Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Popdex against BingX+0.038%7-day average +0.044% · you sell dearer than you buy

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

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

costs, in and out, $10k−$170.169% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 7 days−0.020%−$2 · spread now +0.038%, 7d avg +0.044%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: +$2 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	86,552.5	0.0029	pay 0.0029% / 8h	2h 07m	—	$15.4M	—
Short	Popdex BTCUSDT	86,585	0.0096	get 0.0012% / 1h	7m 21s	$8.5M	$52.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.038%Rate

Funding earned: $14.07
Price spread: +0.038% → +0.044%: −$0.61
Slippage, 4 orders: −$0.49
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$3.42
Costs to cover: 0.169%
Break-even: 8.7 days

Slippage from BingX: live order book, 1 min ago; Popdex: 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, 1 min ago	0.01 bp	5.0 bp −$5	5.4 bp −$54	6.1 bp −$606	7.4 bp −$3,718
Sell Popdex live order book, 2 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.4 bp −$342	4.9 bp −$2,427

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
Aftermath Perps BTCUSD	−0.0251%	1h	86,667.5	+0.133%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,624.4	+0.083%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.136%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.062%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,646.1	+0.108%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	0.0000%	8h	86,572.1	+0.023%	$505.5M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,614.4	+0.072%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,589.8	+0.043%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,589.9	+0.043%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,580.1	+0.032%	$851.7M	$708.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,579.2	+0.031%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDClong	+0.0029%	8h	86,552.5	long leg	—	$15.4M	—
Phemex BTCUSDT	+0.0031%	8h	86,565.4	+0.015%	$149.7M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,555.1	+0.003%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.251%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,552.7	0.000%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,561.1	+0.010%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,584.1	+0.037%	$5.20B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	+0.066%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,580.5	+0.032%	$5.84B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,556.1	+0.004%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0094%	8h	86,558.3	+0.007%	$2.55B	$12.72B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,615.4	+0.073%	$171.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	+0.082%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,585	+0.038%	$8.5M	$52.3M	100x
Katana Perps BTC-USD	+0.0100%	8h	86,572	+0.023%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,657.6	+0.121%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,604.4	+0.060%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,666.5	+0.132%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,645.7	+0.108%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,593	+0.047%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.1	+0.129%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.150%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617	+0.075%	$38.2M	$150.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.139%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.080%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.070%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	+0.075%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.112%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.6	+0.110%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,593	+0.047%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,565	+0.014%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.3	+0.021%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,581.5	+0.034%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,562.8	+0.012%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.9	+0.005%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,550	−0.003%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,556.9	+0.005%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,538.4	−0.016%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,640.6	+0.102%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,573.8	+0.025%	$187.3M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,608.5	+0.065%	$131.6M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,651	+0.114%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,619.9	+0.078%	$416.5M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,585	+0.038%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,647	+0.109%	$779K	$7.9M	30x	as long as short