Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.020%

Price spread now: BingX against Bullet+0.003%7-day average −0.047% · 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−$14as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Bullet Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days−0.028%−$3 · spread now +0.003%, 7d avg −0.047%

Together, before fees−0.073%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.050% dearer against Bullet than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.047%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,583.7	0.0100	pay 0.0013% / 1h	35m 51s	$194K	$3.4M	20x
Short	BingX BTC-USDC	86,586.6	0.0022	get 0.0022% / 8h	2h 35m	—	$15.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bullet. 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 BulletbpFee BingXbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$16.38
Price spread: +0.003% → −0.047%: $5
Slippage, 4 orders: −$1.17
Fee Bullet: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.55
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from Bullet: live order book, 3 min ago; BingX: live order book, 7 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 Bullet live order book, 3 min ago	0.29 bp	4.7 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.4 bp −$636	8.0 bp −$3,995

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
Aftermath Perps BTCUSD	−0.0225%	1h	86,599.3	+0.018%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,625.6	+0.048%	$428K	$25.0M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.052%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0091%	1h	86,632.9	+0.057%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.081%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,611	+0.031%	$361K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,562.5	−0.025%	$843.7M	$704.5M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,584.4	+0.001%	$935.8M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,577	−0.008%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,573.1	−0.012%	$505.5M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,577.1	−0.008%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDCshort	+0.0022%	8h	86,586.6	+0.003%	—	$15.3M	—
Bitget BTCUSDT	+0.0028%	8h	86,607.1	+0.027%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,553.4	−0.035%	$149.5M	$471.0M	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,552.6	−0.036%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.171%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,566.6	−0.020%	$5.18B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0051%	8h	86,594.9	+0.013%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,593.5	+0.011%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0069%	8h	86,595.8	+0.014%	$5.86B	$10.62B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,606.4	+0.026%	$2.56B	$12.69B	100x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,596.3	+0.014%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0091%	8h	86,619.6	+0.041%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,571.3	−0.014%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573.3	−0.012%	$24.0M	$153.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,583	−0.001%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,652	+0.079%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	−0.007%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,587.4	+0.004%	$21.6M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,634	+0.058%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,624.1	+0.047%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,629	+0.052%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,653.9	+0.081%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.027%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,556.6	−0.031%	$38.0M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.014%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,620.3	+0.042%	$217.5M	$188.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,631.1	+0.055%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,635.6	+0.060%	$30.8M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,651.5	+0.078%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,584	0.000%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,583.7	long leg	$194K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,572.1	−0.013%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,577.3	−0.007%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,559.9	−0.028%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,591.9	+0.009%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,553	−0.036%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,549.1	−0.040%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,555.7	−0.032%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,602.3	+0.021%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,588.8	+0.006%	$189.1M	$930.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,601.8	+0.021%	$131.7M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,613	+0.034%	$8.9M	$723.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0170%	8h	86,675.1	+0.106%	$417.6M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,587.8	+0.005%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,686.3	+0.118%	$615K	$7.1M	30x	as long as short