Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.030%

Price spread now: Coinbase International against BingX+0.086%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.086%, 7d avg +0.062%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.024% dearer against BingX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	86,420.6	0.0048	pay 0.0048% / 8h	7h 42m	—	$15.3M	—
Short	Coinbase International BTC-PERP-INTX	86,495.1	0.0120	get 0.0015% / 1h	42m 39s	$132.3M	$5.50B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.086%Rate

Funding earned: $15.12
Price spread: +0.086% → +0.062%: $2.4
Slippage, 4 orders: −$0.05
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$2.52
Costs to cover: 0.200%
Break-even: 8.2 days

Slippage from BingX: live order book, 6 min ago; Coinbase International: live order book, 2 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, 6 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	6.3 bp −$626	7.6 bp −$3,809
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	13.4 bp −$6,710

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	−0.0129%	1h	86,400	−0.024%	$2.2M	$11.2M	40x	as long as short
Phemex BTCUSDT	−0.0104%	8h	86,445.6	+0.029%	$153.9M	$477.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,457	+0.042%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,465.7	+0.052%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,481.5	+0.070%	$458K	$21.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,484.7	+0.074%	$903.5M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,482.3	+0.071%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,444.8	+0.028%	$501.4M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0021%	1h	86,468.3	+0.055%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.226%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0034%	8h	86,435.1	+0.017%	$831.7M	$722.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0042%	1h	86,464.3	+0.051%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDClong	+0.0048%	8h	86,420.6	long leg	—	$15.3M	—
RISEx BTC/USDC	+0.0052%	1h	86,444.7	+0.028%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,428.8	+0.009%	$2.97B	$5.06B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,428.9	+0.010%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,428.4	+0.009%	$9.41B	$24.43B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,458	+0.043%	$2.5M	$1.6M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,443.1	+0.026%	$170.2M	$983.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,449	+0.033%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,464	+0.050%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,409	−0.013%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,465.3	+0.052%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465.6	+0.052%	$21.9M	$230.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,502	+0.094%	$3.80B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,464.5	+0.051%	$40.8M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,433.7	+0.015%	$5.26B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,440.2	+0.023%	$2.56B	$12.58B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,445	+0.028%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,464.9	+0.051%	$7.2M	$95.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,434.2	+0.016%	$5.83B	$10.51B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,437.3	+0.019%	$37.4M	$156.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,385.8	−0.040%	$158.2M	$567.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,391.4	−0.034%	$279.0M	$951.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,413.6	−0.008%	$217.1M	$167.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	+0.002%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,413.4	−0.008%	$30.7M	$208.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,495.6	+0.087%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,465	+0.051%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,466.6	+0.053%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,466.5	+0.053%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,497.3	+0.089%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,493.6	+0.084%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,454.5	+0.039%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,461	+0.047%	$60.5M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,452.7	+0.037%	$2.29B	$964.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.098%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,410.2	−0.012%	$45.9M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,461.9	+0.048%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,495.1	+0.086%	$132.3M	$5.50B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,484.5	+0.074%	$192.3M	$944.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,439.1	+0.021%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,432	+0.013%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,461.6	+0.047%	$414.9M	$651.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0216%	1h	86,478.9	+0.067%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,467	+0.054%	$9.8M	$761.4M	6.4x	as long as short