Funding arb · Price arb /

W

all W markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1039%/8h= −113.7% APRpaid last 24h −0.176%

Price spread now: Deribit against BingX+0.094%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.094% dearer against BingX than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX W-USDT	0.01175	0.0100	pay 0.0050% / 4h	1h 27m	—	$6.9M	—
Short	Deribit W_USDC-PERPETUAL	0.01176	−0.0939	pay 0.0117% / 1h	27m 52s	$17K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$218.12
Price spread: +0.094% → 0.000%: $9.36
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$225.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 min ago; Deribit: no order-book sample. Net counts fees only.

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	2.98 bp	22.9 bp −$23	60.3 bp −$603	611.2 bp −$61.1K	1089.8 bp −$544.9K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

W on 17 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
Deribit W_USDC-PERPETUALshort	−0.0939%	1h	0.01176	+0.094%	$17K	$1K	10x
OKX W-USDT-SWAP	−0.0073%	4h	0.01174	−0.102%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.867%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01176	+0.060%	$2.0M	$433K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01175	−0.017%	$2.9M	$7.0M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01175	+0.009%	$4.1M	$2.0M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01175	+0.017%	$443K	$293K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01176	+0.043%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01177	+0.145%	$478K	$246K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01178	+0.230%	$1.3M	$581K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDTlong	+0.0100%	4h	0.01175	long leg	—	$6.9M	—
Variational Omni W	+0.0100%	4h	0.01174	−0.136%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01175	−0.001%	$129K	$419K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01175	−0.009%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0240%	1h	0.01179	+0.315%	$14K	$18K	50x	as long as short
Backpack W_USDC_PERP	+0.0325%	1h	0.01177	+0.179%	$44K	$47K	15x	as long as short
Kraken Futures PF_WUSD	+0.0397%	1h	0.01179	+0.289%	$146K	$185K	20x	as long as short