Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0398%/8h= −43.6% APRpaid last 24h −0.095%

Price spread now: Coinbase International against Bybit+0.203%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$510.511% 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−0.150%−$15 on $10k

Price spread, last 3 days (all we have)−0.095%−$10 · spread now +0.203%, 7d avg +0.117%

Together, before fees−0.245%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.086% dearer against Bybit than usual: you sell high and buy low (spread +0.203% now, against its 7-day average of +0.117%): +$9 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.150% in total) that is about 4.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.150% in total (about -7.8% 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	Bybit FILUSDT	0.9833	0.0046	pay 0.0046% / 8h	5m 27s	$15.3M	$18.4M	25x
Short	Coinbase International FIL-PERP-INTX	0.9853	−0.0352	pay 0.0044% / 1h	5m 27s	$317K	$1.9M	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 +0.203%Rate

Funding earned: −$83.67
Price spread: +0.203% → +0.117%: $8.62
Slippage, 4 orders: −$30.15
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$126.2
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	0.51 bp	10.9 bp −$11	30.7 bp −$307	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	5.59 bp	14.6 bp −$15	17.6 bp −$176	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	−0.0968%	1h	0.9840	+0.071%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0395%	1h	0.9838	+0.053%	$1.3M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0352%	1h	0.9853	+0.203%	$317K	$1.9M	50x
Injective FIL/USDC PERP	−0.0245%	1h	0.9855	+0.224%	$2K	$240K	12x	as long as short
KuCoin FILUSDTM	−0.0037%	8h	0.9832	−0.010%	$7.4M	$7.1M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0014%	8h	0.9829	−0.041%	$18.0M	$98.7M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9838	+0.049%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9840	+0.069%	$57K	$2K	10x	as long as short
Binance FILUSDT	+0.0037%	8h	0.9831	−0.020%	$57.0M	$179.5M	75x	as long as short
Extended FIL-USD	+0.0040%	1h	0.9827	−0.057%	$689K	$2.3M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget FILUSDT	+0.0041%	8h	0.9829	−0.041%	$10.8M	$21.6M	75x	as long as short
Bybit FILUSDTlong	+0.0046%	8h	0.9833	long leg	$15.3M	$18.4M	25x
BingX FIL-USDT	+0.0047%	8h	0.9833	0.000%	—	$11.9M	—	as long as short
MEXC FIL_USDC	+0.0049%	8h	0.9831	−0.020%	$246K	$106K	50x	as long as short
Gate FIL_USDT	+0.0070%	8h	0.9836	+0.031%	$8.1M	$16.5M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9828	−0.051%	$158K	$348K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9833	0.000%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9831	−0.015%	$492K	$546K	20x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9831	−0.019%	$439K	$278K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9836	+0.034%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9850	+0.177%	$294K	$805K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9840	+0.071%	$30K	$196K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9843	+0.105%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9830	−0.031%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9833	0.000%	$483	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9846	+0.132%	$625K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9840	+0.071%	$1.1M	$2.4M	50x	as long as short
BloFin FIL-USDT	+0.0155%	8h	0.9835	+0.020%	$2.7M	$567K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0570% / S −0.0666%	1h	0.9836	+0.034%	$195K	—	100x	as long as short