Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.011%

Price spread now: BingX against dYdX−0.108%49s7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as 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−$460.457% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.108%, 7d avg −0.036%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.072% cheaper against dYdX than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.036%). If the spread goes back, that is −$7 on $10k: about 4.5 days of funding at the current rate (+$2 a day). The two prices were read 49 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	dYdX BTC-USD	85,643.2	0	get 0.0000% / 1h	42m 01s	$16.8M	$20.9M	50x
Short	BingX BTC-USDC	85,550.9	0.0053	get 0.0053% / 8h	5h 42m	—	$17.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.108%Rate

Funding earned: $11.13
Price spread: −0.108% → −0.036%: −$7.2
Slippage, 4 orders: −$25.73
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$41.8
Costs to cover: 0.457%
Break-even: 33.3 days

Slippage from dYdX: live order book, 2 min ago; BingX: live order book, 11 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 dYdX live order book, 2 min ago	12.39 bp	17.4 bp −$17	24.0 bp −$240	25.5 bp −$2,552	44.2 bp −$22.1K
Sell BingX live order book, 11 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	6.3 bp −$631	7.9 bp −$3,944

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	−0.0160%	1h	85,485	−0.185%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,574	−0.081%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,639.1	−0.005%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.1	−0.048%	$416.5M	$662.4M	150x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,643.2	long leg	$16.8M	$20.9M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,656.4	+0.015%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,636.3	−0.008%	$22.8M	$221.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0014%	8h	85,551.1	−0.108%	$906.7M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,646.2	+0.004%	$516.1M	$1.11B	200x	as long as short
BingX BTC-USDCshort	+0.0053%	8h	85,550.9	−0.108%	—	$17.0M	—

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,637.8	−0.006%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,569.7	−0.086%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,653.9	+0.012%	$148.4M	$478.4M	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,650.9	+0.009%	$2.27B	$932.8M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.031%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,646.9	+0.004%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,570.5	−0.085%	$5.04B	$5.60B	500x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,614.3	−0.034%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,567.7	−0.088%	$9.32B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,662.5	+0.022%	$169.7M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.4	+0.024%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,638	−0.006%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,682.8	+0.046%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,609	−0.040%	$204K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,714	+0.083%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,656.6	+0.016%	$40.2M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,565.3	−0.091%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,555.5	−0.102%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,635	−0.010%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,599.1	−0.052%	$7.3M	$97.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.094%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,566.9	−0.089%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.3	−0.010%	$35.1M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.185%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,511.8	−0.153%	$278.9M	$932.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.246%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,578.6	−0.075%	$140.0M	$316.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,588.9	−0.063%	$30.3M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,683.9	+0.047%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,634	−0.011%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,646.1	+0.003%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,641.7	−0.002%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,685.3	+0.049%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,645.3	+0.002%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	+0.020%	$60.0M	$336.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,692.2	+0.057%	$893.3M	$1.52B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,549.5	−0.109%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	−0.030%	—	$106.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,693.9	+0.059%	$130.9M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,663	+0.023%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,683.5	+0.047%	$187.6M	$947.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0194%	1h	85,583.1	−0.070%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,583.5	−0.070%	$697K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,651.6	+0.010%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,664	+0.024%	$10.5M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,632.2	−0.013%	$524K	$19.5M	6.7x	as long as short