Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h −0.063%

Price spread now: Backpack against KuCoin0.000%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin WUSDTM	0.01180	0.0100	pay 0.0050% / 4h	1h 13m	$470K	$251K	50x
Short	Backpack W_USDC_PERP	0.01180	0.0382	get 0.0048% / 1h	13m 32s	$44K	$47K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $59.21
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $37.21
Costs to cover: 0.220%
Break-even: 2.6 days

Slippage unknown: KuCoin: live order book, 58 min ago; Backpack: 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, 58 min ago	8.54 bp	104.2 bp −$104	297.2 bp −$2,972	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0682%	1h	0.01179	−0.119%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	−0.0094%	4h	0.01176	−0.305%	$1.3M	$2.0M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.458%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01178	−0.169%	$2.0M	$427K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01177	−0.244%	$2.9M	$6.9M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01176	−0.339%	$4.1M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01177	−0.288%	$444K	$293K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01177	−0.237%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTMlong	+0.0100%	4h	0.01180	long leg	$470K	$251K	50x
Bitget WUSDT	+0.0100%	4h	0.01177	−0.254%	$1.3M	$578K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01177	−0.229%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01175	−0.402%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01177	−0.263%	$129K	$385K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01177	−0.253%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0240%	1h	0.01181	+0.059%	$14K	$17K	50x	as long as short
Backpack W_USDC_PERPshort	+0.0382%	1h	0.01180	0.000%	$44K	$47K	15x
Kraken Futures PF_WUSD	+0.0397%	1h	0.01181	+0.080%	$146K	$182K	20x	as long as short