Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.021%

Price spread now: BingX against Nado+0.045%7-day average −0.006% · 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−$12as in the Price arb table

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

Long on Nado Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$5 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.045%, 7d avg −0.006%

Together, before fees−0.105%+ Points / potential airdropNado: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.051% dearer against Nado than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of −0.006%): +$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 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,465	0.0100	pay 0.0012% / 1h	56m 30s	$21.9M	$234.6M	50x
Short	BingX BTC-USDT	86,503.8	0.0040	get 0.0040% / 8h	56m 30s	—	$1.59B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Nado. 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 NadobpFee BingXbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$12.6
Price spread: +0.045% → −0.006%: $5.08
Slippage, 4 orders: −$0.17
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$24.69
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; BingX: live order book, 8 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 Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.4 bp −$439	10.6 bp −$5,292
Sell BingX live order book, 8 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.0 bp −$2,506

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	−0.0159%	1h	86,352	−0.131%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,460	−0.006%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.047%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,502.7	+0.044%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,508.9	+0.051%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,490.8	+0.030%	$503.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.7	+0.023%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,467.4	+0.003%	$849.7M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,502.7	+0.044%	$917.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,448.4	−0.019%	$6.7M	$145.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDTshort	+0.0040%	8h	86,503.8	+0.045%	—	$1.59B	—
Phemex BTCUSDT	+0.0042%	8h	86,471.3	+0.007%	$149.8M	$477.8M	150x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,501.1	+0.042%	$2.96B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0058%	1h	86,452.4	−0.015%	$17.0M	$21.1M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,461.8	−0.004%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,482.7	+0.021%	$5.13B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,501.9	+0.043%	$9.42B	$24.51B	150x	as long as short
Aftermath Perps BTCUSD	+0.0082%	1h	86,424.1	−0.047%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,493.6	+0.033%	$5.84B	$10.69B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,481.4	+0.019%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,498.9	+0.039%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,502	+0.043%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,499.9	+0.040%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,480	+0.017%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,514.1	+0.057%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,465	long leg	$21.9M	$234.6M	50x
Hyperliquid BTC	+0.0100%	1h	86,547	+0.095%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.7	+0.045%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,506.3	+0.048%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,490	+0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,535.6	+0.082%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.095%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.4	−0.003%	$37.8M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.147%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	−0.083%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.135%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	−0.079%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,425.5	−0.046%	$30.7M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.4	+0.081%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,451	−0.016%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,473.5	+0.010%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,470	+0.006%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,503.3	+0.044%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,501.5	+0.042%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,460.3	−0.005%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,470	+0.006%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,440	−0.029%	$2.29B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,483.3	+0.021%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,470.3	+0.006%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.2	+0.037%	$192.2M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,446.9	−0.021%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,511.9	+0.054%	$132.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468.3	+0.004%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	+0.008%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,480.8	+0.018%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,470	+0.006%	$9.8M	$738.0M	6.4x	as long as short