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: Backpack against KuCoin−0.003%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

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

Long on KuCoin Short on Backpack

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−0.472%−$47 · spread now −0.003%, 7d avg −0.004%

Together, before fees−0.551%−$55 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 cost −0.078%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,795.7	0.0041	pay 0.0041% / 8h	6h 47m	$894.1M	$757.1M	125x
Short	Backpack BTC_USDC_PERP	85,792.9	0.0100	get 0.0013% / 1h	47m 49s	$35.2M	$163.3M	75x

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 −0.003%Rate

Funding earned: $12.39
Price spread: −0.003% → −0.004%: $0.04
Slippage, 4 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.59
Costs to cover: 0.220%
Break-even: 12.4 days

Slippage from KuCoin: live order book, 6 min ago; Backpack: live order book, 1 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 KuCoin live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	8.3 bp −$4,171
Sell Backpack live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$570	25.7 bp −$12.8K

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	−0.009%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,897	+0.118%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.067%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,814.1	+0.021%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	−0.010%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	+0.022%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,857.1	+0.072%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.6	−0.009%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.017%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,806.8	+0.013%	$497.6M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTMlong	+0.0041%	8h	85,795.7	long leg	$894.1M	$757.1M	125x
RISEx BTC/USDC	+0.0044%	1h	85,836.7	+0.048%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,797.8	+0.002%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,765.5	−0.035%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,801.5	+0.007%	$2.95B	$5.13B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,778.9	−0.020%	$2.28B	$968.7M	200x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,793.4	−0.003%	$22.5M	$228.8M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,797.9	+0.003%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,804.1	+0.010%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,805.9	+0.012%	$9.34B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,811.5	+0.018%	$5.66B	$10.37B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,796.3	+0.001%	$170.6M	$976.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,816.6	+0.024%	$23.3M	$145.2M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.045%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	+0.043%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,801	+0.006%	$200K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,865	+0.081%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,873	+0.090%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,881.2	+0.100%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,819.3	+0.027%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,813	+0.020%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,842	+0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,812.5	+0.020%	$7.2M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.108%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,792.9	−0.003%	$35.2M	$163.3M	75x
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.015%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.126%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.068%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,857.7	+0.072%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	+0.005%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,780.3	−0.018%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,797.6	+0.002%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,830.8	+0.041%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.1	+0.011%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,845.8	+0.058%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,798	+0.003%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,799.3	+0.004%	$153.9M	$477.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,786	−0.011%	$44.8M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,897.4	+0.119%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,839	+0.050%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.091%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,820.4	+0.029%	$189.2M	$970.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,834.6	+0.045%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0186%	1h	85,841.4	+0.053%	$895.2M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,865	+0.081%	$10.0M	$768.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,786.2	−0.011%	$13.8M	—	200x	as long as short