Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against BingX−0.012%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1381.378% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 7 days−0.053%−$5 · spread now −0.012%, 7d avg −0.096%

Together, before fees−0.099%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.084% dearer against BingX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX INIT-USDT	0.08172	0.0100	pay 0.0050% / 4h	2h 50m	—	$6.6M	—
Short	Bybit INITUSDT	0.08171	0.0100	get 0.0050% / 4h	2h 50m	$1.4M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $0
Price spread: −0.012% → −0.096%: $8.38
Slippage, 4 orders: −$116.76
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$129.38
Costs to cover: 1.378%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Bybit: 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 BingX live order book, 2 min ago	4.28 bp	29.0 bp −$29	87.8 bp −$878	551.5 bp −$55.2K	768.1 bp −$384.1K
Sell Bybit live order book, 1 min ago	4.29 bp	39.5 bp −$39	75.1 bp −$751	doesn't fit	doesn't fit

INIT on 13 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
BloFin INIT-USDT	+0.0089%	4h	0.08171	−0.012%	$154K	$110K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08170	−0.018%	$297K	$235K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08174	+0.025%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08173	+0.012%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDTshort	+0.0100%	4h	0.08171	−0.012%	$1.4M	$1.4M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08179	+0.086%	$132K	$631K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08171	−0.012%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08172	0.000%	$444K	$215K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08180	+0.098%	$325K	$56K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08172	0.000%	$427K	$311K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX INIT-USDTlong	+0.0100%	4h	0.08172	long leg	—	$6.6M	—
Variational Omni INIT	+0.0100%	4h	0.08169	−0.036%	$26K	$23K	—	as long as short
Kraken Futures PF_INITUSD	+0.0535%	1h	0.08175	+0.031%	$6K	$17K	10x	as long as short