Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.015%

Price spread now: Lighter RH against KuCoin−0.011%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on KuCoin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 7 days−0.004%$0 · spread now −0.011%, 7d avg +0.011%

Together, before fees+0.081%+ Points / potential airdropLighter RH: Points live · farm board+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.022% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.011%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.085% in total) that is about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XBTUSDTM	85,664.8	0.0001	pay 0.0001% / 8h	5h 03m	$919.9M	$751.6M	125x
Short	Lighter RH BTC	85,655.6	0.0096	get 0.0012% / 1h	3m 30s	$23.9M	$149.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.011%Rate

Funding earned: $19.95
Price spread: −0.011% → +0.011%: −$2.17
Slippage, 4 orders: −$2.07
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $3.71
Costs to cover: 0.141%
Break-even: 5.7 days

Slippage from KuCoin: live order book, 6 min ago; Lighter RH: live order book, 6 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	7.8 bp −$778	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.48 bp	0.9 bp −$1	1.2 bp −$12	3.3 bp −$334	22.6 bp −$11.3K

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	−0.0438%	1h	85,697.9	+0.039%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.035%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	−0.009%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,664.5	0.000%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,644.4	−0.024%	$417.0M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	+0.004%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTMlong	+0.0001%	8h	85,664.8	long leg	$919.9M	$751.6M	125x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,694	+0.034%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,673.5	+0.010%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,658.7	−0.007%	$22.6M	$219.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	85,667.2	+0.003%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,685.4	+0.024%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,679.5	+0.017%	$6.7M	$146.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.166%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,650.2	−0.017%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,673.6	+0.010%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,680	+0.018%	$5.06B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,663	−0.002%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,656.8	−0.009%	$2.27B	$937.0M	200x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,681.3	+0.019%	$149.5M	$481.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,645.1	−0.023%	$174.1M	$1.01B	50x	as long as short
Lighter RH BTCshort	+0.0096%	1h	85,655.6	−0.011%	$23.9M	$149.7M	50x
Popdex BTCUSDT	+0.0096%	1h	85,666	+0.001%	$8.4M	$52.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,669.1	+0.005%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,633	−0.037%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,762	+0.113%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675	+0.012%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,684	+0.022%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,687.7	+0.027%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.038%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.4	−0.040%	$6.8M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.2	+0.021%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	+0.004%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.7	−0.026%	$156.8M	$560.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,634.2	−0.036%	$279.7M	$919.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,643.7	−0.025%	$215.1M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,661.1	−0.004%	$140.0M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	−0.022%	$30.3M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,721.2	+0.066%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,682	+0.020%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,684.3	+0.023%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.2	+0.013%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.7	−0.014%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,633.1	−0.037%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.026%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,611.4	−0.062%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,678.6	+0.016%	—	$106.2M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,709.3	+0.052%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,702.3	+0.044%	$122.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,681.1	+0.019%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,708.7	+0.051%	$189.2M	$953.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,681.4	+0.019%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,690.5	+0.030%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,716.5	+0.060%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,688	+0.027%	$10.7M	$759.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,681.1	+0.019%	$500K	$19.0M	6.7x	as long as short