Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0338%/8h= −37.0% APRpaid last 24h −0.023%

Price spread now: BingX against Aftermath Perps−0.037%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Aftermath Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.100%−$10 on $10k

Price spread, last 4 days (all we have)−0.209%−$21 · spread now −0.037%, 7d avg −0.025%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.100% in total (about -10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,247	0.0396	pay 0.0049% / 1h	3m 19s	$82K	$252K	20x
Short	BingX BTC-USDT	86,214.9	0.0058	get 0.0058% / 8h	7h 03m	—	$1.45B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Aftermath Perps. 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 Aftermath PerpsbpFee BingXbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$70.97
Price spread: −0.037% → −0.025%: −$1.19
Slippage, 4 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.16
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 36 min ago; BingX: live order book, 11 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 Aftermath Perps live order book, 36 min ago	1.00 bp	9.5 bp −$9	12.9 bp −$129	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.3 bp −$2,652

BTC on 55 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
Bluefin BTC-PERP	−0.0223%	1h	86,259.3	+0.014%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,246	−0.001%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,210.2	−0.043%	$423.4M	$623.5M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,227.1	−0.023%	$360K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,248	+0.001%	$471K	$28.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,236.1	−0.013%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	86,220.3	−0.031%	$938.6M	$667.2M	125x	as long as short
dYdX BTC-USD	+0.0034%	1h	86,243	−0.005%	$16.9M	$17.7M	50x	as long as short
Aster BTCUSDT	+0.0049%	8h	86,221.3	−0.030%	$504.6M	$974.4M	200x	as long as short
Bybit BTCUSDT	+0.0053%	8h	86,209.9	−0.043%	$5.12B	$9.04B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDTshort	+0.0058%	8h	86,214.9	−0.037%	—	$1.45B	—
Phemex BTCUSDT	+0.0059%	8h	86,215.6	−0.036%	$168.0M	$498.8M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,228.6	−0.021%	$189.4M	$867.0M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,283	+0.042%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,260	+0.015%	$173.4M	$968.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,268.4	+0.025%	$23.4M	$137.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,222	−0.029%	$8.8M	$52.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,210.4	−0.043%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,197	−0.058%	$223K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,302.5	+0.064%	$6.1M	$8.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,211.3	−0.041%	$22.0M	$210.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,269	+0.025%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,219.9	−0.031%	$9.48B	$23.05B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,210.6	−0.042%	$2.62B	$10.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,224	−0.027%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,255.3	+0.010%	$4.6M	$93.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.081%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,219.8	−0.032%	$5.48B	$10.31B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,214.8	−0.037%	$5.08B	$5.91B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,210.5	−0.042%	$2.99B	$4.54B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,245.3	−0.002%	$37.7M	$188.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,275.4	+0.033%	$158.2M	$510.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.023%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	−0.004%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.028%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,245.8	−0.001%	$30.4M	$212.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,304.1	+0.066%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,224	−0.027%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,223	−0.028%	$207K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,219.6	−0.032%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,244.2	−0.003%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,214	−0.038%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,204.6	−0.049%	$2.28B	$909.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,188.2	−0.068%	$46.4M	$219.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,234.7	−0.014%	—	$94.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,252	+0.006%	$112.5M	$5.28B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0125%	1h	86,266.9	+0.023%	$834.1M	$1.61B	50x	as long as short
Hyperliquid BTC	+0.0141%	1h	86,300	+0.061%	$3.88B	$4.74B	40x	as long as short
Reya BTCRUSDPERP	+0.0153%	1h	86,203.4	−0.051%	$6.7M	$132.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	86,259	+0.014%	$11.1M	$725.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,253.2	+0.007%	$9.0M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,264.1	+0.020%	$13.3M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,292.6	+0.053%	$684K	$7.4M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0396%	1h	86,247	long leg	$82K	$252K	20x
Perpl BTC	+0.0447%	43m	86,265.4	+0.021%	$496K	$16.5M	6.7x	as long as short