Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.020%

Price spread now: BingX against Bullet−0.019%7-day average −0.047% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.185% of the position

Long on Bullet Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.019%, 7d avg −0.047%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.028% dearer against Bullet than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.047%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,565	0.0100	pay 0.0013% / 1h	6m 49s	$191K	$3.4M	20x
Short	BingX BTC-USDC	86,548.6	0.0029	get 0.0029% / 8h	2h 06m	—	$15.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bullet. 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 BulletbpFee BingXbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$14.91
Price spread: −0.019% → −0.047%: $2.78
Slippage, 4 orders: −$0.46
Fee Bullet: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.59
Costs to cover: 0.185%
Break-even: never at this rate

Slippage from Bullet: live order book, 2 min ago; BingX: live order book, 1 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 Bullet live order book, 2 min ago	0.06 bp	4.1 bp −$4	6.8 bp −$68	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	0.01 bp	5.2 bp −$5	5.9 bp −$59	7.0 bp −$702	8.7 bp −$4,365

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	+0.118%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,624.4	+0.069%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.121%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	+0.047%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,591.4	+0.030%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,539.1	−0.030%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,614.4	+0.057%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,589.8	+0.029%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,589.9	+0.029%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,545.9	−0.022%	$851.4M	$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	+0.016%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDCshort	+0.0029%	8h	86,548.6	−0.019%	—	$15.4M	—
Phemex BTCUSDT	+0.0031%	8h	86,565.4	0.000%	$149.7M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,553.9	−0.013%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.237%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,552.7	−0.014%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,554.5	−0.012%	$9.42B	$24.38B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,559	−0.007%	$5.19B	$5.72B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,609.6	+0.052%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,556.4	−0.010%	$5.84B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,550	−0.017%	$5.26B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0094%	8h	86,567.5	+0.003%	$2.55B	$12.72B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,564.6	0.000%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,575.8	+0.012%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,585	+0.023%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,572	+0.008%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,657.6	+0.107%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,604.4	+0.045%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.075%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,645.7	+0.093%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,593	+0.032%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,664.1	+0.114%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.136%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,547.2	−0.021%	$38.4M	$150.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.124%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.065%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.056%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	+0.061%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	+0.097%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,647.6	+0.095%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,593	+0.032%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,565	long leg	$191K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.3	+0.006%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,581.5	+0.019%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,562.8	−0.003%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.9	−0.009%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,550	−0.017%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,556.9	−0.009%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,546.6	−0.021%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,640.6	+0.087%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,573.8	+0.010%	$187.3M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,608.5	+0.050%	$131.6M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,634	+0.080%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.014%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,585	+0.023%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,647	+0.095%	$779K	$7.9M	30x	as long as short