Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.011%

Price spread now: BingX against Backpack+0.003%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 7 days+0.485%+$48 · spread now +0.003%, 7d avg +0.019%

Together, before fees+0.578%+$58 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.093%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	86,610.2	0.0100	pay 0.0013% / 1h	56m 13s	$38.3M	$152.6M	75x
Short	BingX BTC-USDT	86,613.2	0.0030	get 0.0030% / 8h	1h 56m	—	$1.59B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$14.7
Price spread: +0.003% → +0.019%: −$1.59
Slippage, 4 orders: −$0.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$36.34
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; BingX: live order book, 13 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$584	260.5 bp −$130.2K
Sell BingX live order book, 13 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.4 bp −$2,676

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 BTCUSD	−0.0230%	1h	86,622.7	+0.014%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	−0.057%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	+0.021%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0054%	1h	86,634.7	+0.028%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,591.6	−0.021%	$505.6M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,616.2	+0.007%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,648.5	+0.044%	$422K	$24.4M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,633.3	+0.027%	$926.3M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,612.6	+0.003%	$851.5M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,614.6	+0.005%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,622.9	+0.015%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,600.7	−0.011%	$727K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,585.5	−0.029%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.027%	$315K	$26.8M	52x	as long as short
BingX BTC-USDTshort	+0.0030%	8h	86,613.2	+0.003%	—	$1.59B	—
Phemex BTCUSDT	+0.0031%	8h	86,597.4	−0.015%	$149.6M	$472.8M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,611.7	+0.002%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,595.6	−0.017%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,613.1	+0.003%	$5.20B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,597.2	−0.015%	$9.42B	$24.38B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,588.3	−0.025%	$5.85B	$10.61B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,607.3	−0.003%	$5.27B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	86,598	−0.014%	$60.5M	$336.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,608.6	−0.002%	$172.0M	$996.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,621.5	+0.013%	$24.1M	$151.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,590	−0.023%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,600	−0.012%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,682.3	+0.083%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,624.2	+0.016%	$21.6M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,665	+0.063%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.2	+0.069%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,614.8	+0.005%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,636	+0.030%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,699.7	+0.103%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.023%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	86,610.2	long leg	$38.3M	$152.6M	75x
Variational Omni BTC	+0.0100%	8h	86,596.1	−0.016%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,554.6	−0.064%	$279.5M	$940.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.7	−0.020%	$217.3M	$184.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.4	−0.015%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.063%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.3	+0.043%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,602	−0.009%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,596.4	−0.016%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,608.4	−0.002%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,622.6	+0.014%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,599.4	−0.012%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,649.3	+0.045%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,600.9	−0.011%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,587.4	−0.026%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.8	+0.042%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,647.9	+0.044%	$131.8M	$5.81B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,635.6	+0.029%	$191.4M	$937.4M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,588.1	−0.026%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,612	+0.002%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	86,662	+0.060%	$9.6M	$726.5M	6.4x	as long as short