Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.022%

Price spread now: KuCoin against Popdex−0.003%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.189% of the position

Long on Popdex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 7 days+0.003%$0 · spread now −0.003%, 7d avg −0.005%

Together, before fees−0.055%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,027	0.0072	pay 0.0009% / 1h	47m 04s	$8.5M	$45.6M	100x
Short	KuCoin XBTUSDTM	86,024.6	0.0054	get 0.0054% / 8h	5h 47m	$943.1M	$633.5M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Popdex. 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 PopdexbpFee KuCoinbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$3.78
Price spread: −0.003% → −0.005%: $0.17
Slippage, 4 orders: −$0.54
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$22.55
Costs to cover: 0.189%
Break-even: never at this rate

Slippage from Popdex: live order book, 5 min ago; KuCoin: live order book, 5 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 Popdex live order book, 5 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.5 bp −$349	4.8 bp −$2,425
Sell KuCoin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.5 bp −$747	doesn't fit

BTC on 55 exchanges

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	−0.0133%	1h	86,040	+0.015%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	+0.083%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.198%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,032.6	+0.007%	$362K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0022%	8h	86,015.4	−0.013%	$422.5M	$563.5M	150x	as long as short
SoDEX BTC-USD	−0.0012%	1h	86,017	−0.012%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,061.8	+0.040%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,057.4	+0.035%	$476K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,039.2	+0.014%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,058	+0.036%	$442K	$26.3M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0027%	8h	86,034.9	+0.009%	$512.9M	$873.8M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0030%	1h	86,035	+0.009%	$191.6M	$768.4M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,035.9	+0.010%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0040%	8h	86,053.6	+0.031%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTMshort	+0.0054%	8h	86,024.6	−0.003%	$943.1M	$633.5M	125x
Gate BTC_USDT	+0.0063%	8h	86,034.4	+0.009%	$5.51B	$8.90B	200x	as long as short
Popdex BTCUSDTlong	+0.0072%	1h	86,027	long leg	$8.5M	$45.6M	100x
Phemex BTCUSDT	+0.0089%	8h	86,028.9	+0.002%	$170.6M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0093%	8h	86,044.8	+0.021%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,025	−0.002%	$2.27B	$803.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,034.9	+0.009%	$173.8M	$855.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,038.7	+0.014%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,005.9	−0.024%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,023	−0.005%	$5.16B	$4.83B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	86,039.7	+0.015%	$9.45B	$20.51B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,015	−0.014%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,115.5	+0.103%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,075.3	+0.056%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,115.3	+0.103%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,056.9	+0.035%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,034	+0.008%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,061.3	+0.040%	$4.2M	$90.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.165%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,016.9	−0.012%	$38.2M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	+0.051%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	+0.036%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,064.6	+0.044%	$216.2M	$134.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,074.5	+0.055%	$30.3M	$223.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,095.9	+0.080%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,032	+0.006%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,029.1	+0.002%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,011.7	−0.018%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,069.8	+0.050%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,031.4	+0.005%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,013.7	−0.016%	$46.9M	$201.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,080	+0.062%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,070.1	+0.050%	$112.1M	$4.97B	50x	as long as short
Hyperliquid BTC	+0.0151%	1h	86,120	+0.108%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,080	+0.062%	$12.0M	$733.9M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0164%	1h	86,001.3	−0.030%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,058.6	+0.037%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	86,038.9	+0.014%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0241%	1h	86,081.8	+0.064%	$822.8M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,106.7	+0.093%	$725K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0445%	1h	86,108.8	+0.095%	$79K	$245K	20x	as long as short