Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.045%

Price spread now: Deribit against KuCoin+0.063%7-day average +0.053% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.063%, 7d avg +0.053%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,328.4	−0.0045	get 0.0045% / 8h	1h 28m	$927.9M	$773.7M	125x
Short	Deribit BTC-PERPETUAL	85,382.5	0.0102	get 0.0013% / 1h	28m 12s	$862.2M	$1.64B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.063%Rate

Funding earned: $30.96
Price spread: +0.063% → +0.053%: $1.01
Slippage, 4 orders: −$1.11
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $11.85
Costs to cover: 0.201%
Break-even: 4.3 days

Slippage from KuCoin: live order book, 11 min ago; Deribit: 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, 11 min ago	0.01 bp	6.4 bp −$6	6.8 bp −$68	8.1 bp −$806	11.0 bp −$5,506
Sell Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	6.1 bp −$613	13.2 bp −$6,583

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	−0.0082%	1h	85,329	+0.001%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	−0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMlong	−0.0045%	8h	85,328.4	long leg	$927.9M	$773.7M	125x
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.019%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,343.7	+0.018%	$512.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,330.8	+0.003%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,329.2	+0.001%	$492K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.053%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,348.2	+0.023%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,317.7	−0.013%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.095%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,333.6	+0.006%	—	$1.56B	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	−0.026%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,330.5	+0.002%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,358.6	+0.035%	$185.5M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,336.7	+0.010%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,348	+0.023%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,350	+0.025%	$9.43B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,359.1	+0.036%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,353.9	+0.030%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,325	−0.004%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.027%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,343	+0.017%	$5.14B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,390.7	+0.073%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,401	+0.085%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.5	+0.036%	$39.9M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,367.8	+0.046%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,315	−0.016%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,318.7	−0.011%	$5.1M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,339	+0.012%	$5.54B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,308.2	−0.024%	$37.0M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.062%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.071%	$279.4M	$951.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.041%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,321.9	−0.008%	$30.1M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,383.9	+0.065%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,328	0.000%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,337	+0.010%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,337.2	+0.010%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,376.4	+0.056%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.133%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,313.5	−0.017%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,340	+0.014%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326.2	−0.003%	$2.26B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,353.2	+0.029%	$152.2M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.069%	$683.1M	$415.1M	40x	as long as short
Deribit BTC-PERPETUALshort	+0.0102%	1h	85,382.5	+0.063%	$862.2M	$1.64B	50x
Extended BTC-USD	+0.0104%	1h	85,312.4	−0.019%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,332.2	+0.004%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,380.5	+0.061%	$115.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.025%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,358	+0.035%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,348	+0.023%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,357.3	+0.034%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,356	+0.032%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0259%	1h	85,324.1	−0.005%	$79K	$230K	20x	as long as short