Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0214%/8h= −23.5% APRpaid last 24h −0.010%

Price spread now: KuCoin against RISEx−0.056%7-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−$23as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on RISEx Short on KuCoin

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+0.027%+$3 · spread now −0.056%, 7d avg −0.010%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and KuCoin is 0.047% cheaper against RISEx than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.043% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,515.2	0.0174	pay 0.0022% / 1h	41m 18s	$8.7M	$42.9M	25x
Short	KuCoin XBTUSDTM	85,467	−0.0040	pay 0.0040% / 8h	3h 41m	$916.0M	$756.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against RISEx. 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 RISExbpFee KuCoinbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$45.04
Price spread: −0.056% → −0.010%: −$4.68
Slippage, 4 orders: −$0.55
Fee RISEx: 3 bp × 2 orders: −$6
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$68.26
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; KuCoin: 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 RISEx live order book, 3 min ago	0.01 bp	3.5 bp −$4	4.5 bp −$45	10.8 bp −$1,079	doesn't fit
Sell KuCoin live order book, 3 min ago	0.01 bp	6.0 bp −$6	7.5 bp −$75	9.6 bp −$958	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
Phoenix BTC	−0.0140%	1h	85,597	+0.096%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	−0.005%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0040%	8h	85,467	−0.056%	$916.0M	$756.4M	125x
BloFin BTC-USDT	−0.0020%	8h	85,500.1	−0.018%	$417.7M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,490.3	−0.029%	$365K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,530.9	+0.018%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,509	−0.007%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,489.9	−0.030%	$24.7M	$222.5M	50x	as long as short
Aster BTCUSDT	+0.0007%	8h	85,484.5	−0.036%	$514.8M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.204%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,498.2	−0.020%	—	$1.54B	—	as long as short
SoDEX BTC-USD	+0.0072%	1h	85,497	−0.021%	$59.9M	$336.1M	40x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,504.5	−0.012%	$148.1M	$492.1M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,495.4	−0.023%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,546.6	+0.037%	$884.5M	$1.59B	50x	as long as short
Reya BTCRUSDPERP	+0.0095%	1h	85,501.1	−0.016%	$6.6M	$147.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,514	−0.001%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,512.4	−0.003%	$24.0M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,478	−0.043%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,484.6	−0.036%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,461	−0.063%	$202K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,554.7	+0.046%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,565	+0.058%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,526.2	+0.013%	$40.6M	$584.8M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,500	−0.018%	$9.41B	$24.32B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,495.4	−0.023%	$5.18B	$9.85B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,498.9	−0.019%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,479	−0.042%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,460.1	−0.064%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,499.4	−0.018%	$5.54B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,500.9	−0.017%	$5.06B	$5.65B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,484.9	−0.035%	$36.0M	$177.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,612.6	+0.114%	$153.5M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,566.1	+0.059%	$279.5M	$925.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,598.4	+0.097%	$215.0M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,582.6	+0.079%	$139.9M	$315.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,625.6	+0.129%	$30.3M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,554.6	+0.046%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,490	−0.029%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,501.9	−0.016%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,496.2	−0.022%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,544.2	+0.034%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,486.1	−0.034%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,471.5	−0.051%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,488.2	−0.032%	$2.26B	$946.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,580.4	+0.076%	$679.0M	$730.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,470.4	−0.052%	$44.7M	$232.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,509.9	−0.006%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,534.2	+0.022%	$117.1M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,521.6	+0.007%	$187.7M	$955.4M	100x	as long as short
RISEx BTC/USDClong	+0.0174%	1h	85,515.2	long leg	$8.7M	$42.9M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,510	−0.006%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,526	+0.013%	$12.0M	$755.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0239%	1h	85,595.7	+0.094%	$79K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,538.7	+0.028%	$698K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,500.7	−0.017%	$504K	$18.8M	6.7x	as long as short