Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1121%/8h= −122.7% APRpaid last 24h −0.107%

Price spread now: Bluefin against BingX+0.093%57s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now +0.093%, 7d avg −0.016%

Together, before fees−0.499%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.109% dearer against BingX than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of −0.016%): +$11 on $10k if it goes back. Holding the pair costs −$34 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.337% in total) that is about 2.3 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.337% in total (about -17.5% 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	BingX BTC-USDT	85,375.4	0.0080	pay 0.0080% / 8h	7h 26m	—	$1.55B	—
Short	Bluefin BTC-PERP	85,454.6	−0.1041	pay 0.0130% / 1h	26m 28s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.093%Rate

Funding earned: −$235.4
Price spread: +0.093% → −0.016%: $10.88
Slippage, 4 orders: −$7.99
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$249.52
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from BingX: live order book, 13 min ago; Bluefin: live order book, 8 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, 13 min ago	0.01 bp	5.0 bp −$5	5.1 bp −$51	5.2 bp −$523	5.4 bp −$2,684
Sell Bluefin live order book, 8 min ago	1.51 bp	8.2 bp −$8	13.5 bp −$135	doesn't fit	doesn't fit

BTC on 56 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-PERPshort	−0.1041%	1h	85,454.6	+0.093%	$194K	$796K	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,413	+0.044%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,417.2	+0.049%	$424.0M	$660.0M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,430	+0.064%	$307K	$25.4M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,389.8	+0.017%	$353K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,332.1	−0.051%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0019%	8h	85,401	+0.030%	$939.8M	$768.4M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,373.9	−0.002%	$502.7M	$1.07B	200x	as long as short
dYdX BTC-USD	+0.0056%	1h	85,427.6	+0.061%	$16.7M	$20.9M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,435	+0.070%	$186.0M	$927.3M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,395	+0.023%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDTlong	+0.0080%	8h	85,375.4	long leg	—	$1.55B	—
Nado BTC-PERP	+0.0091%	1h	85,385.6	+0.012%	$24.0M	$213.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,406.3	+0.036%	$171.4M	$948.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,405.4	+0.035%	$23.5M	$134.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,390	+0.017%	$8.7M	$58.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,408	+0.038%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,361	−0.017%	$265K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,426	+0.059%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,427.7	+0.061%	$40.2M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,377.1	+0.002%	$9.39B	$24.62B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,375.5	0.000%	$5.08B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,380.7	+0.006%	$2.61B	$11.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,384	+0.010%	$3.9M	$17.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,390.2	+0.017%	$5.0M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.084%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,381.2	+0.007%	$5.49B	$9.94B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,377.1	+0.002%	$5.05B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,376.9	+0.002%	$2.98B	$4.98B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.2	+0.041%	$37.5M	$193.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	+0.025%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,402.6	+0.032%	$285.5M	$965.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,409.3	+0.040%	$214.4M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,416.3	+0.048%	$136.6M	$311.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,417.3	+0.049%	$30.1M	$217.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.2	+0.107%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.170%	$10.9M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,378.8	+0.004%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,416.3	+0.048%	$2.7M	$9.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	+0.081%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,435.7	+0.071%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	+0.049%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,412.6	+0.044%	$2.26B	$962.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,434.8	+0.070%	$164.0M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,350.3	−0.029%	$45.8M	$238.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,405.2	+0.035%	—	$105.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,464	+0.104%	$111.8M	$5.38B	50x	as long as short
Hyperliquid BTC	+0.0148%	1h	85,462	+0.101%	$3.83B	$5.15B	40x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,399.3	+0.028%	$6.6M	$136.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,471.4	+0.112%	$832.9M	$1.66B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,436.1	+0.071%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0192%	8h	85,422	+0.055%	$10.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,407.2	+0.037%	$8.9M	$42.1M	25x	as long as short
Aftermath Perps BTCUSD	+0.0346%	1h	85,448.5	+0.086%	$81K	$259K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,471.3	+0.112%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,420.8	+0.053%	$454K	$17.9M	6.7x	as long as short