Funding arb · Price arb /

PIPPIN

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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 +0.206%

Price spread now: Bitget against HTX+0.476%7-day average — · you sell dearer than you buy

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

Long on HTX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.476% dearer against HTX than usual: you sell high and buy low, +$48 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PIPPIN-USDT	0.01890	0.0100	pay 0.0050% / 4h	2h 58m	$34K	$16K	20x
Short	Bitget PIPPINUSDT	0.01899	0.0100	get 0.0050% / 4h	2h 58m	$1.6M	$352K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against HTX. 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 HTXbpFee BitgetbpOrdersPrice spread, now +0.476%Rate

Funding earned: $0
Price spread: +0.476% → 0.000%: $47.62
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $23.62
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: HTX: no order-book sample; Bitget: live order book, 3 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 HTX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	2.63 bp	22.2 bp −$22	207.6 bp −$2,076	doesn't fit	doesn't fit

HTX: 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.

PIPPIN on 13 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
Aster PIPPINUSDT	+0.0100%	4h	0.01902	+0.643%	$111K	$32K	5x	as long as short
Bitget PIPPINUSDTshort	+0.0100%	4h	0.01899	+0.476%	$1.6M	$352K	10x
SunX PIPPIN-USDT	+0.0100%	4h	0.01897	+0.370%	$1K	$9.7M	20x	as long as short
HTX PIPPIN-USDTlong	+0.0100%	4h	0.01890	long leg	$34K	$16K	20x
OKX PIPPIN-USDT-SWAP	+0.0110%	4h	0.01897	+0.370%	$1.6M	$3.3M	20x	as long as short
BloFin PIPPIN-USDT	+0.0127%	4h	0.01899	+0.476%	$251K	$25K	25x	as long as short
Pacifica PIPPIN	+0.0134%	1h	0.01901	+0.561%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0142%	4h	0.01897	+0.368%	$5.3M	$4.6M	25x	as long as short
MEXC PIPPIN_USDT	+0.0142%	4h	0.01897	+0.370%	$2.5M	$757K	50x	as long as short
KuCoin PIPPINUSDTM	+0.0190%	4h	0.01900	+0.529%	$2.1M	$3.4M	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PIPPINUSDT	+0.0247%	4h	0.01899	+0.476%	$3.6M	$1.3M	13x	as long as short
BingX PIPPIN-USDT	+0.0352%	4h	0.01904	+0.741%	—	$1.3M	—	as long as short
Gate PIPPIN_USDT	+0.0622%	4h	0.01900	+0.529%	$1.8M	$304K	20x	as long as short