Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.012%

Price spread now: KuCoin against Backpack−0.005%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 7 days+0.481%+$48 · spread now −0.005%, 7d avg +0.004%

Together, before fees+0.560%+$56 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,778.2	0.0100	pay 0.0013% / 1h	47m 03s	$35.1M	$163.7M	75x
Short	KuCoin XBTUSDTM	85,773.6	0.0041	get 0.0041% / 8h	6h 47m	$894.2M	$757.2M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$12.39
Price spread: −0.005% → +0.004%: −$0.9
Slippage, 4 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$35.32
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; KuCoin: live order book, 7 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 Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$576	36.4 bp −$18.2K
Sell KuCoin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$602	7.9 bp −$3,944

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	−0.0144%	1h	85,788	+0.011%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,824	+0.053%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.087%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,804.1	+0.030%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	+0.042%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,819.5	+0.048%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796.4	+0.021%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.037%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,800.3	+0.026%	$497.6M	$1.13B	200x	as long as short
KuCoin XBTUSDTMshort	+0.0041%	8h	85,773.6	−0.005%	$894.2M	$757.2M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,820.2	+0.049%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,782.2	+0.005%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,786.9	+0.010%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,784.3	+0.007%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0075%	1h	85,863.8	+0.100%	$140.4M	$320.9M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,780.6	+0.003%	$2.5M	$1.8M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,784	+0.007%	$2.27B	$968.8M	200x	as long as short
Nado BTC-PERP	+0.0082%	1h	85,804.1	+0.030%	$22.4M	$228.8M	50x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,784.6	+0.007%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,791	+0.015%	$9.34B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0088%	8h	85,789.2	+0.013%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,798.8	+0.024%	$170.6M	$977.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,799.1	+0.024%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,810	+0.037%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,781	+0.003%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,840.7	+0.073%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.086%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,813.8	+0.041%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,796.9	+0.022%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,795.3	+0.020%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,789	+0.013%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,792.2	+0.016%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,778.2	long leg	$35.1M	$163.7M	75x
Variational Omni BTC	+0.0100%	8h	85,782.9	+0.005%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,838.8	+0.071%	$278.1M	$943.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.092%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.089%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.4	+0.091%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,797	+0.022%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792	+0.016%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779.2	+0.001%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,840.8	+0.073%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,787.8	+0.011%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,776.6	−0.002%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,782	+0.004%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,782.4	+0.005%	$154.0M	$477.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.031%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,753	−0.029%	$44.8M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,817.8	+0.046%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,824.5	+0.054%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.112%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,812.5	+0.040%	$189.1M	$970.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,830.6	+0.061%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	85,829	+0.059%	$895.4M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,796.2	+0.021%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,822	+0.051%	$9.9M	$769.1M	6.4x	as long as short