Funding arb · Price arb /

SQD

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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−0.138%7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$189as in the Funding arb table

Net, price: spread back to 7d avg − costs−$191as in the Price arb table

costs, in and out, $10k−$1891.889% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now −0.138%, 7d avg −0.112%

Together, before fees+0.015%+$1 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 0.025% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SQD-USDT	0.02903	0.0100	pay 0.0050% / 4h	3h 58m	—	$2.3M	—
Short	Bybit SQDUSDT	0.02899	0.0100	get 0.0050% / 4h	3h 58m	$902K	$512K	20x

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 −0.138%Rate

Funding earned: $0
Price spread: −0.138% → −0.112%: −$2.54
Slippage, 4 orders: −$167.9
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$191.44
Costs to cover: 1.889%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Bybit: live order book, 12 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, 10 min ago	10.40 bp	38.1 bp −$38	125.3 bp −$1,253	doesn't fit	doesn't fit
Sell Bybit live order book, 12 min ago	10.42 bp	53.2 bp −$53	214.3 bp −$2,143	doesn't fit	doesn't fit

SQD on 10 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
Aster SQDUSDT	+0.0100%	4h	0.02899	−0.134%	$15K	$1K	5x	as long as short
Binance SQDUSDT	+0.0100%	4h	0.02910	+0.241%	$1.2M	$1.3M	50x	as long as short
Bybit SQDUSDTshort	+0.0100%	4h	0.02899	−0.138%	$902K	$512K	20x
Gate SQD_USDT	+0.0100%	4h	0.02900	−0.103%	$611K	$41K	20x	as long as short
MEXC SQD_USDT	+0.0100%	4h	0.02908	+0.172%	$5.9M	$172K	50x	as long as short
KuCoin SQDUSDTM	+0.0100%	4h	0.02908	+0.172%	$407K	$1.3M	50x	as long as short
Bitget SQDUSDT	+0.0100%	4h	0.02901	−0.069%	$743K	$81K	25x	as long as short
BingX SQD-USDTlong	+0.0100%	4h	0.02903	long leg	—	$2.3M	—
Variational Omni SQD	+0.0100%	4h	0.02892	−0.392%	$11K	$52K	—	as long as short
BloFin SQD-USDT	+0.0107%	4h	0.02906	+0.103%	$81K	$42K	50x	as long as short