Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.016%

Price spread now: BingX against Popdex−0.042%56s7-day average −0.003% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.168% of the position

Long on Popdex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.055%−$6 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.042%, 7d avg −0.003%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BingX is 0.039% cheaper against Popdex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 56 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	Popdex BTCUSDT	85,473	0.0096	pay 0.0012% / 1h	33m 39s	$8.7M	$58.1M	100x
Short	BingX BTC-USDT	85,436.9	0.0080	get 0.0080% / 8h	7h 33m	—	$1.56B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Popdex. 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 PopdexbpFee BingXbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$3.36
Price spread: −0.042% → −0.003%: −$3.92
Slippage, 4 orders: −$0.45
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$24.13
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from Popdex: live order book, 6 min ago; BingX: live order book, 6 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 Popdex live order book, 6 min ago	0.12 bp	3.4 bp −$3	3.4 bp −$34	3.7 bp −$374	5.0 bp −$2,494
Sell BingX live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.7 bp −$2,854

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
Bluefin BTC-PERP	−0.1559%	1h	85,595.7	+0.144%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,510	+0.043%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,494.6	+0.025%	$423.0M	$677.8M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.041%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.030%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.1	+0.046%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,432.4	−0.048%	$938.1M	$773.1M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,436.3	−0.043%	$502.6M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0052%	1h	85,470	−0.004%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,521.4	+0.057%	$185.8M	$938.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,531	+0.068%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDTshort	+0.0080%	8h	85,436.9	−0.042%	—	$1.56B	—
Lighter BTC	+0.0096%	1h	85,449.9	−0.027%	$170.7M	$944.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,447.5	−0.030%	$23.5M	$134.4M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,473	long leg	$8.7M	$58.1M	100x
Aevo BTC-PERP	+0.0096%	1h	85,538.1	+0.076%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0097%	1h	85,576.9	+0.122%	$24.1M	$216.4M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,421	−0.061%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,471.4	−0.002%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,461.8	−0.013%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,439.2	−0.040%	$9.40B	$24.93B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,433.9	−0.046%	$5.09B	$9.91B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,439.1	−0.040%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,425	−0.056%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,451.5	−0.025%	$4.7M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.031%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,441.7	−0.037%	$5.50B	$9.90B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,435	−0.044%	$5.05B	$5.74B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,436.9	−0.042%	$2.97B	$5.12B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,491.2	+0.021%	$37.7M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	+0.015%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,465.2	−0.009%	$283.4M	$960.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,496.9	+0.028%	$214.7M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	+0.057%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,481	+0.009%	$30.1M	$218.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,554.7	+0.096%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,390	−0.097%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,482.6	+0.011%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,539.6	+0.078%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.7	+0.010%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,506	+0.039%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,504.8	+0.037%	$2.26B	$971.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,509	+0.042%	$162.6M	$514.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,414.6	−0.068%	$45.8M	$240.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,508.4	+0.041%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,564	+0.106%	$111.9M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.112%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,458.2	−0.017%	$6.6M	$138.0M	40x	as long as short
Hyperliquid BTC	+0.0166%	1h	85,510	+0.043%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,487.7	+0.017%	$13.0M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	85,567.7	+0.111%	$828.3M	$1.65B	50x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,464.4	−0.010%	$9.0M	$42.3M	25x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,552	+0.092%	$10.7M	$736.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0323%	1h	85,526.2	+0.062%	$81K	$255K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,545.3	+0.085%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,518.9	+0.054%	$466K	$18.1M	6.7x	as long as short