Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.030%

Price spread now: BingX against Coinbase International−0.084%53s7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now −0.084%, 7d avg −0.062%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.022% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.062%). Swap the legs. The two prices were read 53 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	Coinbase International BTC-PERP-INTX	86,750.2	0.0120	pay 0.0015% / 1h	52m 20s	$132.2M	$5.93B	50x
Short	BingX BTC-USDC	86,677.5	0.0019	get 0.0019% / 8h	2h 52m	—	$15.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$21.21
Price spread: −0.084% → −0.062%: −$2.2
Slippage, 4 orders: −$0.04
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$43.45
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; BingX: live order book, 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$566	12.9 bp −$6,448
Sell BingX live order book, 1 min ago	0.01 bp	5.0 bp −$5	6.7 bp −$67	7.5 bp −$749	8.7 bp −$4,346

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	−0.0335%	43m	86,676.3	−0.085%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0192%	1h	86,795.1	+0.052%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	−0.057%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,691	−0.068%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,696.3	−0.062%	$18.1M	$19.9M	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,661.6	−0.102%	$845.5M	$709.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,694.9	−0.064%	$361K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,746	−0.005%	$8.8M	$725.0M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,698.3	−0.060%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,654.2	−0.111%	$505.9M	$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
Bluefin BTC-PERP	+0.0015%	1h	86,690.8	−0.068%	$141K	$619K	40x	as long as short
BingX BTC-USDCshort	+0.0019%	8h	86,677.5	−0.084%	—	$15.3M	—
Reya BTCRUSDPERP	+0.0021%	1h	86,671	−0.091%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,698.8	−0.059%	$149.6M	$469.3M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,672.2	−0.090%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,670.1	−0.092%	$5.21B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,666.8	−0.096%	$9.45B	$24.34B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,670.5	−0.092%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	−0.021%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,673.8	−0.088%	$2.58B	$12.72B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,687.4	−0.072%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,676.3	−0.085%	$5.86B	$10.55B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0069%	1h	86,747	−0.004%	$922.1M	$1.38B	50x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,665.1	−0.098%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.049%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.055%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,683	−0.077%	$172.3M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,694.6	−0.064%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,667	−0.096%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,675.4	−0.086%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,727.8	−0.026%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,665	−0.098%	$202K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,658.2	−0.106%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,747	−0.004%	$3.85B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,707.4	−0.049%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,683	−0.077%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,749.5	−0.001%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.195%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,700.6	−0.057%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,752.1	+0.002%	$280.2M	$945.8M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	+0.064%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,692.9	−0.066%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,740.3	−0.011%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,680	−0.081%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,670.8	−0.092%	$201K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,704.9	−0.052%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,705.2	−0.052%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,696	−0.062%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,704.3	−0.053%	$2.30B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,658.6	−0.106%	$46.3M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,703.3	−0.054%	—	$97.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,738.2	−0.014%	$192.7M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,750.2	long leg	$132.2M	$5.93B	50x
BloFin BTC-USDT	+0.0167%	8h	86,696.6	−0.062%	$419.6M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,693.4	−0.065%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,754.1	+0.004%	$599K	$7.2M	30x	as long as short