Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.026%

Price spread now: RISEx against KuCoin−0.099%103s7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.197% of the position

Long on KuCoin Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.053%+$5 on $10k

Price spread, last 7 days+0.119%+$12 · spread now −0.099%, 7d avg +0.010%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.109% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of +0.010%). If the spread goes back, that is −$11 on $10k: about 2.1 days of funding at the current rate (+$5 a day). At the pace of the last 4 days (+0.053% in total) that is about 7.8 days. The two prices were read 103 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	85,861.5	0.0023	pay 0.0023% / 8h	7h 20m	$944.8M	$751.9M	125x
Short	RISEx BTC/USDC	85,776.3	0.0194	get 0.0024% / 1h	20m 48s	$9.0M	$41.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.099%Rate

Funding earned: $35.89
Price spread: −0.099% → +0.010%: −$10.89
Slippage, 4 orders: −$1.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $5.28
Costs to cover: 0.197%
Break-even: 6.0 days

Slippage from KuCoin: live order book, 8 min ago; RISEx: live order book, 3 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, 8 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	8.2 bp −$824	doesn't fit
Sell RISEx live order book, 3 min ago	0.01 bp	4.2 bp −$4	4.2 bp −$42	13.1 bp −$1,312	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
Bluefin BTC-PERP	−0.0738%	1h	85,914.7	+0.062%	$195K	$785K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,771	−0.105%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,866.8	+0.006%	$425.8M	$628.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,824	−0.044%	$307K	$26.5M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,817.5	−0.051%	$354K	$2.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,818	−0.051%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTMlong	+0.0023%	8h	85,861.5	long leg	$944.8M	$751.9M	125x
Aster BTCUSDT	+0.0039%	8h	85,811	−0.059%	$504.8M	$1.05B	200x	as long as short
dYdX BTC-USD	+0.0049%	1h	85,830.4	−0.036%	$16.8M	$20.7M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,895.9	+0.040%	$186.5M	$901.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,520	−0.398%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,775.3	−0.100%	—	$1.53B	—	as long as short
Nado BTC-PERP	+0.0083%	1h	85,810.8	−0.059%	$24.3M	$213.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,871.2	+0.011%	$172.3M	$954.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,868	+0.008%	$23.3M	$136.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,805	−0.066%	$8.7M	$55.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,861.2	0.000%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,786	−0.088%	$266K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,839.3	−0.026%	$5.8M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,800.1	−0.072%	$40.4M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,777.5	−0.098%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,765.5	−0.112%	$5.09B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,768.4	−0.108%	$2.61B	$11.06B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,793	−0.080%	$3.9M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,834.2	−0.032%	$4.7M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.650%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,795.9	−0.076%	$5.51B	$10.01B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,795.4	−0.077%	$5.07B	$5.80B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,781.9	−0.093%	$2.99B	$4.73B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,859.7	−0.002%	$37.8M	$189.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.8	−0.051%	$156.4M	$529.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,616.9	−0.285%	$286.2M	$966.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,675.9	−0.216%	$215.1M	$156.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,662.5	−0.232%	$136.9M	$310.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,736.4	−0.146%	$30.2M	$217.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,893.2	+0.037%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,830	−0.037%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,849.2	−0.014%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,873.2	+0.014%	$2.6M	$9.5M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.486%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,867.8	+0.007%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,863	+0.002%	$60.1M	$296.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,861.4	0.000%	$2.27B	$924.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,877.8	+0.019%	$166.1M	$504.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,774.1	−0.102%	$45.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,779	−0.096%	—	$102.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,899.9	+0.045%	$112.5M	$5.36B	50x	as long as short
Reya BTCRUSDPERP	+0.0151%	1h	85,829.5	−0.037%	$6.6M	$135.6M	40x	as long as short
Hyperliquid BTC	+0.0155%	1h	85,862.2	+0.001%	$3.86B	$4.75B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,828	−0.039%	$10.8M	$732.9M	6.4x	as long as short
RISEx BTC/USDCshort	+0.0194%	1h	85,776.3	−0.099%	$9.0M	$41.7M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,863.9	+0.003%	$12.9M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,920.9	+0.069%	$833.1M	$1.64B	50x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,806.4	−0.064%	$701K	$7.5M	30x	as long as short
Aftermath Perps BTCUSD	+0.0355%	1h	85,623.2	−0.278%	$81K	$261K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,815.3	−0.054%	$463K	$17.3M	6.7x	as long as short