Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against BingX−0.031%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1791.791% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.031%, 7d avg −0.011%

Together, before fees−0.103%+ Points / potential airdropExtended: Active · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.020% cheaper against BingX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX IO-USDT	0.1500	0.0100	pay 0.0050% / 4h	2h 55m	—	$1.3M	—
Short	Extended IO-USD	0.1500	0.0104	get 0.0013% / 1h	55m 53s	$2K	$131K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee ExtendedbpOrdersPrice spread, now −0.031%Rate

Funding earned: $0.84
Price spread: −0.031% → −0.011%: −$2.02
Slippage, 4 orders: −$164.13
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$180.31
Costs to cover: 1.791%
Break-even: 1509.6 days

Slippage from BingX: live order book, 5 min ago; Extended: 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 BingX live order book, 5 min ago	6.64 bp	20.7 bp −$21	58.1 bp −$581	446.8 bp −$44.7K	570.1 bp −$285.0K
Sell Extended live order book, 10 min ago	6.57 bp	73.8 bp −$74	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
Hyperliquid IO	+0.0100%	1h	0.1498	−0.120%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1498	−0.104%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1500	−0.006%	$3.0M	$6.7M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1497	−0.167%	$1.1M	$914K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1497	−0.173%	$234K	$539K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1498	−0.133%	$1.1M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1499	−0.067%	$354K	$682K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1500	0.000%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDTlong	+0.0100%	4h	0.1500	long leg	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1495	−0.349%	$30K	$11K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USDshort	+0.0104%	1h	0.1500	−0.031%	$2K	$131K	5x
BloFin IO-USDT	+0.0132%	4h	0.1506	+0.400%	$194K	$33K	50x	as long as short
Injective IO/USDC PERP	+0.1587%	1h	0.1509	+0.600%	$2K	$199	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.1820%	1h	0.1501	+0.047%	$39K	$18K	10x	as long as short