Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0391%/8h= −42.8% APRpaid last 24h +0.030%

Price spread now: BingX against Perpl+0.041%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

The price spread pays, funding is against you. BingX is 0.041% dearer against Perpl than usual: you sell high and buy low (spread +0.041% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.353% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,552.3	0.0447	pay 0.0040% / 43m	13m 04s	$511K	$20.1M	6.7x
Short	BingX BTC-USDT	85,587.7	0.0056	get 0.0056% / 8h	6h 08m	—	$1.56B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Perpl. 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 PerplbpFee BingXbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$82.01
Price spread: +0.041% → 0.000%: $4.14
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.67
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; BingX: live order book, 16 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell BingX live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$513	5.8 bp −$2,877

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	−0.0144%	1h	85,649	+0.113%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,544	−0.010%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,545	−0.009%	$361K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,556.6	+0.005%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,581.1	+0.034%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,682	+0.152%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0024%	8h	85,590.7	+0.045%	$515.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0026%	8h	85,562	+0.011%	$900.5M	$753.5M	125x	as long as short
Nado BTC-PERP	+0.0036%	1h	85,521.8	−0.036%	$22.7M	$227.0M	50x	as long as short
HTX BTC-USDT	+0.0043%	8h	85,556	+0.004%	$2.27B	$938.2M	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,549.2	−0.004%	$8.2M	$42.0M	25x	as long as short
BingX BTC-USDTshort	+0.0056%	8h	85,587.7	+0.041%	—	$1.56B	—
Reya BTCRUSDPERP	+0.0061%	1h	85,549	−0.004%	$6.7M	$146.3M	40x	as long as short
SunX BTC-USDT	+0.0069%	8h	85,547.1	−0.006%	$2.9M	$6.6M	100x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,612.9	+0.071%	$2.95B	$5.05B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,572.1	+0.023%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,581.4	+0.034%	$5.07B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,601.9	+0.058%	$9.32B	$24.21B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,571.9	+0.023%	$170.2M	$995.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,583.1	+0.036%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,526	−0.031%	$8.4M	$51.9M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,561.4	+0.011%	$3.8M	$8.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,497	−0.065%	$202K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,648	+0.112%	$3.76B	$4.91B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,555.1	+0.003%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,612.8	+0.071%	$5.32B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,600	+0.056%	$2.55B	$12.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,511	−0.048%	$3.9M	$18.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,491.4	−0.071%	$7.2M	$96.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,599.5	+0.055%	$5.58B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,582.2	+0.035%	$35.1M	$166.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,606.4	+0.063%	$156.1M	$555.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,617.7	+0.076%	$278.5M	$936.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,617.3	+0.076%	$214.8M	$163.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,622.2	+0.082%	$140.0M	$318.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,615.6	+0.074%	$30.3M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,598.7	+0.054%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,542	−0.012%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,575.8	+0.027%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,569.4	+0.020%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,613.6	+0.072%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,576.7	+0.028%	$30.0M	$56.1M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,575	+0.027%	$59.9M	$336.6M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,581.2	+0.034%	$151.3M	$480.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	+0.142%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,596.5	+0.052%	$43.7M	$227.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,571.2	+0.022%	—	$102.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,610.1	+0.068%	$130.9M	$5.11B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,601.9	+0.058%	$187.4M	$959.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	85,604.7	+0.061%	$678K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0175%	1h	85,630.4	+0.091%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,574.9	+0.026%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,583	+0.036%	$10.3M	$766.3M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0244%	1h	85,619.1	+0.078%	$894.9M	$1.54B	50x	as long as short
Perpl BTClong	+0.0447%	43m	85,552.3	long leg	$511K	$20.1M	6.7x