Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h −0.027%

Price spread now: BingX against Aftermath Perps−0.045%47s7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.300% of the position

Long on Aftermath Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.091%−$9 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now −0.045%, 7d avg −0.047%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,521.2	0.0203	pay 0.0025% / 1h	40m 42s	$78K	$219K	20x
Short	BingX BTC-USDC	85,482.8	0.0060	get 0.0060% / 8h	4h 40m	—	$17.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Aftermath Perps. 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 Aftermath PerpsbpFee BingXbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$30.08
Price spread: −0.045% → −0.047%: $0.17
Slippage, 4 orders: −$11.03
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$59.94
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 19 min ago; BingX: live order book, 13 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 Aftermath Perps live order book, 19 min ago	1.00 bp	10.1 bp −$10	14.6 bp −$146	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	6.2 bp −$619	7.4 bp −$3,680

BTC on 56 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
Bluefin BTC-PERP	−0.0434%	1h	85,519.1	−0.002%	$207K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.159%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,511	−0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,501.5	−0.023%	$366K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,454.3	−0.078%	$416.4M	$665.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0008%	8h	85,487.5	−0.039%	$919.5M	$750.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,481.7	−0.046%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,490	−0.037%	$515.2M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	85,483.8	−0.044%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.8	−0.036%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0060%	1h	85,453.5	−0.079%	$22.7M	$219.1M	50x	as long as short
BingX BTC-USDCshort	+0.0060%	8h	85,482.8	−0.045%	—	$17.1M	—
Bitget BTCUSDT	+0.0076%	8h	85,503.3	−0.021%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,447.8	−0.086%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,463.1	−0.068%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,511.5	−0.011%	$5.05B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,511.7	−0.011%	$9.35B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,518.4	−0.003%	$173.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,511.7	−0.011%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,448	−0.086%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	−0.046%	$226K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,547.1	+0.030%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,573	+0.061%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,532.6	+0.013%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,511.4	−0.011%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,519.5	−0.002%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,513	−0.010%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,512.3	−0.010%	$5.54B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,471.2	−0.058%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	−0.079%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.007%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	−0.012%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.001%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.011%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,499	−0.026%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,443	−0.091%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,471.9	−0.058%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,471.8	−0.058%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,470.1	−0.060%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450	−0.083%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,474	−0.055%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,454.3	−0.078%	$2.26B	$940.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,475.9	−0.053%	$149.9M	$484.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	−0.009%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,477.8	−0.051%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,449.9	−0.083%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,513.8	−0.009%	$117.0M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.021%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,499.8	−0.025%	$188.4M	$954.2M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,475.2	−0.054%	$13.4M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,530.2	+0.010%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	−0.022%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0203%	1h	85,521.2	long leg	$78K	$219K	20x
Deribit BTC-PERPETUAL	+0.0210%	1h	85,525.4	+0.005%	$893.9M	$1.53B	50x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,474	−0.055%	$10.4M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,452.5	−0.080%	$497K	$18.9M	6.7x	as long as short