Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against BingX−0.085%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$215as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$2022.020% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$13 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.085%, 7d avg −0.050%

Together, before fees−0.078%−$8 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 0.035% cheaper against BingX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX IO-USDT	0.1522	0.0100	pay 0.0050% / 4h	2h 24m	—	$1.3M	—
Short	Bybit IOUSDT	0.1521	0.0100	get 0.0050% / 4h	2h 24m	$1.1M	$915K	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 −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.050%: −$3.52
Slippage, 4 orders: −$181.04
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$205.56
Costs to cover: 2.020%
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	9.84 bp	24.8 bp −$25	70.0 bp −$700	478.5 bp −$47.8K	568.9 bp −$284.4K
Sell Bybit live order book, 1 min ago	6.57 bp	77.0 bp −$77	397.6 bp −$3,976	doesn't fit	doesn't fit

IO 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
Hyperliquid IO	+0.0100%	1h	0.1521	−0.059%	$1.0M	$386K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1523	+0.098%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1521	−0.066%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1521	−0.085%	$1.1M	$915K	25x
Gate IO_USDT	+0.0100%	4h	0.1520	−0.099%	$236K	$560K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1521	−0.066%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1524	+0.131%	$357K	$683K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1522	0.000%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDTlong	+0.0100%	4h	0.1522	long leg	—	$1.3M	—
Variational Omni IO	+0.0100%	4h	0.1523	+0.082%	$33K	$13K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1523	+0.039%	$3K	$132K	5x	as long as short
Injective IO/USDC PERP	+0.1587%	1h	0.1502	−1.314%	$2K	$201	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.1495%	1h	0.1523	+0.091%	$39K	$18K	10x	as long as short