Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.052%

Price spread now: KuCoin against Hibachi−0.180%47s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.215% of the position

Long on Hibachi Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.386%−$39 on $10k

Price spread, last 7 days+0.133%+$13 · spread now −0.180%, 7d avg −0.040%

Together, before fees−0.252%+ Points / potential airdropHibachi: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.141% cheaper against Hibachi than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.040%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,481.3	0.0168	pay 0.0021% / 1h	22m 33s	$711K	$7.9M	30x
Short	KuCoin XBTUSDTM	86,325.3	0.0041	get 0.0041% / 8h	7h 22m	$831.0M	$717.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hibachi. 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 HibachibpFee KuCoinbpOrdersPrice spread, now −0.180%Rate

Funding earned: −$26.67
Price spread: −0.180% → −0.040%: −$14.07
Slippage, 4 orders: −$0.49
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$62.23
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Hibachi: 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 Hibachi live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	41.3 bp −$4,134	doesn't fit
Sell KuCoin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.7 bp −$770	10.6 bp −$5,293

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
Bluefin BTC-PERP	−0.0206%	1h	86,422.1	−0.068%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,445	−0.042%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	−0.125%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,299.3	−0.210%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,427.8	−0.062%	$481K	$21.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,413.9	−0.078%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.143%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,394.5	−0.100%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,366.4	−0.133%	$500.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTMshort	+0.0041%	8h	86,325.3	−0.180%	$831.0M	$717.8M	125x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0046%	1h	86,385.4	−0.111%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,294.8	−0.216%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,297.7	−0.212%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,301.4	−0.208%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	86,435.5	−0.053%	$902.3M	$1.51B	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,382.5	−0.114%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,367.4	−0.132%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,293.7	−0.217%	$9.40B	$24.26B	150x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,395	−0.100%	$60.4M	$338.2M	40x	as long as short
Phemex BTCUSDT	+0.0095%	8h	86,376.1	−0.122%	$154.8M	$473.5M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,403.7	−0.090%	$170.7M	$987.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,370.9	−0.128%	$23.8M	$150.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,289	−0.222%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,271	−0.243%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,353	−0.148%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,390.1	−0.106%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,434	−0.055%	$3.79B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,403	−0.091%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,302.8	−0.206%	$5.25B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,306.1	−0.203%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,311	−0.197%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,326.1	−0.179%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,312.5	−0.195%	$5.79B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,374.7	−0.123%	$37.3M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.022%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.5	−0.060%	$279.2M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,434.6	−0.054%	$217.1M	$165.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	−0.045%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,448.9	−0.038%	$30.7M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,440.7	−0.047%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,392	−0.103%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,400.7	−0.093%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,390.3	−0.105%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,415.2	−0.076%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,358.3	−0.142%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,374.8	−0.123%	$2.29B	$957.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.081%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,280.6	−0.232%	$46.0M	$222.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,414.3	−0.077%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,433.2	−0.056%	$132.1M	$5.36B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,427.4	−0.062%	$192.3M	$942.0M	100x	as long as short
Hibachi BTC/USDT-Plong	+0.0168%	1h	86,481.3	long leg	$711K	$7.9M	30x
Aftermath Perps BTCUSD	+0.0170%	1h	86,429.5	−0.060%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,392.8	−0.102%	$415.6M	$642.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0206% / S −0.0220%	1h	86,409.1	−0.084%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,428	−0.062%	$10.4M	$764.6M	6.4x	as long as short