Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h +0.020%

Price spread now: Bullet against BingX+0.017%7-day average +0.047% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$180.185% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.008%+$1 · spread now +0.017%, 7d avg +0.047%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.029% cheaper against BingX than usual: you would sell low and buy high (spread +0.017% now, against its 7-day average of +0.047%). If the spread goes back, that is −$3 on $10k: about 33 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	86,544.1	0.0029	pay 0.0029% / 8h	2h 04m	—	$15.4M	—
Short	Bullet BTC-USD	86,559	0.0100	get 0.0013% / 1h	4m 26s	$191K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.017%Rate

Funding earned: $14.91
Price spread: +0.017% → +0.047%: −$2.95
Slippage, 4 orders: −$0.46
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$6.49
Costs to cover: 0.185%
Break-even: 10.0 days

Slippage from BingX: live order book, 4 min ago; Bullet: 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 BingX live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.4 bp −$54	6.1 bp −$606	7.4 bp −$3,718
Sell Bullet live order book, 5 min ago	0.06 bp	4.2 bp −$4	7.6 bp −$76	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
Aftermath Perps BTCUSD	−0.0255%	1h	86,618	+0.085%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,582.2	+0.044%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	+0.011%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	+0.009%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	+0.055%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,542.5	−0.002%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	+0.041%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	+0.059%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	+0.043%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,545.8	+0.002%	$850.6M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	+0.014%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDClong	+0.0029%	8h	86,544.1	long leg	—	$15.4M	—
Phemex BTCUSDT	+0.0032%	8h	86,563.2	+0.022%	$149.6M	$472.0M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,559.5	+0.018%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.261%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,559.6	+0.018%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,558.8	+0.017%	$5.18B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558.4	+0.017%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	+0.049%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,562.1	+0.021%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,563.9	+0.023%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,571.8	+0.032%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,581	+0.043%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	+0.018%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,568	+0.028%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	+0.006%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	+0.077%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.5	+0.017%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,631	+0.100%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	+0.058%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	+0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.103%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.160%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	+0.021%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	+0.002%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.089%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.080%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.057%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	+0.014%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.3	+0.079%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	+0.018%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,559	+0.017%	$191K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	+0.034%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	+0.049%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	+0.028%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	+0.021%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,559	+0.017%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.3	+0.011%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,552.1	+0.009%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	+0.047%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,596	+0.060%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,612.4	+0.079%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,598	+0.062%	$9.5M	$727.6M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	+0.059%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	+0.017%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,573	+0.033%	$15.0M	—	200x	as long as short