Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0636%/8h= +69.6% APRpaid last 24h +0.073%

Price spread now: BingX against Deribit+0.039%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.039%, 7d avg −0.033%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and BingX is 0.073% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.282% in total (about 15.5% 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	Deribit OP_USDC-PERPETUAL	0.1271	−0.0536	get 0.0067% / 1h	25m 53s	$42K	$171K	25x
Short	BingX OP-USDT	0.1272	0.0100	get 0.0100% / 8h	25m 53s	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now +0.039%Rate

Funding earned: $133.56
Price spread: +0.039% → −0.033%: $7.27
Slippage, 4 orders: −$30.37
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $93.47
Costs to cover: 0.474%
Break-even: 2.1 days

Slippage from Deribit: live order book, 53 min ago; BingX: live order book, 12 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 Deribit live order book, 53 min ago	11.71 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	0.39 bp	9.8 bp −$10	15.2 bp −$152	70.6 bp −$7,060	346.8 bp −$173.4K

OP on 30 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
Injective OP/USDC PERP	−0.1633%	1h	0.1272	+0.079%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1271	+0.037%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALlong	−0.0536%	1h	0.1271	long leg	$42K	$171K	25x
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1273	+0.157%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1277	+0.507%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1272	+0.077%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1271	0.000%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1275	+0.327%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1273	+0.165%	$295K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1273	+0.197%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1273	+0.124%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	+0.079%	$20.6M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	+0.008%	$18.4M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1272	+0.071%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.079%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1272	+0.047%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	−0.079%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1272	+0.079%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1272	+0.039%	—	$6.8M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	−0.008%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	+0.657%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	+0.602%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	+0.629%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1271	+0.016%	$194	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.118%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1272	+0.040%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1271	+0.028%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1277	+0.504%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0359%	1h	0.1273	+0.190%	$799K	$747K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1274	+0.253%	$709	—	20x	as long as short