Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.010%

Price spread now: Coinbase International against Bybit+0.067%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now +0.067%, 7d avg +0.043%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.023% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,558	0.0078	pay 0.0078% / 8h	2h 44m	$5.27B	$9.65B	150x
Short	Coinbase International BTC-PERP-INTX	86,615.6	0.0120	get 0.0015% / 1h	44m 39s	$131.8M	$5.88B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.067%Rate

Funding earned: $8.9
Price spread: +0.067% → +0.043%: $2.32
Slippage, 4 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$9.81
Costs to cover: 0.210%
Break-even: 14.7 days

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	6.6 bp −$663	7.6 bp −$3,794
Sell Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	11.4 bp −$5,720

BTC on 56 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
Perpl BTC	−0.0335%	43m	86,600.4	+0.049%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0213%	1h	86,645	+0.100%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0109%	1h	86,607.2	+0.057%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	+0.038%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	+0.001%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,559.4	+0.002%	$845.6M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,593.4	+0.041%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,603.3	+0.052%	$938.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,593	+0.040%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,543.9	−0.016%	$505.2M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,565.3	+0.008%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,560.1	+0.002%	—	$1.60B	—	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,568	+0.012%	$149.4M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,554.4	−0.004%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,558.1	0.000%	$5.18B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,567.1	+0.010%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,558.1	0.000%	$9.43B	$24.28B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.201%	$315K	$26.8M	52x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,577.9	+0.023%	$9.2M	$42.1M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0063%	8h	86,567.9	+0.011%	$2.57B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,563.3	+0.006%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDTlong	+0.0078%	8h	86,558	long leg	$5.27B	$9.65B	150x
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.070%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,570.3	+0.014%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.4	+0.029%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	+0.001%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	+0.058%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,587.9	+0.035%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,602.6	+0.051%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,558	0.000%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	+0.009%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638	+0.092%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,595.3	+0.043%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,558	0.000%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,637.7	+0.092%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.124%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.8	+0.010%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	+0.054%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	+0.048%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	+0.056%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	+0.092%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	+0.015%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.4	+0.011%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,593.8	+0.041%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.1	+0.020%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.5	+0.005%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	+0.010%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,565.8	+0.009%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.6	−0.011%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,592.8	+0.040%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,603	+0.052%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,594.9	+0.043%	$190.9M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,615.6	+0.067%	$131.8M	$5.88B	50x
BloFin BTC-USDT	+0.0169%	8h	86,567.5	+0.011%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,588.8	+0.036%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	+0.101%	$600K	$7.2M	30x	as long as short