Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Gate−0.067%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1311.311% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.095%+$10 · spread now −0.067%, 7d avg +0.009%

Together, before fees+0.127%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.075% cheaper against Gate than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IO_USDT	0.1498	0.0100	pay 0.0050% / 4h	3h 50m	$230K	$443K	50x
Short	BingX IO-USDT	0.1497	0.0100	get 0.0050% / 4h	3h 50m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → +0.009%: −$7.55
Slippage, 4 orders: −$106.15
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$138.69
Costs to cover: 1.311%
Break-even: never at this rate

Slippage from Gate: live order book, 46 min ago; BingX: live order book, 9 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 Gate live order book, 46 min ago	6.39 bp	36.4 bp −$36	13209.4 bp −$132.1K	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	6.70 bp	23.6 bp −$24	59.3 bp −$593	453.6 bp −$45.4K	doesn't fit

IO on 14 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
Hyperliquid IO	+0.0100%	1h	0.1498	+0.007%	$1.0M	$275K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1497	−0.085%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1496	−0.123%	$3.0M	$4.9M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1495	−0.200%	$1.1M	$629K	25x	as long as short
Gate IO_USDTlong	+0.0100%	4h	0.1498	long leg	$230K	$443K	50x
MEXC IO_USDT	+0.0100%	4h	0.1495	−0.200%	$1.2M	$212K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1496	−0.134%	$343K	$195K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1498	0.000%	$1.4M	$957K	50x	as long as short
BingX IO-USDTshort	+0.0100%	4h	0.1497	−0.067%	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1495	−0.183%	$30K	$18K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1496	−0.126%	$692	$212K	5x	as long as short
BloFin IO-USDT	+0.0137%	4h	0.1499	+0.067%	$193K	$33K	50x	as long as short
Injective IO/USDC PERP	+0.0277%	1h	0.1492	−0.401%	$2K	$196	5.5x	as long as short
Kraken Futures PF_IOUSD	+3.9829%	1h	0.1499	+0.054%	$39K	$7K	10x	as long as short