Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0828%/8h= +90.7% APRpaid last 24h +0.263%

Price spread now: Coinbase International against Bybit+0.234%54s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

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

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Coinbase International is 0.234% dearer against Bybit than usual: you sell high and buy low: +$23 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CHIPUSDT	0.04653	0.0100	pay 0.0050% / 4h	3h 19m	$10.8M	$8.7M	20x
Short	Coinbase International CHIP-PERP-INTX	0.04664	0.0928	get 0.0116% / 1h	19m 22s	$45K	$40K	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 +0.234%Rate

Funding earned: $173.88
Price spread: +0.234% → 0.000%: $23.43
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $176.31
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 min ago; Coinbase International: 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 Bybit live order book, 4 min ago	2.15 bp	36.1 bp −$36	138.2 bp −$1,382	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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.

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.1014%	1h	0.04640	−0.279%	$14K	$229K	5x	as long as short
ApeX Omni CHIPUSDT	−0.0301%	1h	0.04647	−0.129%	$17K	$249K	50x	as long as short
Phoenix CHIP	−0.0172%	1h	0.04641	−0.258%	$3K	$140K	5x	as long as short
Nado CHIP-PERP	−0.0150%	1h	0.04650	−0.054%	$233K	$18K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0017%	4h	0.04649	−0.086%	$1.9M	$9.1M	20x	as long as short
BloFin CHIP-USDT	+0.0064%	4h	0.04639	−0.301%	$546K	$65K	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04650	−0.064%	$86K	$108K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04661	+0.168%	$14.6M	$6.5M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04653	−0.002%	$48K	$237K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04652	−0.021%	$13K	$628	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CHIPUSDT	+0.0100%	4h	0.04650	−0.064%	$14.0M	$26.0M	50x	as long as short
Bybit CHIPUSDTlong	+0.0100%	4h	0.04653	long leg	$10.8M	$8.7M	20x
Gate CHIP_USDT	+0.0100%	4h	0.04652	−0.021%	$688K	$908K	50x	as long as short
MEXC CHIP_USDT	+0.0100%	4h	0.04650	−0.064%	$1.8M	$1.2M	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04650	−0.064%	$973K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04650	−0.064%	$2.0M	$3.2M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04652	−0.021%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04642	−0.242%	$872K	$467K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04641	−0.258%	$856	$1.1M	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04647	−0.130%	$211K	$1.9M	5x	as long as short
Aftermath Perps CHIPUSD	+0.0337%	1h	0.04646	−0.148%	$196	$38K	5x	as long as short
Deribit CHIP_USDC-PERPETUAL	+0.0396%	1h	0.04646	−0.146%	$10K	$24K	10x	as long as short
Coinbase International CHIP-PERP-INTXshort	+0.0928%	1h	0.04664	+0.234%	$45K	$40K	50x