Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.032%

Price spread now: Aftermath Perps against BingX+0.097%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on BingX Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.087%+$9 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.097%, 7d avg +0.046%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aftermath Perps is 0.051% dearer against BingX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	86,478.5	0.0042	pay 0.0042% / 8h	34m 20s	—	$15.4M	—
Short	Aftermath Perps BTCUSD	86,562.5	0.0133	get 0.0017% / 1h	34m 20s	$79K	$218K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against BingX. 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 BingXbpFee Aftermath PerpsbpOrdersPrice spread, now +0.097%Rate

Funding earned: $19.08
Price spread: +0.097% → +0.046%: $5.11
Slippage, 4 orders: −$9.24
Fee BingX: 5 bp × 2 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$4.04
Costs to cover: 0.282%
Break-even: 8.5 days

Slippage from BingX: live order book, 4 min ago; Aftermath Perps: live order book, 45 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 BingX live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$602	7.4 bp −$3,696
Sell Aftermath Perps live order book, 45 min ago	1.00 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

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
Phoenix BTC	−0.0118%	1h	86,543	+0.075%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,495	+0.019%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.103%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,516.6	+0.044%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,513.3	+0.040%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,500.1	+0.025%	$501.7M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,521.6	+0.050%	$36.8M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0013%	1h	86,532.6	+0.063%	$915.4M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	86,508.3	+0.034%	$850.7M	$715.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0029%	1h	86,497.8	+0.022%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0033%	1h	86,539	+0.070%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDClong	+0.0042%	8h	86,478.5	long leg	—	$15.4M	—
Phemex BTCUSDT	+0.0048%	8h	86,510	+0.036%	$150.6M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,489.1	+0.012%	$2.96B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,501.4	+0.026%	$5.16B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,496.7	+0.021%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,489.5	+0.013%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,498.7	+0.023%	$5.87B	$10.75B	200x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,495	+0.019%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,518	+0.046%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,527.6	+0.057%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,499	+0.024%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,494.4	+0.018%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,489	+0.012%	$197K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,549.8	+0.082%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,504.9	+0.031%	$21.8M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,576	+0.113%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,546.1	+0.078%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,501.2	+0.026%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,528	+0.057%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,549.2	+0.082%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,494.6	+0.019%	$38.3M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,514.5	+0.042%	$157.4M	$567.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,535.4	+0.066%	$279.5M	$947.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,546.5	+0.079%	$217.3M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,550	+0.083%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,517.4	+0.045%	$30.7M	$205.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,551.8	+0.085%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,500	+0.025%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,497	+0.021%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,499.7	+0.025%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,524.7	+0.053%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,531.1	+0.061%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,504.4	+0.030%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,499.4	+0.024%	$2.30B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,562.5	+0.097%	$572.7M	$17.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,494	+0.018%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	+0.047%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,524.3	+0.053%	$194.1M	$952.3M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,514.1	+0.041%	$416K	$23.1M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,540.1	+0.071%	$132.4M	$5.66B	50x	as long as short
Aftermath Perps BTCUSDshort	+0.0133%	1h	86,562.5	+0.097%	$79K	$218K	20x
BloFin BTC-USDT	+0.0192%	8h	86,513.4	+0.040%	$415.5M	$658.4M	150x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	86,544	+0.076%	$728K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0194% / S −0.0216%	1h	86,511.9	+0.039%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,543	+0.075%	$9.7M	$744.9M	6.4x	as long as short