Funding arb · Price arb /

SQD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Bybit+0.173%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$205as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$2052.051% of the position

Long on Bybit Short on BingX

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)−0.101%−$10 · spread now +0.173%, 7d avg +0.115%

Together, before fees−0.101%−$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: BingX is 0.058% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SQDUSDT	0.02892	0.0100	pay 0.0050% / 4h	3h 01m	$895K	$316K	20x
Short	BingX SQD-USDT	0.02897	0.0100	get 0.0050% / 4h	3h 01m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now +0.173%Rate

Funding earned: $0
Price spread: +0.173% → +0.115%: $5.79
Slippage, 4 orders: −$184.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$199.33
Costs to cover: 2.051%
Break-even: never at this rate

Slippage from Bybit: live order book, 28 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 Bybit live order book, 28 min ago	10.55 bp	56.3 bp −$56	551.5 bp −$5,515	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	10.36 bp	51.2 bp −$51	113.2 bp −$1,132	890.0 bp −$89.0K	1250.9 bp −$625.5K

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	0.02898	+0.224%	$15K	$928	5x	as long as short
Binance SQDUSDT	+0.0100%	4h	0.02902	+0.362%	$1.2M	$1.3M	50x	as long as short
Bybit SQDUSDTlong	+0.0100%	4h	0.02892	long leg	$895K	$316K	20x
Gate SQD_USDT	+0.0100%	4h	0.02894	+0.069%	$610K	$28K	20x	as long as short
MEXC SQD_USDT	+0.0100%	4h	0.02902	+0.346%	$5.9M	$185K	50x	as long as short
KuCoin SQDUSDTM	+0.0100%	4h	0.02897	+0.173%	$405K	$1.2M	50x	as long as short
Bitget SQDUSDT	+0.0100%	4h	0.02897	+0.173%	$756K	$59K	25x	as long as short
BingX SQD-USDTshort	+0.0100%	4h	0.02897	+0.173%	—	$2.3M	—
Variational Omni SQD	+0.0100%	4h	0.02892	+0.001%	$7K	$33K	—	as long as short
BloFin SQD-USDT	+0.0118%	4h	0.02905	+0.450%	$80K	$29K	50x	as long as short