Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.025%

Price spread now: Derive against BingX+0.029%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Derive is 0.029% dearer against BingX than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	85,552	0.0056	pay 0.0056% / 8h	6h 09m	—	$1.56B	—
Short	Derive BTC-PERP	85,576.8	0.0100	get 0.0013% / 1h	9m 43s	$30.0M	$55.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.029%Rate

Funding earned: $9.24
Price spread: +0.029% → 0.000%: $2.9
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$3.86
Costs to cover: 0.160%
Break-even: 9.9 days

Slippage unknown: BingX: live order book, 14 min ago; Derive: no order-book sample. Net counts fees only.

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, 14 min ago	0.01 bp	5.0 bp −$5	5.2 bp −$52	5.4 bp −$543	6.0 bp −$2,984
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0144%	1h	85,649	+0.113%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,570	+0.021%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,524.6	−0.032%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,602.9	+0.059%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,586.4	+0.040%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.152%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0024%	8h	85,541.1	−0.013%	$515.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0027%	8h	85,541.7	−0.012%	$900.3M	$753.5M	125x	as long as short
Nado BTC-PERP	+0.0038%	1h	85,611.6	+0.070%	$22.7M	$227.5M	50x	as long as short
HTX BTC-USDT	+0.0043%	8h	85,563.1	+0.013%	$2.27B	$946.3M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,558.6	+0.008%	$8.2M	$42.0M	25x	as long as short
BingX BTC-USDTlong	+0.0056%	8h	85,552	long leg	—	$1.56B	—
Reya BTCRUSDPERP	+0.0060%	1h	85,562.6	+0.012%	$6.7M	$146.3M	40x	as long as short
SunX BTC-USDT	+0.0069%	8h	85,604	+0.061%	$2.9M	$6.6M	100x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,538.8	−0.015%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,573.6	+0.025%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,547.6	−0.005%	$5.07B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,552.4	+0.001%	$9.32B	$24.27B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,557.2	+0.006%	$170.3M	$994.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,567.1	+0.018%	$23.5M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,537	−0.018%	$8.4M	$51.9M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,554.4	+0.003%	$5.58B	$10.59B	200x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,605.5	+0.063%	$3.8M	$8.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,510	−0.049%	$202K	$7.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,646.9	+0.111%	$140.0M	$318.1M	100x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,629	+0.090%	$3.76B	$4.91B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,593.2	+0.048%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,557.5	+0.006%	$5.31B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,550.3	−0.002%	$2.55B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,564	+0.014%	$3.9M	$18.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,520.7	−0.037%	$7.2M	$96.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,554.4	+0.003%	$35.3M	$166.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,606.4	+0.064%	$156.1M	$555.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,617.7	+0.077%	$278.5M	$936.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,642.4	+0.106%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,620	+0.079%	$30.3M	$209.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,645.2	+0.109%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,569	+0.020%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,576	+0.028%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,578.4	+0.031%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,611.2	+0.069%	$188K	$713K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,576.8	+0.029%	$30.0M	$55.9M	15x
SoDEX BTC-USD	+0.0100%	1h	85,576	+0.028%	$59.9M	$336.7M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,573.8	+0.025%	$152.0M	$481.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.142%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,519.1	−0.038%	$44.0M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,587.7	+0.042%	—	$102.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,603.9	+0.061%	$131.4M	$5.13B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,595.3	+0.051%	$187.6M	$963.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,619.6	+0.079%	$894.8M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	85,699.3	+0.172%	$679K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0174%	1h	85,665.5	+0.133%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0187%	1h	85,582.6	+0.036%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,637	+0.099%	$10.2M	$770.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,601.1	+0.057%	$512K	$20.4M	6.7x	as long as short