Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h +0.004%

Price spread now: SoDEX against KuCoin−0.025%7-day average −0.001% · 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−$23as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on KuCoin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.025%, 7d avg −0.001%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.024% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of −0.001%). If the spread goes back, that is −$2 on $10k: about 16 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.030% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,235.6	−0.0023	get 0.0023% / 8h	34m 13s	$928.3M	$776.8M	125x
Short	SoDEX BTC-USD	85,214	0.0100	get 0.0013% / 1h	34m 13s	$59.6M	$336.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $25.83
Price spread: −0.025% → −0.001%: −$2.45
Slippage, 4 orders: −$0.13
Fee KuCoin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $3.25
Costs to cover: 0.201%
Break-even: 6.1 days

Slippage from KuCoin: live order book, 5 min ago; SoDEX: live order book, 5 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, 5 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.1 bp −$705	10.0 bp −$5,024
Sell SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.2 bp −$524	46.1 bp −$23.0K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,199	−0.043%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,354	+0.139%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTMlong	−0.0023%	8h	85,235.6	long leg	$928.3M	$776.8M	125x
BloFin BTC-USDT	−0.0023%	8h	85,197.3	−0.045%	$420.3M	$682.3M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,206.6	−0.034%	$509.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,247.8	+0.014%	$343K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	−0.012%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,240.9	+0.006%	$36.5M	—	200x	as long as short
ApeX Omni BTCUSDT	+0.0020%	1h	85,214.8	−0.024%	$139.7M	$312.6M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,229.8	−0.007%	$186.4M	$955.3M	100x	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	+0.0065%	8h	85,216.3	−0.023%	—	$17.4M	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,210	−0.030%	$338K	$24.7M	52x	as long as short
Bybit BTCUSDT	+0.0079%	8h	85,194.4	−0.048%	$5.12B	$10.00B	150x	as long as short
Nado BTC-PERP	+0.0085%	1h	85,213.4	−0.026%	$24.0M	$220.8M	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,221.6	−0.016%	$2.97B	$5.19B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,226.7	−0.010%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,220.9	−0.017%	$23.6M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,241	+0.006%	$8.4M	$57.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,222.1	−0.016%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,212.9	−0.027%	$9.38B	$25.11B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,201.9	−0.039%	$5.04B	$5.74B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,223	−0.015%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,240.8	+0.006%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,321	+0.100%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,226.1	−0.011%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,200.2	−0.041%	$2.60B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,228	−0.009%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,250.8	+0.018%	$4.6M	$97.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,238.1	+0.003%	$5.49B	$11.07B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,201.6	−0.040%	$37.3M	$186.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,196.3	−0.046%	$155.5M	$553.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,229.3	−0.007%	$282.6M	$957.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,333.8	+0.115%	$214.3M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,192.3	−0.051%	$30.0M	$210.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,296.2	+0.071%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,237	+0.002%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,232.7	−0.003%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,222	−0.016%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,262.1	+0.031%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,169.5	−0.078%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,214.2	−0.025%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USDshort	+0.0100%	1h	85,214	−0.025%	$59.6M	$336.6M	40x
HTX BTC-USDT	+0.0100%	8h	85,216.2	−0.023%	$2.25B	$971.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,231.8	−0.004%	$158.9M	$515.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.075%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,196.9	−0.045%	$45.5M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,250.9	+0.018%	—	$106.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,253.1	+0.021%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	85,258.7	+0.027%	$840.8M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0139%	1h	85,219.4	−0.019%	$6.6M	$145.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,238	+0.003%	$12.0M	$737.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,262.7	+0.032%	$8.7M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,215.7	−0.023%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,246.5	+0.013%	$682K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0296%	1h	85,298.4	+0.074%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,242.6	+0.008%	$458K	$18.4M	6.7x	as long as short