Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.015%

Price spread now: BingX against Bulk+0.040%7-day average +0.001% · 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−$13as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Bulk Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.040%, 7d avg +0.001%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.039% dearer against Bulk than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.001%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,914.7	0.0100	pay 0.0013% / 1h	20m 14s	$712.8M	$159.6M	40x
Short	BingX BTC-USDT	85,949	0.0019	get 0.0019% / 8h	6h 20m	—	$1.40B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bulk. 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 BulkbpFee BingXbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$17.01
Price spread: +0.040% → +0.001%: $3.9
Slippage, 4 orders: −$0.06
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.17
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; BingX: live order book, 12 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.2 bp −$2,096
Sell BingX live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.0 bp −$2,509

BTC on 55 exchanges

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
ApeX Omni BTCUSDT	−0.0099%	1h	85,916	+0.001%	$137.3M	$297.5M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,937	+0.026%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0072%	1h	85,951	+0.042%	$357K	$2.0M	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	85,986	+0.083%	$300K	$28.5M	52x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,924.8	+0.012%	$422.4M	$579.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,949.1	+0.040%	$16.8M	$15.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,934.7	+0.023%	$481K	$14.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,946.4	+0.037%	$36.7M	—	200x	as long as short
SoDEX BTC-USD	+0.0012%	1h	85,953	+0.045%	$65.5M	$188.0M	40x	as long as short
BingX BTC-USDTshort	+0.0019%	8h	85,949	+0.040%	—	$1.40B	—

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BTCUSDT	+0.0025%	8h	85,948.3	+0.039%	$5.09B	$8.43B	150x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,948.6	+0.039%	$512.2M	$910.8M	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,961.7	+0.055%	$928.2M	$656.8M	125x	as long as short
Phoenix BTC	+0.0053%	1h	85,868	−0.054%	$2.0M	$8.5M	40x	as long as short
Gate BTC_USDT	+0.0068%	8h	85,949.8	+0.041%	$5.50B	$9.27B	200x	as long as short
Nado BTC-PERP	+0.0074%	1h	85,942.6	+0.032%	$22.1M	$202.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,962.8	+0.056%	$172.8M	$887.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,964.2	+0.058%	$23.1M	$124.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,953	+0.045%	$8.8M	$47.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,948.6	+0.039%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,956.4	+0.049%	$2.98B	$4.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,932	+0.020%	$209K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,958.1	+0.051%	$5.9M	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,046	+0.153%	$3.93B	$4.46B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,963.6	+0.057%	$40.3M	$581.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,949.9	+0.041%	$9.44B	$21.45B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,950	+0.041%	$2.60B	$9.83B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,919	+0.005%	$4.0M	$15.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,977.5	+0.073%	$4.2M	$91.7M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,947.7	+0.038%	$5.14B	$5.38B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,929.5	+0.017%	$37.3M	$192.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,913	−0.002%	$156.0M	$495.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,857.1	−0.067%	$289.1M	$848.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,890.1	−0.029%	$215.7M	$139.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,991	+0.089%	$30.2M	$220.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,020.7	+0.123%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,956	+0.048%	$11.0M	$12.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,952	+0.043%	$202K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,950.4	+0.042%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,997.2	+0.096%	$195K	$565K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,957.1	+0.049%	$3.2M	$7.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,940	+0.029%	$2.27B	$841.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,949.7	+0.041%	$169.3M	$484.3M	150x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,914.7	long leg	$712.8M	$159.6M	40x
Kraken Futures PF_XBTUSD	+0.0102%	1h	85,971.5	+0.066%	$189.8M	$801.5M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,930.2	+0.018%	$46.9M	$207.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,934.1	+0.023%	—	$82.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,003.4	+0.103%	$112.1M	$5.04B	50x	as long as short
Reya BTCRUSDPERP	+0.0160%	1h	85,936.2	+0.025%	$6.6M	$131.5M	40x	as long as short
Kalshi KXBTCPERP	+0.0165%	8h	85,960	+0.053%	$11.2M	$731.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0183%	1h	85,960.4	+0.053%	$13.2M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	85,975.4	+0.071%	$8.9M	$38.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0304%	1h	85,994.2	+0.092%	$708K	$7.0M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0331%	1h	86,021.7	+0.125%	$827.8M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0433%	1h	85,992.1	+0.090%	$81K	$247K	20x	as long as short