Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.038%

Price spread now: BingX against Coinbase International−0.240%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 3 days (all we have)+0.264%+$26 · spread now −0.240%, 7d avg +0.025%

Together, before fees+0.677%+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.265% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.240% now, against its 7-day average of +0.025%). If the spread goes back, that is −$26 on $10k: about 4.2 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ALGO-PERP-INTX	0.1124	−0.0112	get 0.0014% / 1h	6m 06s	$62K	$299K	50x
Short	BingX ALGO-USDT	0.1122	0.0100	get 0.0100% / 8h	6m 06s	—	$3.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.240%Rate

Funding earned: $44.52
Price spread: −0.240% → +0.025%: −$26.49
Slippage, 4 orders: −$38.05
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$40.01
Costs to cover: 0.580%
Break-even: 13.3 days

Slippage from Coinbase International: live order book, 7 min ago; BingX: live order book, 3 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 Coinbase International live order book, 7 min ago	8.46 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	4.45 bp	13.7 bp −$14	33.3 bp −$333	168.4 bp −$16.8K	716.5 bp −$358.2K

ALGO on 22 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
Deribit ALGO_USDC-PERPETUAL	−0.0552%	1h	0.1122	−0.213%	$102K	$50K	25x	as long as short
Kraken Futures PF_ALGOUSD	−0.0158%	1h	0.1122	−0.193%	$834K	$1.1M	50x	as long as short
Bybit ALGOUSDT	−0.0149%	8h	0.1121	−0.302%	$11.3M	$12.0M	75x	as long as short
Variational Omni ALGO	−0.0132%	8h	0.1120	−0.338%	$62K	$12K	—	as long as short
Coinbase International ALGO-PERP-INTXlong	−0.0112%	1h	0.1124	long leg	$62K	$299K	50x
gTrade (Gains Network) ALGO/USD	L +0.0001% / S +0.0003%	1h	0.1123	−0.099%	$6K	—	150x	as long as short
Injective ALGO/USDC PERP	+0.0026%	1h	0.1120	−0.382%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1124	−0.062%	$3.7M	$1.9M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1123	−0.093%	$44K	$36K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1121	−0.249%	$9.9M	$34.2M	75x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1121	−0.258%	$3.0M	$7.6M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1123	−0.116%	$883K	$837K	50x	as long as short
MEXC ALGO_USDT	+0.0100%	8h	0.1122	−0.231%	$23.1M	$3.0M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1123	−0.160%	$3.6M	$1.4M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1122	−0.205%	$5.6M	$3.5M	75x	as long as short
BingX ALGO-USDTshort	+0.0100%	8h	0.1122	−0.240%	—	$3.3M	—
HTX ALGO-USDT	+0.0100%	8h	0.1122	−0.222%	$66K	$107K	75x	as long as short
Phemex ALGOUSDT	+0.0100%	8h	0.1124	−0.027%	$3.8M	$1.8M	50x	as long as short
Extended ALGO-USD	+0.0104%	1h	0.1122	−0.247%	$7K	$210K	10x	as long as short
BloFin ALGO-USDT	+0.0220%	8h	0.1124	−0.027%	$491K	$799K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]	L +0.0332% / S −0.0332%	1h	0.1122	−0.165%	$7K	—	100x	as long as short
dYdX ALGO-USD	+0.1327%	1h	0.1123	−0.089%	$161K	$3K	5x	as long as short