Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.009%

Price spread now: BingX against Arcus−0.035%7-day average −0.071% · 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−$12as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Arcus Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.054%−$5 on $10k

Price spread, last 7 days−0.036%−$4 · spread now −0.035%, 7d avg −0.071%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.036% dearer against Arcus than usual: you sell high and buy low (spread −0.035% now, against its 7-day average of −0.071%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,159.5	0.0100	pay 0.0013% / 1h	33m 23s	$4.6M	$99.2M	40x
Short	BingX BTC-USDC	85,129.4	0.0066	get 0.0066% / 8h	2h 33m	—	$17.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Arcus. 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 ArcusbpFee BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$7.14
Price spread: −0.035% → −0.071%: $3.61
Slippage, 4 orders: −$0.68
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$18.72
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Arcus: live order book, 1 min ago; BingX: live order book, 5 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 Arcus live order book, 1 min ago	0.01 bp	2.4 bp −$2	2.9 bp −$29	3.2 bp −$319	doesn't fit
Sell BingX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.4 bp −$54	6.8 bp −$676	7.8 bp −$3,908

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
Perpl BTC	−0.0112%	43m	85,136.5	−0.027%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	+0.021%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,169	+0.011%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,125.1	−0.040%	$921.4M	$763.5M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,308.7	+0.175%	$421.3M	$680.3M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,141.8	−0.021%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,141.2	−0.022%	$511.9M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,179.7	+0.024%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,158.7	−0.001%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,138.1	−0.025%	$24.5M	$222.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.077%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,182.2	+0.027%	$187.1M	$956.0M	100x	as long as short
BingX BTC-USDCshort	+0.0066%	8h	85,129.4	−0.035%	—	$17.3M	—
SoDEX BTC-USD	+0.0066%	1h	85,165	+0.006%	$59.6M	$335.9M	40x	as long as short
Bullet BTC-USD	+0.0075%	1h	85,147	−0.015%	$205K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,173.1	+0.016%	$148.9M	$503.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,161.6	+0.002%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0083%	8h	85,141.7	−0.021%	$2.94B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,144.3	−0.018%	$5.05B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,137.5	−0.026%	$9.40B	$24.84B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	85,206.5	+0.055%	$872.3M	$1.61B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,144.6	−0.017%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,151.1	−0.010%	$23.7M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,132	−0.032%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,207.6	+0.056%	$117.1M	$5.33B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,126	−0.039%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,202.3	+0.050%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,221	+0.072%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,173.4	+0.016%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,135.4	−0.028%	$5.15B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,151	−0.010%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,147	−0.015%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,159.5	long leg	$4.6M	$99.2M	40x
Bulk BTC-USD	+0.0100%	1h	85,324.1	+0.193%	$679.5M	$626.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,153.4	−0.007%	$5.51B	$10.89B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,156.1	−0.004%	$36.0M	$174.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.122%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,291.2	+0.155%	$279.1M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,264.2	+0.123%	$214.3M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,313.3	+0.181%	$139.4M	$315.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,252.4	+0.109%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,226.1	+0.078%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,151	−0.010%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,173.1	+0.016%	$2.5M	$9.2M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,214	+0.064%	$217K	$750K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,149.6	−0.012%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176	+0.019%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,161.5	+0.002%	$2.25B	$951.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,127.4	−0.038%	$45.4M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,229.7	+0.082%	—	$107.1M	500x	as long as short
Reya BTCRUSDPERP	+0.0113%	1h	85,138.6	−0.025%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,154.2	−0.006%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,268	+0.127%	$11.3M	$747.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0213%	1h	85,274.5	+0.135%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.8	+0.080%	$718K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,181.6	+0.026%	$8.6M	$43.1M	25x	as long as short