Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0269%/8h= +29.4% APRpaid last 24h −0.039%

Price spread now: BingX against Aftermath Perps−0.025%47s7-day average −0.046% · 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—prices read too far apart to compare

costs, in and out, $10k−$290.288% of the position

Long on Aftermath Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.091%−$9 on $10k

Price spread, last 3 days (all we have)−0.240%−$24 · spread now −0.025%, 7d avg −0.046%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BingX is 0.021% dearer against Aftermath Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.046%. Mind the row above: over the last 3 days funding on this pair cost −0.091%, so the current rate has only just turned in your favour. The two prices were read 47 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	Aftermath Perps BTCUSD	86,779.3	−0.0241	get 0.0030% / 1h	15m 40s	$85K	$188K	20x
Short	BingX BTC-USDC	86,757.5	0.0028	get 0.0028% / 8h	2h 15m	—	$15.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Aftermath Perps. 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 Aftermath PerpsbpFee BingXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $56.47
Price spread: −0.025% → −0.046%: $2.11
Slippage, 4 orders: −$9.77
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: $29.82
Costs to cover: 0.288%
Break-even: 3.3 days

Slippage from Aftermath Perps: live order book, 8 min ago; BingX: live order book, 8 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 Aftermath Perps live order book, 8 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$620	7.5 bp −$3,763

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
Aftermath Perps BTCUSDlong	−0.0241%	1h	86,779.3	long leg	$85K	$188K	20x
Perpl BTC	−0.0223%	43m	86,837.5	+0.067%	$426K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.046%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,759	−0.023%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0061%	1h	86,782.5	+0.004%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,776.2	−0.004%	$362K	$2.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,815.7	+0.042%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,767.4	−0.014%	$850.6M	$707.6M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,750.4	−0.033%	$506.6M	$1.16B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0014%	1h	86,823	+0.050%	$931.7M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0021%	8h	86,781.5	+0.003%	$150.4M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,786.2	+0.008%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDCshort	+0.0028%	8h	86,757.5	−0.025%	—	$15.3M	—
Bitget BTCUSDT	+0.0036%	8h	86,761.2	−0.021%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.162%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,769	−0.012%	$5.19B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,772	−0.008%	$9.44B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,769.9	−0.011%	$9.4M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,790.2	+0.013%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,765.2	−0.016%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,770.7	−0.010%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0088%	8h	86,779.4	0.000%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,786.1	+0.008%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,788.7	+0.011%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,749	−0.035%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,744	−0.041%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,809.3	+0.035%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,820.8	+0.048%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,833	+0.062%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,801.5	+0.026%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,767	−0.014%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,826.7	+0.055%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.015%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,772.1	−0.008%	$38.1M	$149.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.029%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,776.5	−0.003%	$280.3M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	−0.023%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,779.4	0.000%	$141.7M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.028%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,862.8	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,806	+0.031%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,795	+0.018%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,809.2	+0.034%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,816.8	+0.043%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,800.1	+0.024%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,824.2	+0.052%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,782	+0.003%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,785	+0.007%	$2.31B	$959.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,750.2	−0.034%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,816.7	+0.043%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,815.3	+0.041%	$188.2M	$934.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,824.6	+0.052%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	86,849	+0.080%	$9.7M	$727.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,810.6	+0.036%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	+0.053%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,850.2	+0.082%	$645K	$7.6M	30x	as long as short