Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h 0.000%

Price spread now: Reya against KuCoin+0.052%64s7-day average −0.035% · you sell dearer than you buy

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

Long on KuCoin Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.043%+$4 on $10k

Price spread, last 7 days−0.076%−$8 · spread now +0.052%, 7d avg −0.035%

Together, before fees−0.033%+ Points / potential airdropReya: Active · farm board−$3 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 Reya is 0.087% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.035%. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	86,007.1	0.0036	pay 0.0036% / 8h	6h 56m	$936.2M	$665.5M	125x
Short	Reya BTCRUSDPERP	86,052.2	0.0155	get 0.0019% / 1h	56m 27s	$6.6M	$131.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.052%Rate

Funding earned: $24.89
Price spread: +0.052% → −0.035%: $8.74
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $15.63
Costs to cover: 0.180%
Break-even: 2.6 days

Slippage unknown: KuCoin: live order book, 3 min ago; Reya: 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, 3 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.6 bp −$864	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 55 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
Hotstuff BTC-PERP	−0.0080%	1h	86,076	+0.080%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	85,924	−0.097%	$300K	$25.2M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	86,010.8	+0.004%	$359K	$2.1M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,084.1	+0.090%	$422.1M	$623.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,054.1	+0.055%	$16.9M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	+0.233%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0036%	8h	86,007.1	long leg	$936.2M	$665.5M	125x
Bybit BTCUSDT	+0.0038%	8h	85,985.3	−0.025%	$5.10B	$9.04B	150x	as long as short
Aster BTCUSDT	+0.0046%	8h	86,010	+0.003%	$503.5M	$968.4M	200x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,988.7	−0.021%	—	$1.46B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	86,147	+0.163%	$2.2M	$8.5M	40x	as long as short
Phemex BTCUSDT	+0.0085%	8h	86,088.3	+0.094%	$167.6M	$495.5M	150x	as long as short
SoDEX BTC-USD	+0.0088%	1h	86,086	+0.092%	$60.2M	$257.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,039.7	+0.038%	$172.5M	$867.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,051.1	+0.051%	$23.5M	$121.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,009	+0.002%	$8.5M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,074.1	+0.078%	$2.4M	$6.7M	20x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,075.7	+0.080%	$6.0M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,988	−0.022%	$229K	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,007.8	+0.001%	$21.5M	$211.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,088	+0.094%	$3.86B	$4.76B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,062	+0.064%	$40.6M	$587.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,000.4	−0.008%	$9.47B	$23.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,977.3	−0.035%	$2.61B	$10.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,028	+0.024%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,051.9	+0.052%	$4.7M	$93.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,005.8	−0.001%	$5.47B	$9.04B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,005.6	−0.002%	$5.12B	$5.27B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,999.8	−0.008%	$2.98B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,068.6	+0.072%	$36.9M	$189.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	+0.135%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,149.5	+0.166%	$290.2M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,189.5	+0.212%	$216.5M	$141.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,191.9	+0.215%	$137.2M	$302.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,058.3	+0.059%	$30.3M	$213.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,098.4	+0.106%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,020	+0.015%	$11.0M	$13.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,001	−0.007%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,989.1	−0.021%	$2.6M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,125.9	+0.138%	$195K	$646K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,092.5	+0.099%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,070.2	+0.073%	$2.27B	$910.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,993	−0.016%	$711.2M	$175.6M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,110.8	+0.121%	$188.7M	$865.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,980.8	−0.031%	$46.5M	$219.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,104.5	+0.113%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,134.9	+0.149%	$112.6M	$5.23B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0155%	1h	86,052.2	+0.052%	$6.6M	$131.8M	40x
Kalshi KXBTCPERP	+0.0184%	8h	86,050	+0.050%	$10.6M	$728.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	86,019.5	+0.014%	$13.2M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,037.6	+0.036%	$8.9M	$40.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,110.1	+0.120%	$694K	$7.4M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0326%	1h	86,154.4	+0.171%	$836.7M	$1.62B	50x	as long as short
Aftermath Perps BTCUSD	+0.0417%	1h	86,136.8	+0.151%	$80K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,021.5	+0.017%	$489K	$16.4M	6.7x	as long as short