Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.050%

Price spread now: BingX against Deribit−0.038%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.038%, 7d avg −0.049%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,556.8	0.0041	pay 0.0005% / 1h	32m 16s	$884.5M	$1.59B	50x
Short	BingX BTC-USDT	85,524.4	0.0065	get 0.0065% / 8h	3h 32m	—	$1.54B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.038%Rate

Funding earned: $5.01
Price spread: −0.038% → −0.049%: $1.16
Slippage, 4 orders: −$0.17
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$11
Costs to cover: 0.172%
Break-even: 22.3 days

Slippage from Deribit: live order book, 2 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 Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	7.2 bp −$720	11.4 bp −$5,680
Sell BingX live order book, 7 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.6 bp −$2,782

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
Phoenix BTC	−0.0140%	1h	85,514	−0.050%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,539	−0.021%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,511	−0.053%	$918.6M	$756.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,545.5	−0.013%	$419.4M	$674.9M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,530.1	−0.031%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0003%	8h	85,511.4	−0.053%	$515.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,549.8	−0.008%	$24.7M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,532	−0.029%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,573.5	+0.020%	$16.8M	$21.2M	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0041%	1h	85,556.8	long leg	$884.5M	$1.59B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,525	−0.037%	$339K	$26.9M	52x	as long as short
BingX BTC-USDTshort	+0.0065%	8h	85,524.4	−0.038%	—	$1.54B	—
Phemex BTCUSDT	+0.0066%	8h	85,516.5	−0.047%	$148.1M	$494.0M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,516	−0.048%	$2.95B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0088%	1h	85,515	−0.049%	$59.9M	$336.0M	40x	as long as short
ApeX Omni BTCUSDT	+0.0095%	1h	85,536.5	−0.024%	$139.9M	$315.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,524.9	−0.037%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,521.8	−0.041%	$24.0M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,522	−0.041%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,520.7	−0.042%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0098%	1h	85,515.2	−0.049%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	−0.058%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,585.6	+0.034%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,615	+0.068%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,579.8	+0.027%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,512.3	−0.052%	$9.42B	$24.34B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,511.3	−0.053%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,521.7	−0.041%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,542	−0.017%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,530.7	−0.030%	$4.6M	$99.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.046%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,524	−0.038%	$5.54B	$10.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,510.4	−0.054%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,542.4	−0.017%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,486	−0.083%	$153.7M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.5	−0.073%	$279.3M	$927.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,530.2	−0.031%	$214.9M	$168.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.5	−0.014%	$30.2M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,589.9	+0.039%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,524	−0.038%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,519	−0.044%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,522.2	−0.040%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,565.3	+0.010%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,511.1	−0.053%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,518.7	−0.044%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,507	−0.058%	$2.26B	$947.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,490	−0.078%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,565.2	+0.010%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,550	−0.008%	$117.0M	$5.24B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,531.5	−0.030%	$187.7M	$954.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,563.2	+0.008%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,532.4	−0.028%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,575	+0.021%	$11.7M	$755.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,554.3	−0.003%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,566.4	+0.011%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,533.6	−0.027%	$504K	$18.7M	6.7x	as long as short