Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h −0.150%

Price spread now: Bluefin against BingX+0.082%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.082%, 7d avg −0.019%

Together, before fees−0.389%−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bluefin is 0.101% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.019%. Mind the row above: over the last 7 days funding on this pair cost −0.237%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	85,536.5	0.0064	pay 0.0064% / 8h	3h 20m	—	$1.54B	—
Short	Bluefin BTC-PERP	85,606.6	0.0100	get 0.0013% / 1h	20m 44s	$207K	$738K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.082%Rate

Funding earned: $7.56
Price spread: +0.082% → −0.019%: $10.11
Slippage, 4 orders: −$8.4
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$7.73
Costs to cover: 0.254%
Break-even: 14.2 days

Slippage from BingX: live order book, 3 min ago; Bluefin: live order book, 33 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 BingX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$526	5.3 bp −$2,667
Sell Bluefin live order book, 33 min ago	1.83 bp	8.7 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit

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
Phoenix BTC	−0.0140%	1h	85,468	−0.080%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,558	+0.025%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,529.3	−0.008%	$919.3M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,543.9	+0.009%	$420.0M	$676.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,560.2	+0.028%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,519	−0.020%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,517.5	−0.022%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,525.1	−0.013%	$24.5M	$223.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,569.7	+0.039%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0034%	1h	85,537	+0.001%	$16.8M	$21.2M	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	+0.0044%	1h	85,552	+0.018%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,542	+0.006%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDTlong	+0.0064%	8h	85,536.5	long leg	—	$1.54B	—
Phemex BTCUSDT	+0.0066%	8h	85,543.6	+0.008%	$148.6M	$495.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,532.8	−0.004%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,593.4	+0.066%	$872.0M	$1.60B	50x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,532.2	−0.005%	$9.45B	$24.43B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,536.9	0.000%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,551.7	+0.018%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,548.5	+0.014%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,544	+0.009%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,535.9	−0.001%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,529	−0.009%	$231K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,593.6	+0.067%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,621	+0.099%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.7	+0.048%	$40.1M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,532.8	−0.004%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,541.4	+0.006%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,539	+0.003%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,543.6	+0.008%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,539.6	+0.004%	$5.53B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,536.9	0.000%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	−0.002%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431.3	−0.123%	$279.0M	$929.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.113%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,456.2	−0.094%	$139.8M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468.5	−0.079%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,583.4	+0.055%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	+0.015%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,553.2	+0.020%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,544	+0.009%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,606.6	+0.082%	$207K	$738K	40x
Derive BTC-PERP	+0.0100%	1h	85,541.8	+0.006%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,527.6	−0.010%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,544.7	+0.010%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.105%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,537.4	+0.001%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,507	−0.035%	$45.6M	$234.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,526.8	−0.011%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,577.8	+0.048%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,567.5	+0.036%	$188.0M	$956.9M	100x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,532	−0.005%	$11.5M	$754.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,581.2	+0.052%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,565.8	+0.034%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,488	−0.057%	$696K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0253%	1h	85,515.8	−0.024%	$78K	$222K	20x	as long as short