Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.015%

Price spread now: KuCoin against dYdX−0.002%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 7 days−0.018%−$2 · spread now −0.002%, 7d avg +0.003%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.076%, 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	dYdX BTC-USD	85,517.7	0.0001	pay 0.0000% / 1h	17m 10s	$16.8M	$21.2M	50x
Short	KuCoin XBTUSDTM	85,516.2	−0.0039	pay 0.0039% / 8h	1h 17m	$929.7M	$775.3M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against dYdX. 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 dYdXbpFee KuCoinbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$8.41
Price spread: −0.002% → +0.003%: −$0.45
Slippage, 4 orders: −$4.56
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$35.41
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from dYdX: live order book, 7 min ago; KuCoin: live order book, 2 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 dYdX live order book, 7 min ago	0.06 bp	7.9 bp −$8	10.5 bp −$105	14.2 bp −$1,422	20.9 bp −$10.5K
Sell KuCoin live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.8 bp −$777	doesn't fit

BTC on 55 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	−0.0082%	1h	85,513	−0.005%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	−0.008%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0039%	8h	85,516.2	−0.002%	$929.7M	$775.3M	125x
BloFin BTC-USDT	−0.0022%	8h	85,517.2	−0.001%	$420.1M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,510.5	−0.008%	$513.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,533.4	+0.018%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,539.1	+0.025%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USDlong	+0.0001%	1h	85,517.7	long leg	$16.8M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,530.2	+0.015%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0041%	1h	85,515.4	−0.003%	$24.3M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex BTCUSDT	+0.0048%	1h	85,528	+0.012%	$8.4M	$56.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0049%	1h	85,551.3	+0.039%	$861.5M	$1.63B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.316%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,513.9	−0.004%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,531.3	+0.016%	$186.2M	$960.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,518.3	+0.001%	$2.97B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,532.6	+0.017%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,533.2	+0.018%	$23.6M	$148.4M	50x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,517.1	−0.001%	$5.03B	$5.77B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.5	−0.005%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,517	−0.001%	$9.43B	$24.99B	150x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,509	−0.010%	$5.15B	$10.00B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,502	−0.018%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,570.9	+0.062%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,600	+0.096%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,553.1	+0.041%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,518.1	+0.001%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,527	+0.011%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,514.7	−0.003%	$5.1M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.021%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.2	+0.002%	$5.57B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,508.4	−0.011%	$37.3M	$179.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.063%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,506.8	−0.013%	$280.1M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,525	+0.009%	$214.7M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.022%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,523	+0.006%	$30.1M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,588.4	+0.083%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,523	+0.006%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,523.1	+0.006%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,519.4	+0.002%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,561.9	+0.052%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,517	−0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,517	−0.001%	$59.9M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,514.7	−0.003%	$2.26B	$966.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,524.3	+0.008%	$154.5M	$512.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,493.3	−0.028%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,529	+0.013%	—	$104.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,550.6	+0.039%	$114.5M	$5.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,513	−0.005%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,540	+0.026%	$12.0M	$742.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,546.2	+0.033%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,529.2	+0.013%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,537.7	+0.023%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,501.9	−0.018%	$79K	$230K	20x	as long as short