Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0462%/8h= −50.6% APRpaid last 24h −0.012%

Price spread now: Bybit against BingX−0.058%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1321.317% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.058%, 7d avg −0.004%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.054% cheaper against BingX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX GMT-USDT	0.008562	0.0050	pay 0.0025% / 4h	44m 16s	—	$1.3M	—
Short	Bybit GMTUSDT	0.008557	−0.0412	pay 0.0412% / 8h	4h 44m	$1.1M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$96.97
Price spread: −0.058% → −0.004%: −$5.4
Slippage, 4 orders: −$110.71
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$234.07
Costs to cover: 1.317%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Bybit: live order book, 2 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, 14 min ago	1.18 bp	22.0 bp −$22	68.6 bp −$686	606.7 bp −$60.7K	886.3 bp −$443.1K
Sell Bybit live order book, 2 min ago	4.08 bp	39.8 bp −$40	190.5 bp −$1,905	doesn't fit	doesn't fit

GMT on 12 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
Kraken Futures PF_GMTUSD	−0.1474%	1h	0.008567	+0.053%	$45K	$14K	20x	as long as short
KuCoin GMTUSDTM	−0.0596%	4h	0.008560	−0.023%	$280K	$191K	50x	as long as short
Bybit GMTUSDTshort	−0.0412%	8h	0.008557	−0.058%	$1.1M	$2.0M	50x
OKX GMT-USDT-SWAP	−0.0359%	4h	0.008556	−0.070%	$396K	$1.2M	20x	as long as short
Aster GMTUSDT	−0.0098%	4h	0.008577	+0.179%	$7K	$22K	10x	as long as short
Variational Omni GMT	−0.0062%	8h	0.008578	+0.192%	$4K	$5K	—	as long as short
Bitget GMTUSDT	+0.0004%	4h	0.008556	−0.070%	$675K	$653K	50x	as long as short
BingX GMT-USDTlong	+0.0050%	4h	0.008562	long leg	—	$1.3M	—
Gate GMT_USDT	+0.0077%	8h	0.008560	−0.023%	$147K	$176K	50x	as long as short
Hyperliquid GMT	+0.0100%	1h	0.008558	−0.047%	$114K	$153K	3x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance GMTUSDT	+0.0100%	4h	0.008559	−0.035%	$2.9M	$5.2M	50x	as long as short
MEXC GMT_USDT	+0.0100%	4h	0.008561	−0.012%	$436K	$208K	20x	as long as short