Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h −0.101%

Price spread now: Coinbase International against Binance+0.108%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 3 days (all we have)−0.140%−$14 · spread now +0.108%, 7d avg +0.081%

Together, before fees−0.340%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.027% dearer against Binance than usual: you sell high and buy low (spread +0.108% now, against its 7-day average of +0.081%): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.199% in total) that is about 23 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.199% in total (about -10.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance FILUSDT	0.9804	0.0100	pay 0.0100% / 8h	2h 34m	$56.1M	$175.7M	75x
Short	Coinbase International FIL-PERP-INTX	0.9815	−0.0328	pay 0.0041% / 1h	34m 42s	$314K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$89.88
Price spread: +0.108% → +0.081%: $2.74
Slippage, 4 orders: −$20.58
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$127.73
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Coinbase International: 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 Binance live order book, 9 min ago	0.51 bp	8.6 bp −$9	13.8 bp −$138	50.3 bp −$5,033	doesn't fit
Sell Coinbase International live order book, 4 min ago	6.12 bp	14.0 bp −$14	18.3 bp −$183	doesn't fit	doesn't fit

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.0666%	1h	0.9821	+0.170%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0624%	1h	0.9819	+0.152%	$1.4M	$2.3M	50x	as long as short
Lighter FIL	−0.0432%	1h	0.9800	−0.046%	$156K	$332K	5x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0328%	1h	0.9815	+0.108%	$314K	$1.9M	50x
Bybit FILUSDT	−0.0071%	8h	0.9808	+0.037%	$15.4M	$18.0M	25x	as long as short
Bitget FILUSDT	−0.0034%	8h	0.9803	−0.014%	$10.8M	$21.9M	75x	as long as short
Hyperliquid FIL	−0.0017%	1h	0.9803	−0.011%	$8.6M	$9.4M	5x	as long as short
Variational Omni FIL	−0.0014%	8h	0.9812	+0.079%	$435K	$276K	—	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9819	+0.149%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9811	+0.068%	$57K	$2K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0013%	8h	0.9805	+0.006%	$18.0M	$96.3M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9751	−0.544%	$2K	$148K	12x	as long as short
KuCoin FILUSDTM	+0.0036%	8h	0.9811	+0.068%	$7.3M	$7.1M	50x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9808	+0.036%	$486K	$514K	20x	as long as short
Binance FILUSDTlong	+0.0100%	8h	0.9804	long leg	$56.1M	$175.7M	75x
Gate FIL_USDT	+0.0100%	8h	0.9806	+0.017%	$7.8M	$16.3M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9798	−0.065%	$249K	$104K	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9807	+0.027%	—	$11.8M	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9788	−0.170%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9815	+0.112%	$287K	$813K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9810	+0.057%	$42K	$193K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9824	+0.199%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9810	+0.057%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9812	+0.078%	$479	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9815	+0.108%	$619K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9810	+0.057%	$1.1M	$2.2M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9802	−0.022%	$685K	$2.3M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9813	+0.088%	$2.6M	$635K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0614% / S −0.0849%	1h	0.9820	+0.158%	$208K	—	100x	as long as short