Funding arb · Price arb /

CFX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.078%

Price spread now: Coinbase International against Bybit+0.148%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$867as in the Funding arb table

Net, price: spread back to 7d avg − costs−$896as in the Price arb table

costs, in and out, $10k−$8938.927% 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+0.253%+$25 on $10k

Price spread, last 4 days (all we have)−0.249%−$25 · spread now +0.148%, 7d avg +0.177%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.029% cheaper against Bybit than usual: you would sell low and buy high (spread +0.148% now, against its 7-day average of +0.177%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CFXUSDT	0.05404	0.0100	pay 0.0100% / 8h	5h 17m	$2.4M	$1.4M	25x
Short	Coinbase International CFX-PERP-INTX	0.05412	0.0248	get 0.0031% / 1h	17m 41s	$43K	$125K	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 +0.148%Rate

Funding earned: $31.08
Price spread: +0.148% → +0.177%: −$2.86
Slippage, 4 orders: −$871.67
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$864.45
Costs to cover: 8.927%
Break-even: 201.7 days

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 45 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, 4 min ago	3.70 bp	32.1 bp −$32	262.3 bp −$2,623	doesn't fit	doesn't fit
Sell Coinbase International live order book, 45 min ago	19.48 bp	24.5 bp −$24	doesn't fit	doesn't fit	doesn't fit

CFX on 16 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 CFXUSDT	+0.0100%	8h	0.05400	−0.080%	$5K	$43K	5x	as long as short
Binance CFXUSDT	+0.0100%	8h	0.05403	−0.019%	$5.4M	$10.1M	75x	as long as short
Bybit CFXUSDTlong	+0.0100%	8h	0.05404	long leg	$2.4M	$1.4M	25x
OKX CFX-USDT-SWAP	+0.0100%	8h	0.05402	−0.037%	$2.6M	$5.7M	20x	as long as short
Gate CFX_USDT	+0.0100%	8h	0.05401	−0.056%	$1.1M	$2.5M	50x	as long as short
MEXC CFX_USDT	+0.0100%	8h	0.05403	−0.019%	$3.0M	$1.7M	125x	as long as short
KuCoin CFXUSDTM	+0.0100%	8h	0.05402	−0.037%	$887K	$283K	75x	as long as short
Bitget CFXUSDT	+0.0100%	8h	0.05402	−0.037%	$1.6M	$1.4M	75x	as long as short
BingX CFX-USDT	+0.0100%	8h	0.05402	−0.037%	—	$20.1M	—	as long as short
Variational Omni CFX	+0.0100%	8h	0.05415	+0.204%	$43K	$45K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CFX_USDT_Perp	+0.0100%	8h	0.05409	+0.090%	$513K	$1.7M	10x	as long as short
Extended CFX-USD	+0.0104%	1h	0.05402	−0.045%	$869	$268K	10x	as long as short
Coinbase International CFX-PERP-INTXshort	+0.0248%	1h	0.05412	+0.148%	$43K	$125K	50x
Hyperliquid CFX	+0.0751%	1h	0.05411	+0.137%	$3.2M	$360K	5x	as long as short
Kraken Futures PF_CFXUSD	+0.1427%	1h	0.05394	−0.187%	$32K	$11K	20x	as long as short
Deribit CFX_USDC-PERPETUAL	+0.2345%	1h	0.05408	+0.074%	$143	$29	10x	as long as short