Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.019%

Price spread now: Extended against BingX−0.011%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.011%, 7d avg +0.003%

Together, before fees+0.110%+ Points / potential airdropExtended: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDC	85,667.1	0.0063	pay 0.0063% / 8h	3h 52m	—	$17.1M	—
Short	Extended BTC-USD	85,658.1	0.0104	get 0.0013% / 1h	52m 46s	$44.8M	$231.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.011%Rate

Funding earned: $8.61
Price spread: −0.011% → +0.003%: −$1.36
Slippage, 4 orders: −$0.15
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$7.91
Costs to cover: 0.152%
Break-even: 13.4 days

Slippage from BingX: live order book, 11 min ago; Extended: live order book, 6 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, 11 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$584	7.5 bp −$3,741
Sell Extended live order book, 6 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	3.6 bp −$355	9.5 bp −$4,730

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
Phoenix BTC	−0.0140%	1h	85,646	−0.025%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,636	−0.036%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,682.1	+0.018%	$918.5M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,679.8	+0.015%	$418.1M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,669.8	+0.003%	$366K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.3	−0.037%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.1	+0.020%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,663.5	−0.004%	$516.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0014%	1h	85,629.7	−0.044%	$24.8M	$222.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.027%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDClong	+0.0063%	8h	85,667.1	long leg	—	$17.1M	—
Phemex BTCUSDT	+0.0065%	8h	85,694.4	+0.032%	$148.9M	$489.9M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,667	0.000%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,675.7	+0.010%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,711.6	+0.052%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,714.4	+0.055%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,661	−0.007%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,696.4	+0.034%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,619	−0.056%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,705.8	+0.045%	$5.4M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,754	+0.101%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,671.4	+0.005%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,680.5	+0.016%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,657	−0.012%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,672.2	+0.006%	$2.59B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,629	−0.044%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.5	−0.043%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,693	+0.030%	$5.53B	$10.73B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,687.9	+0.024%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,689.5	+0.026%	$35.8M	$176.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.034%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,618	−0.057%	$279.5M	$923.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.039%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,648.2	−0.022%	$140.0M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	−0.034%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,717.1	+0.058%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,670	+0.003%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,678	+0.013%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,694.4	+0.032%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,746.1	+0.092%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,690.7	+0.028%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,619.4	−0.056%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,700	+0.038%	$60.1M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,692.3	+0.029%	$2.27B	$946.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	−0.002%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,658.1	−0.011%	$44.8M	$231.5M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,614.8	−0.061%	—	$107.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,737.3	+0.082%	$117.6M	$5.22B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0112%	1h	85,741.7	+0.087%	$885.2M	$1.59B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,725.4	+0.068%	$188.4M	$956.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,675.1	+0.009%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,682	+0.017%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0222%	8h	85,671	+0.005%	$12.0M	$757.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0229%	1h	85,663.7	−0.004%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	+0.020%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,651.9	−0.018%	$504K	$18.8M	6.7x	as long as short