Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1688%/8h= +184.8% APRpaid last 24h +0.150%

Price spread now: BingX against Bluefin−0.061%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Bluefin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.061%, 7d avg −0.001%

Together, before fees+0.328%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.060% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of −0.001%). If the spread goes back, that is −$6 on $10k: about 3 hours of funding at the current rate (+$51 a day). At the pace of the last 7 days (+0.238% in total) that is about 43 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.238% in total (about 12.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,626.9	−0.1630	get 0.0204% / 1h	50m 12s	$194K	$725K	40x
Short	BingX BTC-USDC	85,574.4	0.0058	get 0.0058% / 8h	4h 50m	—	$17.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bluefin. 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 BluefinbpFee BingXbpOrdersPrice spread, now −0.061%Rate

Funding earned: $354.46
Price spread: −0.061% → −0.001%: −$6.02
Slippage, 4 orders: −$6.89
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $324.55
Costs to cover: 0.239%
Break-even: 0.6 days

Slippage from Bluefin: live order book, 9 min ago; BingX: live order book, 3 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 Bluefin live order book, 9 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	6.2 bp −$619	7.4 bp −$3,680

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
Bluefin BTC-PERPlong	−0.1630%	1h	85,626.9	long leg	$194K	$725K	40x
Phoenix BTC	−0.0179%	1h	85,587	−0.047%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,667	+0.047%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,586.5	−0.047%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,599.8	−0.032%	$417.7M	$665.6M	150x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	85,570	−0.066%	$919.1M	$749.3M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,605.7	−0.025%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,597.3	−0.035%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,578.6	−0.056%	$515.8M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,570.1	−0.066%	$6.9M	$97.1M	40x	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	+0.0054%	1h	85,583.7	−0.051%	$22.6M	$218.7M	50x	as long as short
BingX BTC-USDCshort	+0.0058%	8h	85,574.4	−0.061%	—	$17.1M	—
Bitget BTCUSDT	+0.0074%	8h	85,582	−0.052%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0077%	1h	85,583.9	−0.050%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,605.2	−0.025%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,574.2	−0.062%	$5.04B	$5.58B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,581.4	−0.053%	$9.34B	$23.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,592.2	−0.041%	$173.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,595.2	−0.037%	$23.8M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	−0.042%	$8.4M	$52.5M	100x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,581	−0.054%	$60.0M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,677.3	+0.059%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,567	−0.070%	$233K	$7.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,664	+0.043%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,628	+0.001%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,579.8	−0.055%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,574.1	−0.062%	$2.57B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,590	−0.043%	$3.9M	$18.0M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,696.6	+0.081%	$648.3M	$574.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,594.7	−0.038%	$5.54B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,606.4	−0.024%	$35.9M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.4	−0.050%	$156.6M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637.5	+0.012%	$279.7M	$917.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,650.2	+0.027%	$214.9M	$165.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,649.2	+0.026%	$140.0M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,613.8	−0.015%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,649.3	+0.026%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,584	−0.050%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,590.8	−0.042%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,575.4	−0.060%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,580.2	−0.055%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,576.4	−0.059%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,582.5	−0.052%	$2.27B	$938.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,581.9	−0.053%	$150.9M	$482.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,558.5	−0.080%	$44.5M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,633.8	+0.008%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,621	−0.007%	$117.4M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,670	+0.050%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,601.2	−0.030%	$188.6M	$952.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,598.4	−0.033%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,616.9	−0.012%	$698K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,618.7	−0.010%	$8.4M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0196%	1h	85,631.3	+0.005%	$893.2M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,664.4	+0.044%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,619	−0.009%	$10.7M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	+0.006%	$495K	$18.9M	6.7x	as long as short