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: Bybit against BingX−0.174%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$200as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$2002.000% of the position

Long on BingX Short on Bybit

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)+0.068%+$7 · spread now −0.174%, 7d avg −0.114%

Together, before fees+0.068%+$7 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: Bybit is 0.060% cheaper against BingX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SQD-USDT	0.02874	0.0100	pay 0.0050% / 4h	1h 29m	—	$2.3M	—
Short	Bybit SQDUSDT	0.02869	0.0100	get 0.0050% / 4h	1h 29m	$886K	$238K	20x

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 −0.174%Rate

Funding earned: $0
Price spread: −0.174% → −0.114%: −$5.96
Slippage, 4 orders: −$178.95
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$205.92
Costs to cover: 2.000%
Break-even: never at this rate

Slippage from BingX: live order book, 12 min ago; Bybit: live order book, 14 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, 12 min ago	10.40 bp	44.0 bp −$44	132.9 bp −$1,329	doesn't fit	doesn't fit
Sell Bybit live order book, 14 min ago	8.68 bp	61.0 bp −$61	307.2 bp −$3,072	doesn't fit	doesn't fit

SQD on 10 exchanges

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 SQD-USDT	+0.0082%	4h	0.02880	+0.209%	$80K	$25K	50x	as long as short
Aster SQDUSDT	+0.0100%	4h	0.02875	+0.027%	$15K	$928	5x	as long as short
Binance SQDUSDT	+0.0100%	4h	0.02879	+0.174%	$1.2M	$1.3M	50x	as long as short
Bybit SQDUSDTshort	+0.0100%	4h	0.02869	−0.174%	$886K	$238K	20x
Gate SQD_USDT	+0.0100%	4h	0.02872	−0.070%	$607K	$27K	20x	as long as short
MEXC SQD_USDT	+0.0100%	4h	0.02879	+0.174%	$5.8M	$180K	50x	as long as short
KuCoin SQDUSDTM	+0.0100%	4h	0.02874	0.000%	$398K	$1.2M	50x	as long as short
Bitget SQDUSDT	+0.0100%	4h	0.02874	0.000%	$746K	$58K	25x	as long as short
BingX SQD-USDTlong	+0.0100%	4h	0.02874	long leg	—	$2.3M	—
Variational Omni SQD	+0.0100%	4h	0.02868	−0.215%	$7K	$11K	—	as long as short