Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1364%/8h= −149.4% APRpaid last 24h −0.660%

Price spread now: Coinbase International against BingX−2.745%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Coinbase International

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

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Coinbase International is 2.745% cheaper against BingX than usual: you would sell low and buy high (−$275 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX S-USDT	0.03934	0.0100	pay 0.0050% / 4h	2h 15m	—	$6.8M	—
Short	Coinbase International S-PERP-INTX	0.03826	−0.1264	pay 0.0158% / 1h	15m 19s	$47K	$5K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −2.745%Rate

Funding earned: −$286.44
Price spread: −2.745% → 0.000%: −$274.53
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$580.97
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 min ago; Coinbase International: no order-book sample. 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 BingX live order book, 7 min ago	3.83 bp	21.5 bp −$21	54.5 bp −$545	445.6 bp −$44.6K	752.1 bp −$376.1K
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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.

S on 25 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
Kraken Futures PF_SUSD	−0.1451%	1h	0.03933	−0.018%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1264%	1h	0.03826	−2.745%	$47K	$5K	25x
Variational Omni S	−0.0878%	4h	0.03928	−0.157%	$611K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0184%	1h	0.03940	+0.160%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03935	+0.020%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0013%	4h	0.03938	+0.102%	$99K	$342K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03940	+0.153%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03943	+0.229%	$66K	$10K	10x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03930	−0.102%	$24K	$3K	5x	as long as short
Aster SUSDT	+0.0020%	4h	0.03940	+0.145%	$43K	$212K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.220%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03940	+0.153%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03934	+0.005%	$994K	$899K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03936	+0.051%	$5.4M	$23.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03931	−0.076%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03936	+0.051%	$981K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03931	−0.076%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03937	+0.076%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03932	−0.051%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03937	+0.076%	$1.2M	$3.0M	50x	as long as short
BingX S-USDTlong	+0.0100%	4h	0.03934	long leg	—	$6.8M	—
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.153%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03935	+0.025%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03934	0.000%	$268K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0342%	1h	0.03940	+0.153%	$115K	$294K	5x	as long as short