189.5M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,008.9	+0.020%	$173.6M	$837.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,007.4	+0.018%	$23.8M	$117.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,937	−0.063%	$230K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,999.6	+0.009%	$5.9M	$7.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,007	+0.018%	$40.1M	$569.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,007.3	+0.018%	$2.63B	$9.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,963	−0.033%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,968.5	−0.027%	$4.8M	$91.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,916.2	−0.088%	$715.0M	$81.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,932.9	−0.068%	$38.1M	$195.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.7	−0.202%	$156.6M	$473.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,866.8	−0.145%	$289.6M	$736.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,928.8	−0.073%	$215.9M	$134.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,911.4	−0.093%	$30.2M	$227.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,051	+0.069%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,964	−0.032%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,982.8	−0.010%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,016.2	+0.029%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,037.5	+0.053%	$29.1M	$44.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,964.1	−0.032%	$3.3M	$6.8M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,961.1	−0.035%	$47.3M	$187.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,985.8	−0.007%	—	$77.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,029.9	+0.045%	$112.2M	$4.96B	50x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	85,992	0.000%	$13.4M	$738.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	85,997.7	+0.007%	$9.1M	$35.4M	25x	as long as short
Reya BTCRUSDPERP	+0.0173%	1h	85,958.7	−0.038%	$6.6M	$124.5M	40x	as long as short
Hyperliquid BTC	+0.0204%	1h	86,071.5	+0.093%	$3.96B	$4.17B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0212% / S −0.0259%	1h	85,983.6	−0.009%	$15.8M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0288%	1h	85,980.2	−0.013%	$699K	$6.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0299%	1h	85,921.9	−0.081%	$79K	$228K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0348%	1h	86,050.4	+0.068%	$818.4M	$1.48B	50x	as long as short