Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.050%

Price spread now: Hibachi against BingX+0.139%49s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as 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−$190.194% of the position

Long on BingX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.378%+$38 on $10k

Price spread, last 7 days−0.091%−$9 · spread now +0.139%, 7d avg +0.038%

Together, before fees+0.286%+ Points / potential airdropHibachi: Active · farm board+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hibachi is 0.101% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.038%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	85,248.3	0.0066	pay 0.0066% / 8h	37m 39s	—	$1.57B	—
Short	Hibachi BTC/USDT-P	85,366.7	0.0200	get 0.0025% / 1h	37m 39s	$683K	$7.7M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.139%Rate

Funding earned: $28.18
Price spread: +0.139% → +0.038%: $10.13
Slippage, 4 orders: −$0.43
Fee BingX: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $18.89
Costs to cover: 0.194%
Break-even: 2.3 days

Slippage from BingX: live order book, 17 min ago; Hibachi: live order book, 2 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, 17 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$510	5.6 bp −$2,775
Sell Hibachi live order book, 2 min ago	0.01 bp	4.5 bp −$5	4.5 bp −$45	43.4 bp −$4,341	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
Hotstuff BTC-PERP	−0.0080%	1h	85,262	+0.016%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,392	+0.169%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,217.8	−0.036%	$928.4M	$775.6M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,311.6	+0.074%	$420.7M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,231.4	−0.020%	$509.6M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,224.3	−0.028%	$346K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,321.8	+0.086%	$464K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	−0.027%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,309.4	+0.072%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,294.8	+0.055%	$186.1M	$953.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.163%	$139.8M	$312.7M	100x	as long as short
BingX BTC-USDTlong	+0.0066%	8h	85,248.3	long leg	—	$1.57B	—
Injective BTC/USDC PERP	+0.0067%	1h	85,342	+0.110%	$338K	$24.7M	52x	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,239.2	−0.011%	$5.12B	$9.99B	150x	as long as short
Nado BTC-PERP	+0.0083%	1h	85,305.3	+0.067%	$24.1M	$220.3M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,327.1	+0.092%	$840.9M	$1.66B	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,248.4	0.000%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,249.1	+0.001%	$168.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,248.6	0.000%	$23.6M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,235	−0.016%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.3	+0.057%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,236	−0.014%	$9.39B	$25.06B	150x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,249.2	+0.001%	$5.04B	$5.73B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.047%	$270K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,300.9	+0.062%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,303	+0.064%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,265	+0.020%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,254.2	+0.007%	$2.60B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,238	−0.012%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,249.8	+0.002%	$4.7M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,254.8	+0.008%	$5.50B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,266.2	+0.021%	$37.2M	$186.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.133%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384	+0.159%	$283.1M	$956.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,395.4	+0.173%	$214.4M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,331	+0.097%	$30.1M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,371.6	+0.145%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,304	+0.065%	$11.0M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,305	+0.067%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,297.7	+0.058%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,334	+0.101%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,281.1	+0.038%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,309.9	+0.072%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,293	+0.052%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,300	+0.061%	$2.25B	$967.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,292.9	+0.052%	$158.9M	$514.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.060%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,226	−0.026%	$45.5M	$241.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,314.2	+0.077%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,326.6	+0.092%	$112.2M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,292.2	+0.052%	$6.6M	$145.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,328	+0.093%	$12.0M	$736.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,251.1	+0.003%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,308.1	+0.070%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-Pshort	+0.0200%	1h	85,366.7	+0.139%	$683K	$7.7M	30x
Aftermath Perps BTCUSD	+0.0297%	1h	85,383.8	+0.159%	$79K	$252K	20x	as long as short