Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.019%

Price spread now: Ondo Perps against BingX−0.028%7-day average +0.014% · you buy dearer than you sell

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

Long on BingX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 7 days−0.099%−$10 · spread now −0.028%, 7d avg +0.014%

Together, before fees−0.009%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Ondo Perps is 0.042% cheaper against BingX than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.014%). If the spread goes back, that is −$4 on $10k: about 2.5 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX BTC-USDT	86,189.2	0.0045	pay 0.0045% / 8h	7h 00m	—	$1.45B	—
Short	Ondo Perps BTC-USD.P	86,165	0.0100	get 0.0013% / 1h	0m 16s	$4.0M	$16.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.028%Rate

Funding earned: $11.55
Price spread: −0.028% → +0.014%: −$4.17
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$7.62
Costs to cover: 0.150%
Break-even: 11.6 days

Slippage unknown: BingX: live order book, 4 min ago; Ondo Perps: 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, 4 min ago	0.02 bp	5.1 bp −$5	5.2 bp −$52	5.3 bp −$527	5.8 bp −$2,875
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

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	−0.0169%	1h	86,238.1	+0.057%	$196K	$660K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,153	−0.042%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.1	−0.035%	$423.0M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,179.9	−0.011%	$356K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,086	−0.120%	$379K	$28.4M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	+0.021%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	86,197.2	+0.009%	$16.9M	$17.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	86,181.9	−0.008%	$938.0M	$666.6M	125x	as long as short
Bybit BTCUSDT	+0.0042%	8h	86,181	−0.010%	$5.12B	$9.03B	150x	as long as short
BingX BTC-USDTlong	+0.0045%	8h	86,189.2	long leg	—	$1.45B	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0049%	8h	86,189.3	0.000%	$504.4M	$972.0M	200x	as long as short
Phemex BTCUSDT	+0.0067%	8h	86,190.6	+0.002%	$167.9M	$497.4M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,215.9	+0.031%	$189.4M	$866.3M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,213	+0.028%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,204.2	+0.017%	$173.7M	$970.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,210.6	+0.025%	$23.4M	$138.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,182	−0.008%	$8.8M	$52.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,182	−0.008%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,190	+0.001%	$60.3M	$257.8M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,157	−0.037%	$230K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,199.7	+0.012%	$6.1M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,176.5	−0.015%	$21.8M	$210.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,197.2	+0.009%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,190.7	+0.002%	$9.47B	$23.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,179	−0.012%	$2.62B	$10.76B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,165	−0.028%	$4.0M	$16.4M	25x
Arcus BTC-USD	+0.0100%	1h	86,202.9	+0.016%	$4.7M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.014%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,193.2	+0.005%	$5.48B	$10.34B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,190.6	+0.002%	$5.10B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,193.4	+0.005%	$2.99B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,143.8	−0.053%	$37.6M	$187.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	−0.077%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.090%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.063%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.095%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,200.9	+0.014%	$30.4M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,253.7	+0.075%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,190	+0.001%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,193.6	+0.005%	$206K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,195.1	+0.007%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,175.6	−0.016%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,163.9	−0.029%	$2.28B	$911.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,166.5	−0.026%	$46.4M	$219.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,187.1	−0.002%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,239	+0.058%	$112.7M	$5.26B	50x	as long as short
Hyperliquid BTC	+0.0133%	1h	86,257	+0.079%	$3.87B	$4.75B	40x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,150.8	−0.045%	$6.6M	$132.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,194	+0.006%	$11.1M	$726.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,206.9	+0.020%	$8.9M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	+0.005%	$13.3M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0269%	1h	86,254.8	+0.076%	$838.4M	$1.61B	50x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,238.2	+0.057%	$697K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0413%	1h	86,236.3	+0.055%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,220.3	+0.036%	$493K	$16.5M	6.7x	as long as short