Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.044%

Price spread now: Coinbase International against BingX−0.025%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.025% cheaper against BingX than usual: you would sell low and buy high (spread −0.025% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX W-USDT	0.01189	0.0100	pay 0.0050% / 4h	3h 02m	—	$6.6M	—
Short	Coinbase International W-PERP-INTX	0.01188	0.0384	get 0.0048% / 1h	2m 16s	$13K	$12K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.025%Rate

Funding earned: $59.64
Price spread: −0.025% → 0.000%: −$2.52
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $37.12
Costs to cover: 0.200%
Break-even: 2.6 days

Slippage unknown: BingX: live order book, 10 min ago; Coinbase International: no order-book sample. Net counts fees only.

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, 10 min ago	5.05 bp	21.2 bp −$21	64.3 bp −$643	702.1 bp −$70.2K	1185.5 bp −$592.8K
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0423%	1h	0.01188	−0.076%	$14K	$4K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.699%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01190	+0.101%	$2.0M	$265K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01187	−0.113%	$3.0M	$4.9M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01185	−0.303%	$4.1M	$1.5M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01186	−0.236%	$1.3M	$1.4M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01187	−0.143%	$434K	$217K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01187	−0.118%	$12.4M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01189	+0.017%	$390K	$188K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01188	−0.067%	$1.3M	$551K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDTlong	+0.0100%	4h	0.01189	long leg	—	$6.6M	—
Variational Omni W	+0.0100%	4h	0.01187	−0.143%	$72K	$24K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01190	+0.100%	$127K	$374K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01187	−0.139%	$62K	$387K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0384%	1h	0.01188	−0.025%	$13K	$12K	50x
Kraken Futures PF_WUSD	+0.0889%	1h	0.01190	+0.059%	$148K	$47K	20x	as long as short
Backpack W_USDC_PERP	+0.0970%	1h	0.01191	+0.193%	$45K	$49K	15x	as long as short