Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0391%/8h= +42.8% APRpaid last 24h +0.112%

Price spread now: Binance against Coinbase International−0.213%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$21 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.213%, 7d avg −0.089%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.124% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.213% now, against its 7-day average of −0.089%). If the spread goes back, that is −$12 on $10k: about 25 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.205% in total) that is about 4.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.205% in total (about 10.7% 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	Coinbase International FIL-PERP-INTX	0.9853	−0.0352	get 0.0044% / 1h	7m 36s	$317K	$1.9M	50x
Short	Binance FILUSDT	0.9832	0.0039	get 0.0039% / 8h	7m 36s	$57.0M	$179.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.213%Rate

Funding earned: $82.07
Price spread: −0.213% → −0.089%: −$12.37
Slippage, 4 orders: −$23.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $25.89
Costs to cover: 0.438%
Break-even: 4.8 days

Slippage from Coinbase International: live order book, 1 min ago; Binance: live order book, 6 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 Coinbase International live order book, 1 min ago	5.59 bp	13.5 bp −$14	17.1 bp −$171	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.51 bp	8.8 bp −$9	17.6 bp −$176	51.9 bp −$5,194	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	−0.0764%	1h	0.9856	+0.030%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0395%	1h	0.9852	−0.008%	$1.3M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0352%	1h	0.9853	long leg	$317K	$1.9M	50x
Injective FIL/USDC PERP	−0.0245%	1h	0.9855	+0.020%	$2K	$240K	12x	as long as short
KuCoin FILUSDTM	−0.0036%	8h	0.9844	−0.091%	$7.4M	$7.1M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0008%	8h	0.9837	−0.162%	$18.0M	$98.7M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9854	+0.013%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9848	−0.056%	$57K	$2K	10x	as long as short
Binance FILUSDTshort	+0.0039%	8h	0.9832	−0.213%	$57.0M	$179.5M	75x
Bitget FILUSDT	+0.0039%	8h	0.9845	−0.081%	$10.8M	$21.6M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FIL-USD	+0.0040%	1h	0.9837	−0.157%	$689K	$2.3M	10x	as long as short
Bybit FILUSDT	+0.0046%	8h	0.9842	−0.112%	$15.4M	$18.4M	25x	as long as short
BingX FIL-USDT	+0.0047%	8h	0.9840	−0.132%	—	$11.9M	—	as long as short
MEXC FIL_USDC	+0.0049%	8h	0.9844	−0.091%	$247K	$106K	50x	as long as short
Gate FIL_USDT	+0.0072%	8h	0.9846	−0.071%	$8.1M	$16.5M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9839	−0.141%	$158K	$348K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9845	−0.080%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9843	−0.104%	$493K	$546K	20x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9835	−0.182%	$439K	$278K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9847	−0.064%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9850	−0.026%	$294K	$805K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9860	+0.071%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9859	+0.057%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	−0.030%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9848	−0.051%	$487	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9855	+0.020%	$626K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9850	−0.030%	$1.1M	$2.4M	50x	as long as short
BloFin FIL-USDT	+0.0157%	8h	0.9846	−0.071%	$2.7M	$568K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0570% / S −0.0666%	1h	0.9854	+0.011%	$196K	—	100x	as long as short