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: Bybit against Coinbase International−0.114%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

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

Long on Coinbase International Short on Bybit

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)+0.103%+$10 · spread now −0.114%, 7d avg −0.043%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.071% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,672.1	0.0120	pay 0.0015% / 1h	39m 48s	$132.2M	$5.87B	50x
Short	Bybit BTCUSDT	86,572.9	0.0078	get 0.0078% / 8h	2h 39m	$5.28B	$9.65B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$8.81
Price spread: −0.114% → −0.043%: −$7.11
Slippage, 4 orders: −$0.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.95
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bybit: live order book, 4 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$607	13.2 bp −$6,598
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	7.0 bp −$702	8.5 bp −$4,269

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	−0.0223%	43m	86,625.8	−0.053%	$429K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0218%	1h	86,616.9	−0.064%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,607	−0.075%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0101%	1h	86,656.5	−0.018%	$17.7M	$20.3M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	−0.077%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,610.7	−0.071%	$845.4M	$707.5M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,639.7	−0.037%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,651.7	−0.024%	$937.1M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,642.3	−0.034%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,607.9	−0.074%	$505.7M	$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	86,614.5	−0.066%	$6.7M	$144.2M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,574.5	−0.113%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,616.6	−0.064%	$149.7M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,564.2	−0.124%	$2.94B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,615.8	−0.065%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.069%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0050%	8h	86,591.5	−0.093%	$5.18B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0050%	8h	86,585.9	−0.099%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,626.4	−0.053%	$9.3M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0066%	8h	86,570.3	−0.117%	$2.56B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0067%	8h	86,579	−0.107%	$5.84B	$10.61B	200x	as long as short
Bybit BTCUSDTshort	+0.0078%	8h	86,572.9	−0.114%	$5.28B	$9.65B	150x
Variational Omni BTC	+0.0091%	8h	86,619.6	−0.061%	$160.0M	$567.4M	—	as long as short
Lighter BTC	+0.0096%	1h	86,633.4	−0.045%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,642.2	−0.034%	$24.0M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,614	−0.067%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,570.8	−0.117%	$217.3M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,673.8	+0.002%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	−0.074%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,607.4	−0.075%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,649.1	−0.027%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,655.7	−0.019%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,620	−0.060%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,688.8	+0.019%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.075%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,623.5	−0.056%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.4	−0.116%	$279.7M	$948.9M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,564.8	−0.124%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.8	−0.075%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,678.4	+0.007%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,621	−0.059%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,619.3	−0.061%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,634.7	−0.043%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.9	−0.035%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,627.6	−0.051%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.8	−0.059%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,618	−0.062%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,615.5	−0.065%	$2.30B	$956.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,583.1	−0.103%	$46.4M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,651.4	−0.024%	—	$98.2M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,663.6	−0.010%	$190.5M	$930.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0117%	8h	86,650	−0.025%	$9.0M	$723.5M	6.4x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,672.1	long leg	$132.2M	$5.87B	50x
BloFin BTC-USDT	+0.0170%	8h	86,602	−0.081%	$419.0M	$646.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.5	−0.039%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,646.2	−0.030%	$600K	$7.2M	30x	as long as short