Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0639%/8h= +70.0% APRpaid last 24h +0.070%

Price spread now: BingX against Deribit−0.237%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$210as in the Funding arb table

Net, price: spread back to 7d avg − costs−$262as in the Price arb table

costs, in and out, $10k−$2382.379% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.237% cheaper against Deribit than usual: you would sell low and buy high (spread −0.237% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 30 hours of funding at the current rate (+$19 a day). At the pace of the last 7 days (+0.283% in total) that is about 5.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.283% in total (about 15.5% 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	Deribit OP_USDC-PERPETUAL	0.1266	−0.0539	get 0.0067% / 1h	41m 46s	$42K	$171K	25x
Short	BingX OP-USDC	0.1263	0.0100	get 0.0100% / 8h	7h 41m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.237%Rate

Funding earned: $134.19
Price spread: −0.237% → 0.000%: −$23.7
Slippage, 4 orders: −$220.9
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$127.41
Costs to cover: 2.379%
Break-even: 13.6 days

Slippage from Deribit: live order book, 32 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 Deribit live order book, 32 min ago	3.93 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	7.90 bp	112.2 bp −$112	899.8 bp −$8,998	1119.2 bp −$111.9K	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1656%	1h	0.1261	−0.395%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1266	+0.009%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALlong	−0.0539%	1h	0.1266	long leg	$42K	$171K	25x
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.316%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0099%	8h	0.1262	−0.332%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.097%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	0.000%	—	—	150x	as long as short
Variational Omni OP	+0.0052%	8h	0.1266	+0.004%	$231K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1265	−0.079%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1264	−0.174%	$283K	$947K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1265	−0.087%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	−0.064%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	−0.206%	$20.4M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1262	−0.324%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1265	−0.047%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	−0.126%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1265	−0.079%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	−0.079%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDCshort	+0.0100%	8h	0.1263	−0.237%	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1266	−0.024%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1267	+0.094%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1268	+0.150%	$308K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.079%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1266	+0.024%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	+0.008%	$175K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.203%	$102K	$306K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	+0.039%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1266	−0.016%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0383%	1h	0.1267	+0.114%	$800K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1265	−0.107%	$703	—	20x	as long as short