Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.008%

Price spread now: gTrade (Gains Network) against BingX+0.025%46s7-day average +0.034% · 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—prices read too far apart to compare

costs, in and out, $10k−$180.181% of the position

Long on BingX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.037%−$4 on $10k

Price spread, last 7 days+0.018%+$2 · spread now +0.025%, 7d avg +0.034%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	85,213.4	0.0066	pay 0.0066% / 8h	2h 38m	—	$17.3M	—
Short	gTrade (Gains Network) BTC/USD	85,235	L +0.0004% / S −0.0004%	get 0.0001% / 1h	38m 41s	$36.4M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.025%Rate

Funding earned: −$12.96
Price spread: +0.025% → +0.034%: −$0.87
Slippage, 4 orders: −$1.07
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$31.89
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 10 min ago	0.02 bp	5.0 bp −$5	5.2 bp −$52	6.4 bp −$636	7.8 bp −$3,890
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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	85,196.6	−0.020%	$528K	$18.7M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,200	−0.016%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,203	−0.012%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,230.4	+0.020%	$922.0M	$762.9M	125x	as long as short
BloFin BTC-USDT	−0.0036%	8h	85,202.1	−0.013%	$420.1M	$679.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,242.7	+0.034%	$383K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,229.3	+0.019%	$512.7M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,238.9	+0.030%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,235	+0.025%	$36.4M	—	200x
Nado BTC-PERP	+0.0014%	1h	85,195.6	−0.021%	$24.5M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.014%	$338K	$26.8M	52x	as long as short
SoDEX BTC-USD	+0.0044%	1h	85,205	−0.010%	$59.6M	$335.9M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,221.5	+0.010%	$186.9M	$956.7M	100x	as long as short
Bullet BTC-USD	+0.0058%	1h	85,199	−0.017%	$205K	$3.3M	20x	as long as short
BingX BTC-USDClong	+0.0066%	8h	85,213.4	long leg	—	$17.3M	—
Phemex BTCUSDT	+0.0075%	8h	85,207.2	−0.007%	$149.1M	$503.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,212.6	−0.001%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,230.6	+0.020%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,230.3	+0.020%	$5.06B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,245	+0.037%	$9.42B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,247.7	+0.040%	$171.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,246.2	+0.038%	$23.7M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,237	+0.028%	$8.3M	$55.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,235.7	+0.026%	$117.3M	$5.32B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,212	−0.002%	$237K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,286	+0.085%	$5.6M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,311	+0.115%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,267.6	+0.064%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,225.9	+0.015%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,235.4	+0.026%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,228	+0.017%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,241.1	+0.033%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.130%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,229.5	+0.019%	$5.51B	$10.87B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,207.1	−0.007%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,226.6	+0.015%	$154.6M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,305.9	+0.109%	$279.2M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,273.7	+0.071%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,282.7	+0.081%	$139.4M	$315.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,190	−0.027%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,263.2	+0.058%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	−0.026%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,223.4	+0.012%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,263	+0.058%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.2	−0.011%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,172	−0.049%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,203.5	−0.012%	$2.26B	$954.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,207.5	−0.007%	$45.5M	$237.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,209.2	−0.005%	—	$107.0M	500x	as long as short
Reya BTCRUSDPERP	+0.0112%	1h	85,193.9	−0.023%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0156%	1h	85,256.9	+0.051%	$872.4M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,238	+0.029%	$11.3M	$749.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,220.5	+0.008%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,291.8	+0.092%	$720K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,327.5	+0.134%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,267.6	+0.064%	$8.7M	$43.1M	25x	as long as short