Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.011%

Price spread now: BingX against Arcus−0.105%7-day average −0.071% · 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−$160.156% of the position

Long on Arcus Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.048%−$5 on $10k

Price spread, last 7 days+0.089%+$9 · spread now −0.105%, 7d avg −0.071%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.035% cheaper against Arcus than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	86,740.6	0.0100	pay 0.0013% / 1h	54m 40s	$7.5M	$95.4M	40x
Short	BingX BTC-USDC	86,649.2	0.0019	get 0.0019% / 8h	2h 54m	—	$15.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Arcus. 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 ArcusbpFee BingXbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$17.01
Price spread: −0.105% → −0.071%: −$3.46
Slippage, 4 orders: −$1.1
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$36.06
Costs to cover: 0.156%
Break-even: never at this rate

Slippage from Arcus: live order book, 5 min ago; BingX: live order book, 14 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 Arcus live order book, 5 min ago	0.01 bp	2.5 bp −$2	3.0 bp −$30	4.9 bp −$492	doesn't fit
Sell BingX live order book, 14 min ago	0.01 bp	5.9 bp −$6	6.2 bp −$62	6.9 bp −$692	8.1 bp −$4,047

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
Perpl BTC	−0.0335%	43m	86,759.6	+0.022%	$420K	$25.5M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0185%	1h	86,860.1	+0.138%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,795	+0.063%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0094%	1h	86,758.8	+0.021%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,790	+0.057%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,676.7	−0.074%	$843.6M	$704.8M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,806	+0.075%	$363K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,799	+0.067%	$8.9M	$724.7M	6.4x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,840.4	+0.115%	$922.7M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,822	+0.094%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0008%	1h	86,782	+0.048%	$160K	$575K	40x	as long as short
Phemex BTCUSDT	+0.0016%	8h	86,792.7	+0.060%	$149.5M	$468.6M	150x	as long as short
Aster BTCUSDT	+0.0017%	8h	86,703.7	−0.043%	$506.2M	$1.16B	200x	as long as short
BingX BTC-USDCshort	+0.0019%	8h	86,649.2	−0.105%	—	$15.3M	—
Reya BTCRUSDPERP	+0.0021%	1h	86,803.3	+0.072%	$6.8M	$143.8M	40x	as long as short
Bitget BTCUSDT	+0.0025%	8h	86,649.5	−0.105%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,687.9	−0.061%	$5.20B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,690.4	−0.058%	$9.45B	$24.34B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,794.6	+0.062%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.281%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0055%	8h	86,660	−0.093%	$2.58B	$12.71B	100x	as long as short
Gate BTC_USDT	+0.0062%	8h	86,660.2	−0.093%	$5.85B	$10.53B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,682.2	−0.067%	$9.2M	$41.9M	25x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,683	−0.066%	$5.29B	$9.69B	150x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,780	+0.045%	$8.5M	$52.2M	100x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.060%	$161.2M	$563.4M	—	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,800	+0.068%	$60.6M	$336.5M	40x	as long as short
GRVT BTC_USDT_Perp	+0.0094%	8h	86,810.6	+0.081%	$218.0M	$191.1M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,731.5	−0.010%	$172.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,723.4	−0.020%	$24.1M	$152.5M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0097%	8h	86,814.9	+0.086%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,724.3	−0.019%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,659	−0.094%	$194K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,735.2	−0.006%	$22.0M	$237.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,800	+0.068%	$3.86B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,729.7	−0.013%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,673	−0.078%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	86,740.6	long leg	$7.5M	$95.4M	40x
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.206%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,807.6	+0.077%	$38.4M	$147.9M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,804.8	+0.074%	$280.4M	$944.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.075%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,839	+0.113%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,845.6	+0.121%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,806	+0.075%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,800.1	+0.069%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,802.3	+0.071%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,802.8	+0.072%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,793.2	+0.061%	$2.31B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,639.3	−0.117%	$46.3M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,766.6	+0.030%	—	$97.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,839.4	+0.114%	$193.2M	$926.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,847	+0.123%	$132.3M	$5.94B	50x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,801	+0.070%	$420.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,817.3	+0.088%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,798.4	+0.067%	$752K	$7.0M	30x	as long as short