Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1044%/8h= −114.3% APRpaid last 24h −0.171%

Price spread now: Deribit against BingX+0.043%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Deribit

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

The price spread pays, funding is against you. Deribit is 0.043% dearer against BingX than usual: you sell high and buy low (spread +0.043% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX W-USDT	0.01171	0.0100	pay 0.0050% / 4h	2h 12m	—	$6.9M	—
Short	Deribit W_USDC-PERPETUAL	0.01172	−0.0944	pay 0.0118% / 1h	12m 16s	$17K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$219.14
Price spread: +0.043% → 0.000%: $4.27
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$231.87
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 min ago; Deribit: 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	2.13 bp	25.6 bp −$26	64.9 bp −$649	637.3 bp −$63.7K	1116.6 bp −$558.3K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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-PERPETUALshort	−0.0944%	1h	0.01172	+0.043%	$17K	$1K	10x
OKX W-USDT-SWAP	+0.0008%	4h	0.01171	−0.017%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+3.236%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01173	+0.162%	$2.0M	$455K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01171	−0.002%	$2.9M	$7.1M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01170	−0.094%	$4.1M	$2.0M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01170	−0.094%	$444K	$301K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01171	0.000%	$12.8M	$1.8M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01171	−0.009%	$415K	$217K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01174	+0.248%	$1.3M	$587K	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	0.01171	long leg	—	$6.9M	—
Backpack W_USDC_PERP	+0.0100%	1h	0.01173	+0.145%	$44K	$47K	15x	as long as short
Variational Omni W	+0.0100%	4h	0.01173	+0.171%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01176	+0.418%	$123K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01171	+0.003%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0296%	1h	0.01178	+0.589%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0620%	1h	0.01174	+0.284%	$145K	$185K	20x	as long as short