Funding arb · Price arb /

DOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.001%

Price spread now: BingX against Backpack−0.101%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now −0.101%, 7d avg −0.024%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.077% cheaper against Backpack than usual: you would sell low and buy high (spread −0.101% now, against its 7-day average of −0.024%). If the spread goes back, that is −$8 on $10k: about 26 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.050% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.050% in total (about 2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack DOT_USDC_PERP	1.1873	−0.0139	get 0.0017% / 1h	58m 19s	$93K	$129K	10x
Short	BingX DOT-USDT	1.1861	0.0100	get 0.0100% / 8h	4h 58m	—	$29.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.101%Rate

Funding earned: $50.16
Price spread: −0.101% → −0.024%: −$7.72
Slippage, 4 orders: −$10.68
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $11.75
Costs to cover: 0.307%
Break-even: 5.4 days

Slippage from Backpack: live order book, 65 min ago; BingX: live order book, 10 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 Backpack live order book, 65 min ago	0.42 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.42 bp	5.4 bp −$5	13.0 bp −$130	47.3 bp −$4,732	216.1 bp −$108.0K

DOT on 29 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
Deribit DOT_USDC-PERPETUAL	−0.2440%	1h	1.1865	−0.067%	$226K	$114K	50x	as long as short
Coinbase International DOT-PERP-INTX	−0.0608%	1h	1.1860	−0.109%	$195K	$1.9M	50x	as long as short
Reya DOTRUSDPERP	−0.0166%	1h	1.1859	−0.116%	$257	—	—	as long as short
Backpack DOT_USDC_PERPlong	−0.0139%	1h	1.1873	long leg	$93K	$129K	10x
dYdX DOT-USD	0.0000%	1h	1.1885	+0.102%	$143K	$6K	10x	as long as short
gTrade (Gains Network) DOT/USD	L 0.0000% / S +0.0004%	1h	1.1864	−0.079%	$3K	—	150x	as long as short
Injective DOT/USDC PERP	+0.0033%	1h	1.2020	+1.238%	$328	$121K	12x	as long as short
Lighter DOT	+0.0096%	1h	1.1853	−0.166%	$268K	$632K	10x	as long as short
OKX DOT-USDT-SWAP	+0.0100%	8h	1.1843	−0.253%	$9.4M	$24.0M	50x	as long as short
Hyperliquid DOT	+0.0100%	1h	1.1870	−0.025%	$5.3M	$3.5M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster DOTUSDT	+0.0100%	8h	1.1876	+0.027%	$857K	$709K	50x	as long as short
Binance DOTUSDT	+0.0100%	8h	1.1846	−0.224%	$43.5M	$85.0M	75x	as long as short
Bybit DOTUSDT	+0.0100%	8h	1.1842	−0.261%	$24.4M	$19.0M	75x	as long as short
Gate DOT_USDT	+0.0100%	8h	1.1870	−0.025%	$6.7M	$11.7M	75x	as long as short
MEXC DOT_USDT	+0.0100%	8h	1.1865	−0.067%	$34.7M	$50.4M	300x	as long as short
KuCoin DOTUSDTM	+0.0100%	8h	1.1875	+0.017%	$6.5M	$9.1M	75x	as long as short
Bitget DOTUSDT	+0.0100%	8h	1.1850	−0.194%	$22.6M	$14.8M	75x	as long as short
BingX DOT-USDTshort	+0.0100%	8h	1.1861	−0.101%	—	$29.7M	—
Variational Omni DOT	+0.0100%	8h	1.1873	+0.001%	$540K	$58K	—	as long as short
edgeX DOTUSDC	+0.0100%	4h	1.1871	−0.016%	$35K	$336K	20x	as long as short
GRVT DOT_USDT_Perp	+0.0100%	8h	1.1874	+0.008%	$226K	$407K	10x	as long as short
Orderly PERP_DOT_USDC	+0.0100%	8h	1.1860	−0.109%	$8K	$24K	10x	as long as short
SunX DOT-USDT	+0.0100%	8h	1.1870	−0.025%	$2K	$1.3M	20x	as long as short
HTX DOT-USDT	+0.0100%	8h	1.1877	+0.034%	$258K	$242K	75x	as long as short
Extended DOT-USD	+0.0104%	1h	1.1850	−0.191%	$14K	$303K	25x	as long as short
Phemex DOTUSDT	+0.0208%	8h	1.1860	−0.109%	$2.3M	$2.2M	50x	as long as short
Kraken Futures PF_DOTUSD	+0.0214%	1h	1.1860	−0.113%	$4.4M	$1.5M	50x	as long as short
BloFin DOT-USDT	+0.0220%	8h	1.1867	−0.051%	$2.2M	$873K	75x	as long as short
GMX DOT/USD [WBTC.b-USDC]	L +0.0302% / S −0.1012%	1h	1.1863	−0.081%	$22K	—	100x	as long as short