Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Bybit+0.173%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$249as in the Funding arb table

Net, price: spread back to 7d avg − costs−$249as in the Price arb table

costs, in and out, $10k−$2622.616% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$13 on $10k

Price spread, last 7 days−0.161%−$16 · spread now +0.173%, 7d avg +0.047%

Together, before fees−0.035%−$4 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: BingX is 0.126% dearer against Bybit than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1501	0.0100	pay 0.0050% / 4h	2h 39m	$1.1M	$863K	25x
Short	BingX IO-USDT	0.1504	0.0100	get 0.0050% / 4h	2h 39m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now +0.173%Rate

Funding earned: $0
Price spread: +0.173% → +0.047%: $12.59
Slippage, 4 orders: −$240.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$249.05
Costs to cover: 2.616%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; BingX: live order book, 7 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 Bybit live order book, 1 min ago	6.66 bp	104.7 bp −$105	453.0 bp −$4,530	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	6.66 bp	25.2 bp −$25	66.0 bp −$660	466.0 bp −$46.6K	704.2 bp −$352.1K

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
Injective IO/USDC PERP	−0.0157%	1h	0.1503	+0.107%	$2K	$101	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1504	+0.193%	$1.0M	$392K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1505	+0.210%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1504	+0.191%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1501	long leg	$1.1M	$863K	25x
Gate IO_USDT	+0.0100%	4h	0.1505	+0.206%	$230K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1502	+0.040%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1503	+0.107%	$401K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1504	+0.173%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDTshort	+0.0100%	4h	0.1504	+0.173%	—	$1.3M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1502	+0.007%	$30K	$5K	—	as long as short
BloFin IO-USDT	+0.0103%	4h	0.1506	+0.306%	$192K	$30K	50x	as long as short
Extended IO-USD	+0.0104%	1h	0.1504	+0.178%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+0.5462%	1h	0.1505	+0.258%	$39K	$21K	10x	as long as short