Funding arb · Price arb /

SQD

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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: Bitget against BingX+0.174%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1601.603% of the position

Long on BingX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.185%−$19 · spread now +0.174%, 7d avg −0.014%

Together, before fees−0.185%−$19 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: Bitget is 0.187% dearer against BingX than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SQD-USDT	0.02879	0.0100	pay 0.0050% / 4h	3h 55m	—	$2.3M	—
Short	Bitget SQDUSDT	0.02884	0.0100	get 0.0050% / 4h	3h 55m	$739K	$51K	25x

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 +0.174%Rate

Funding earned: $0
Price spread: +0.174% → −0.014%: $18.74
Slippage, 4 orders: −$138.27
Fee BingX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$141.53
Costs to cover: 1.603%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Bitget: live order book, 40 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, 9 min ago	8.66 bp	41.7 bp −$42	114.8 bp −$1,148	1215.5 bp −$121.5K	1463.8 bp −$731.9K
Sell Bitget live order book, 40 min ago	12.07 bp	37.0 bp −$37	123.4 bp −$1,234	doesn't fit	doesn't fit

SQD on 10 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
Aster SQDUSDT	+0.0100%	4h	0.02886	+0.230%	$15K	$928	5x	as long as short
Binance SQDUSDT	+0.0100%	4h	0.02890	+0.396%	$1.2M	$1.3M	50x	as long as short
Bybit SQDUSDT	+0.0100%	4h	0.02879	0.000%	$888K	$330K	20x	as long as short
Gate SQD_USDT	+0.0100%	4h	0.02882	+0.104%	$607K	$28K	20x	as long as short
MEXC SQD_USDT	+0.0100%	4h	0.02889	+0.347%	$5.9M	$181K	50x	as long as short
KuCoin SQDUSDTM	+0.0100%	4h	0.02885	+0.208%	$402K	$1.3M	50x	as long as short
Bitget SQDUSDTshort	+0.0100%	4h	0.02884	+0.174%	$739K	$51K	25x
BingX SQD-USDTlong	+0.0100%	4h	0.02879	long leg	—	$2.3M	—
Variational Omni SQD	+0.0100%	4h	0.02879	+0.001%	$7K	$33K	—	as long as short
BloFin SQD-USDT	+0.0125%	4h	0.02891	+0.417%	$81K	$29K	50x	as long as short