Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0550%/8h= −60.2% APRpaid last 24h −0.132%

Price spread now: Deribit against Bybit−0.010%7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.010%, 7d avg +0.080%

Together, before fees−0.150%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Deribit is 0.090% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.080%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.278% in total (about -14.5% 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	0.9992	0.0100	pay 0.0100% / 8h	7h 12m	$15.7M	$18.4M	25x
Short	Deribit FIL_USDC-PERPETUAL	0.9991	−0.0450	pay 0.0056% / 1h	12m 54s	$172K	$23K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$115.5
Price spread: −0.010% → +0.080%: −$8.98
Slippage, 4 orders: −$32.98
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$175.46
Costs to cover: 0.510%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 60 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, 1 min ago	0.50 bp	11.6 bp −$12	34.8 bp −$348	doesn't fit	doesn't fit
Sell Deribit live order book, 60 min ago	4.06 bp	7.6 bp −$8	doesn't fit	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-PERPETUALshort	−0.0450%	1h	0.9991	−0.010%	$172K	$23K	25x
Kraken Futures PF_FILUSD	−0.0328%	1h	0.9979	−0.132%	$1.4M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9979	−0.130%	$339K	$1.9M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0038%	8h	0.9992	0.000%	$18.3M	$98.1M	50x	as long as short
KuCoin FILUSDTM	−0.0035%	8h	0.9987	−0.050%	$7.4M	$7.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9989	−0.030%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9990	−0.018%	$58K	$2K	10x	as long as short
Extended FIL-USD	+0.0032%	1h	0.9984	−0.082%	$702K	$3.3M	10x	as long as short
Binance FILUSDT	+0.0033%	8h	0.9986	−0.060%	$57.8M	$178.4M	75x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−1.371%	$2K	$240K	12x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDC	+0.0068%	8h	0.9975	−0.170%	$247K	$106K	50x	as long as short
Bitget FILUSDT	+0.0077%	8h	0.9988	−0.040%	$10.9M	$21.2M	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9986	−0.059%	$160K	$349K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9996	+0.041%	$8.6M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9987	−0.054%	$510K	$566K	20x	as long as short
Bybit FILUSDTlong	+0.0100%	8h	0.9992	long leg	$15.7M	$18.4M	25x
Gate FIL_USDT	+0.0100%	8h	0.9990	−0.020%	$8.3M	$16.3M	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9990	−0.020%	—	$11.8M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9967	−0.246%	$449K	$279K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9983	−0.087%	$46K	$295K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9984	−0.080%	$297K	$837K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9990	−0.020%	$30K	$195K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9997	+0.051%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9970	−0.220%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9973	−0.190%	$500	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9983	−0.090%	$635K	$5.6M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9980	−0.120%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0131%	8h	0.9977	−0.150%	$2.7M	$591K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0544% / S −0.0538%	1h	0.9989	−0.033%	$198K	—	100x	as long as short