Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0231%/8h= +25.2% APRpaid last 24h −0.034%

Price spread now: Binance against Deribit−0.072%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

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

Funding pays, the price is against you. Binance is 0.072% cheaper against Deribit than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 25 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CHIP_USDC-PERPETUAL	0.04728	−0.0131	get 0.0016% / 1h	21m 50s	$10K	$13K	10x
Short	Binance CHIPUSDT	0.04724	0.0100	get 0.0050% / 4h	2h 21m	$14.1M	$26.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.072%Rate

Funding earned: $48.42
Price spread: −0.072% → 0.000%: −$7.23
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $24.2
Costs to cover: 0.170%
Break-even: 3.5 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 12 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 12 min ago	1.07 bp	26.9 bp −$27	92.0 bp −$920	doesn't fit	doesn't fit

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.

CHIP on 23 exchanges

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
ApeX Omni CHIPUSDT	−0.0395%	1h	0.04720	−0.165%	$16K	$247K	50x	as long as short
Phoenix CHIP	−0.0169%	1h	0.04712	−0.334%	$3K	$125K	5x	as long as short
Deribit CHIP_USDC-PERPETUALlong	−0.0131%	1h	0.04728	long leg	$10K	$13K	10x
Aftermath Perps CHIPUSD	−0.0120%	1h	0.04713	−0.319%	$92	$34K	5x	as long as short
Nado CHIP-PERP	−0.0017%	1h	0.04718	−0.197%	$239K	$18K	5x	as long as short
OKX CHIP-USDT-SWAP	+0.0039%	4h	0.04721	−0.144%	$2.1M	$9.1M	20x	as long as short
Lighter CHIP	+0.0096%	1h	0.04725	−0.059%	$98K	$106K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04735	+0.148%	$14.5M	$5.4M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04726	−0.034%	$48K	$273K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04720	−0.165%	$16K	$4K	3x	as long as short

Show all 23 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CHIPUSDTshort	+0.0100%	4h	0.04724	−0.072%	$14.1M	$26.2M	50x
Bybit CHIPUSDT	+0.0100%	4h	0.04729	+0.025%	$10.7M	$8.6M	20x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04728	+0.004%	$709K	$965K	50x	as long as short
MEXC CHIP_USDT	+0.0100%	4h	0.04725	−0.059%	$1.8M	$1.0M	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04725	−0.059%	$977K	$1.2M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04729	+0.025%	$2.0M	$3.4M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04726	−0.038%	—	$1.8M	—	as long as short
Backpack CHIP_USDC_PERP	+0.0100%	1h	0.04729	+0.025%	$27K	$190K	5x	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04708	−0.429%	$868K	$502K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04718	−0.207%	$728	$959K	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04723	−0.100%	$216K	$1.7M	5x	as long as short
BloFin CHIP-USDT	+0.0127%	4h	0.04716	−0.250%	$566K	$117K	50x	as long as short
Coinbase International CHIP-PERP-INTX	+0.1552%	1h	0.04746	+0.389%	$45K	$35K	50x	as long as short