Funding arb · Price arb /

PIPPIN

all PIPPIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0046%/8hnext payment −$0.23 per $10,000 · paid last 24h −0.070%

Price spread now: Bitget against BingX+0.053%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on BingX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.488%−$49 on $10k

Price spread, last 7 days+0.024%+$2 · spread now +0.053%, 7d avg −0.040%

Together, before fees−0.464%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.093% dearer against BingX than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.040%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.7 days. At the pace of the last 7 days (−0.488% in total) that is about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PIPPIN-USDT	0.01899	0.0146	pay 0.0073% / 4h	7m 05s	—	$1.3M	—
Short	Bitget PIPPINUSDT	0.01900	0.0100	get 0.0050% / 4h	7m 05s	$1.6M	$356K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$9.66
Price spread: +0.053% → −0.040%: $9.26
Slippage, 4 orders: −$76.69
Fee BingX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$99.09
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from BingX: live order book, 16 min ago; Bitget: live order book, 4 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, 16 min ago	2.63 bp	27.3 bp −$27	129.3 bp −$1,293	717.2 bp −$71.7K	doesn't fit
Sell Bitget live order book, 4 min ago	2.63 bp	27.6 bp −$28	189.2 bp −$1,892	doesn't fit	doesn't fit

PIPPIN on 13 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
BloFin PIPPIN-USDT	+0.0058%	4h	0.01900	+0.053%	$254K	$25K	25x	as long as short
Aster PIPPINUSDT	+0.0100%	4h	0.01898	−0.063%	$110K	$32K	5x	as long as short
Pacifica PIPPIN	+0.0100%	1h	0.01896	−0.158%	$18K	$9K	3x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01899	−0.025%	$5.3M	$4.5M	25x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01898	−0.053%	$2.5M	$761K	50x	as long as short
KuCoin PIPPINUSDTM	+0.0100%	4h	0.01900	+0.053%	$2.2M	$3.7M	25x	as long as short
Bitget PIPPINUSDTshort	+0.0100%	4h	0.01900	+0.053%	$1.6M	$356K	10x
SunX PIPPIN-USDT	+0.0100%	4h	0.01900	+0.053%	$2K	$9.7M	20x	as long as short
HTX PIPPIN-USDT	+0.0100%	4h	0.01893	−0.316%	$34K	$17K	20x	as long as short
Bybit PIPPINUSDT	+0.0102%	4h	0.01901	+0.105%	$3.6M	$1.3M	13x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PIPPIN-USDT-SWAP	+0.0136%	4h	0.01899	0.000%	$1.6M	$3.3M	20x	as long as short
BingX PIPPIN-USDTlong	+0.0146%	4h	0.01899	long leg	—	$1.3M	—
Gate PIPPIN_USDT	+0.0524%	4h	0.01900	+0.053%	$1.8M	$304K	20x	as long as short