Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1556%/8h= −170.4% APRpaid last 24h −0.589%

Price spread now: Coinbase International against KuCoin−2.355%51s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Coinbase International is 2.355% cheaper against KuCoin than usual: you would sell low and buy high (−$235 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 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	KuCoin SUSDTM	0.04119	0.0100	pay 0.0050% / 4h	1h 29m	$1.9M	$2.7M	50x
Short	Coinbase International S-PERP-INTX	0.04022	−0.1456	pay 0.0182% / 1h	29m 28s	$48K	$16K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −2.355%Rate

Funding earned: −$326.76
Price spread: −2.355% → 0.000%: −$235.49
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$584.25
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 7 min ago; Coinbase International: no order-book sample. Net counts fees only.

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, 7 min ago	3.66 bp	93.5 bp −$93	357.5 bp −$3,575	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 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
01 Exchange SUSD	−1.1576%	1h	0.03940	−4.346%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1669%	1h	0.04117	−0.050%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1456%	1h	0.04022	−2.355%	$48K	$16K	25x
Variational Omni S	−0.0208%	4h	0.04122	+0.064%	$639K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04120	+0.022%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04119	−0.012%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04123	+0.093%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.461%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04116	−0.073%	$102K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04126	+0.170%	$172K	$157K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04122	+0.080%	$1.0M	$554K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04125	+0.141%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04121	+0.045%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04117	−0.049%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04116	−0.073%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04119	0.000%	$338K	$200K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04121	+0.049%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04119	long leg	$1.9M	$2.7M	50x
Bitget SUSDT	+0.0100%	4h	0.04122	+0.073%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04119	0.000%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04130	+0.267%	$25K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04119	+0.002%	$234K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04123	+0.097%	$283K	$106K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0720%	1h	0.04127	+0.194%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1671%	1h	0.04140	+0.510%	$122K	$365K	5x	as long as short