Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0351%/8h= +38.4% APRpaid last 24h +0.102%

Price spread now: Bitget against Coinbase International−0.142%47s7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.460% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.290%+$29 on $10k

Price spread, last 3 days (all we have)+0.131%+$13 · spread now −0.142%, 7d avg −0.108%

Together, before fees+0.420%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.033% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.108%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.290% in total) that is about 19 hours. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International FIL-PERP-INTX	0.9873	−0.0376	get 0.0047% / 1h	54m 26s	$316K	$1.9M	50x
Short	Bitget FILUSDT	0.9859	−0.0025	pay 0.0025% / 8h	1h 54m	$10.8M	$21.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.142%Rate

Funding earned: $73.71
Price spread: −0.142% → −0.108%: −$3.34
Slippage, 4 orders: −$24.01
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $24.35
Costs to cover: 0.460%
Break-even: 4.7 days

Slippage from Coinbase International: live order book, 4 min ago; Bitget: 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 Coinbase International live order book, 4 min ago	6.12 bp	11.9 bp −$12	16.8 bp −$168	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.51 bp	10.0 bp −$10	18.4 bp −$184	43.2 bp −$4,316	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	−0.0964%	1h	0.9876	+0.030%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0695%	1h	0.9873	−0.004%	$1.4M	$2.2M	50x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0376%	1h	0.9873	long leg	$316K	$1.9M	50x
Injective FIL/USDC PERP	−0.0252%	1h	0.9850	−0.233%	$2K	$182K	12x	as long as short
Bitget FILUSDTshort	−0.0025%	8h	0.9859	−0.142%	$10.8M	$21.4M	75x
Bybit FILUSDT	−0.0013%	8h	0.9862	−0.111%	$15.5M	$17.9M	25x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9863	−0.102%	$25K	—	150x	as long as short
Lighter FIL	0.0000%	1h	0.9859	−0.144%	$158K	$337K	5x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9866	−0.076%	$58K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0021%	8h	0.9860	−0.132%	$18.2M	$96.4M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin FILUSDTM	+0.0023%	8h	0.9861	−0.122%	$7.4M	$7.0M	50x	as long as short
Variational Omni FIL	+0.0064%	8h	0.9851	−0.226%	$438K	$277K	—	as long as short
MEXC FIL_USDC	+0.0079%	8h	0.9857	−0.162%	$250K	$103K	50x	as long as short
BingX FIL-USDT	+0.0086%	8h	0.9861	−0.122%	—	$11.8M	—	as long as short
Binance FILUSDT	+0.0087%	8h	0.9858	−0.149%	$56.6M	$174.8M	75x	as long as short
Extended FIL-USD	+0.0088%	1h	0.9860	−0.135%	$689K	$2.3M	10x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9859	−0.137%	$8.6M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9870	−0.030%	$488K	$514K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9867	−0.061%	$7.8M	$16.1M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9786	−0.878%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9842	−0.310%	$288K	$801K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9830	−0.436%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9872	−0.009%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	−0.233%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9868	−0.051%	$480	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9870	−0.030%	$624K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9870	−0.030%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0207%	8h	0.9863	−0.101%	$2.6M	$648K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0616% / S −0.0742%	1h	0.9864	−0.090%	$214K	—	100x	as long as short