Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.145%

Price spread now: Bluefin against BingX+0.018%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.237%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	85,254.1	0.0068	pay 0.0068% / 8h	2h 20m	—	$1.56B	—
Short	Bluefin BTC-PERP	85,269.2	0.0100	get 0.0013% / 1h	20m 58s	$228K	$760K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.018%Rate

Funding earned: $6.72
Price spread: +0.018% → 0.000%: $1.77
Slippage, 4 orders: −$4.97
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$13.47
Costs to cover: 0.220%
Break-even: 21.0 days

Slippage from BingX: live order book, 3 min ago; Bluefin: live order book, 28 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, 3 min ago	0.01 bp	5.1 bp −$5	5.2 bp −$52	5.4 bp −$540	5.9 bp −$2,967
Sell Bluefin live order book, 28 min ago	1.33 bp	5.4 bp −$5	9.9 bp −$99	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
Perpl BTC	−0.0112%	43m	85,249.9	−0.005%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	−0.141%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,272	+0.021%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,263.6	+0.011%	$922.9M	$764.2M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,226.9	−0.032%	$419.4M	$680.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	+0.045%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,256.4	+0.003%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,252	−0.002%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249.2	−0.006%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	−0.034%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,254.5	0.000%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,235	−0.022%	$187.1M	$953.3M	100x	as long as short
BingX BTC-USDTlong	+0.0068%	8h	85,254.1	long leg	—	$1.56B	—
Deribit BTC-PERPETUAL	+0.0075%	1h	85,257.1	+0.004%	$867.0M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,225.3	−0.034%	$147.3M	$505.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,219.2	−0.041%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,270.2	+0.019%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,270.8	+0.020%	$2.95B	$5.16B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,266.5	+0.015%	$9.42B	$24.83B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,235.6	−0.022%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.7	−0.013%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.034%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,260.8	+0.008%	$116.9M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	−0.007%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,312.2	+0.068%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,330	+0.089%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	+0.034%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,258	+0.005%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,271	+0.020%	$2.58B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	+0.022%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	+0.032%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.106%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,250	−0.005%	$5.51B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,223.2	−0.036%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.041%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	−0.166%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	−0.172%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.188%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	−0.080%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.087%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.016%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	+0.006%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,230.1	−0.028%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,269.2	+0.018%	$228K	$760K	40x
Derive BTC-PERP	+0.0100%	1h	85,204.5	−0.058%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	−0.179%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,223	−0.036%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,219	−0.041%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,247	−0.008%	$45.1M	$239.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,281.5	+0.032%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	+0.007%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,248	−0.007%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,273	+0.022%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,197.4	−0.067%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	−0.026%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	+0.047%	$8.7M	$43.2M	25x	as long as short