Funding arb · Price arb /

IO

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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: BingX against Gate−0.053%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$510as in the Funding arb table

Net, price: spread back to 7d avg − costs−$522as in the Price arb table

costs, in and out, $10k−$5155.150% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.053%, 7d avg +0.013%

Together, before fees+0.107%+$11 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: BingX is 0.066% cheaper against Gate than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IO_USDT	0.1510	0.0100	pay 0.0050% / 4h	2h 29m	$231K	$542K	50x
Short	BingX IO-USDT	0.1509	0.0100	get 0.0050% / 4h	2h 29m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0
Price spread: −0.053% → +0.013%: −$6.55
Slippage, 4 orders: −$490.05
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$521.6
Costs to cover: 5.150%
Break-even: never at this rate

Slippage from Gate: live order book, 56 min ago; BingX: live order book, 7 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 Gate live order book, 56 min ago	4.32 bp	248.1 bp −$248	17295.5 bp −$173.0K	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	6.65 bp	24.0 bp −$24	65.9 bp −$659	453.5 bp −$45.4K	564.2 bp −$282.1K

IO on 14 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
Injective IO/USDC PERP	−0.0157%	1h	0.1506	−0.252%	$2K	$102	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1509	−0.066%	$1.0M	$393K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1510	−0.015%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1509	−0.053%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1507	−0.172%	$1.1M	$864K	25x	as long as short
Gate IO_USDTlong	+0.0100%	4h	0.1510	long leg	$231K	$542K	50x
MEXC IO_USDT	+0.0100%	4h	0.1508	−0.119%	$1.1M	$238K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1508	−0.119%	$402K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1509	−0.053%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDTshort	+0.0100%	4h	0.1509	−0.053%	—	$1.3M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1506	−0.223%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1509	−0.066%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0117%	4h	0.1510	+0.013%	$192K	$30K	50x	as long as short
Kraken Futures PF_IOUSD	+0.5446%	1h	0.1510	−0.007%	$39K	$21K	10x	as long as short