Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.017%

Price spread now: Perpl against BingX+0.048%7-day average +0.058% · you sell dearer than you buy

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

Long on BingX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.048%, 7d avg +0.058%

Together, before fees+0.407%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.367%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	86,601.5	0.0029	pay 0.0029% / 8h	2h 09m	—	$15.4M	—
Short	Perpl BTC	86,643.1	−0.0223	pay 0.0020% / 43m	39m 33s	$427K	$24.6M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$52.97
Price spread: +0.048% → +0.058%: −$0.98
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$77.75
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 14 min ago; Perpl: 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, 14 min ago	0.02 bp	5.0 bp −$5	5.5 bp −$55	6.8 bp −$676	8.2 bp −$4,102
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

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	−0.0249%	1h	86,701.3	+0.115%	$85K	$188K	20x	as long as short
Perpl BTCshort	−0.0223%	43m	86,643.1	+0.048%	$427K	$24.6M	6.7x
Phoenix BTC	−0.0103%	1h	86,670	+0.079%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,672	+0.081%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,646.1	+0.052%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,641.7	+0.046%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,661.6	+0.069%	$928.3M	$1.47B	50x	as long as short
Aster BTCUSDT	+0.0002%	8h	86,600	−0.002%	$505.6M	$1.16B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,699.7	+0.113%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,609.1	+0.009%	$850.9M	$708.3M	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	86,610.5	+0.010%	$6.7M	$144.5M	40x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,644.9	+0.050%	$150.1M	$471.8M	150x	as long as short
BingX BTC-USDClong	+0.0029%	8h	86,601.5	long leg	—	$15.4M	—
Bitget BTCUSDT	+0.0036%	8h	86,607.2	+0.007%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.195%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,627.7	+0.030%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,613.9	+0.014%	$5.20B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,613.2	+0.013%	$9.43B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,634.2	+0.038%	$9.3M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,610.1	+0.010%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,611.3	+0.011%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0093%	8h	86,619.9	+0.021%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,622.9	+0.025%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,640.9	+0.045%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,613	+0.013%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,609	+0.009%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,671.6	+0.081%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,606.6	+0.006%	$21.6M	$235.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,689.6	+0.102%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650.8	+0.057%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,612	+0.012%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,687.3	+0.099%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.093%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.9	+0.026%	$38.2M	$149.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.082%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,681.2	+0.092%	$280.0M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.4	+0.092%	$217.5M	$186.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,695.9	+0.109%	$141.5M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,717.6	+0.134%	$30.8M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.8	+0.089%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,616	+0.017%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,612	+0.012%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,662.4	+0.070%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,678.1	+0.088%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,696.2	+0.109%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,675.1	+0.085%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,628	+0.031%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,662.8	+0.071%	$2.30B	$959.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,604.3	+0.003%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,704.8	+0.119%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,656.9	+0.064%	$187.4M	$934.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,678.7	+0.089%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	86,697	+0.110%	$9.5M	$727.7M	6.4x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,682.4	+0.093%	$416.7M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,692.9	+0.106%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,702.6	+0.117%	$779K	$7.9M	30x	as long as short