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: Bybit against Coinbase International−0.152%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$510.515% of the position

Long on Coinbase International Short on Bybit

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)+0.044%+$4 · spread now −0.152%, 7d avg −0.117%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.035% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.117%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.150% in total) that is about 39 hours.

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	Coinbase International FIL-PERP-INTX	0.9853	−0.0352	get 0.0044% / 1h	31m 31s	$315K	$1.9M	50x
Short	Bybit FILUSDT	0.9838	0.0046	get 0.0046% / 8h	31m 31s	$15.4M	$18.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.152%Rate

Funding earned: $83.59
Price spread: −0.152% → −0.117%: −$3.5
Slippage, 4 orders: −$30.48
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $28.61
Costs to cover: 0.515%
Break-even: 4.6 days

Slippage from Coinbase International: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	5.58 bp	13.9 bp −$14	17.8 bp −$178	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.51 bp	13.1 bp −$13	34.6 bp −$346	191.7 bp −$19.2K	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	−0.0864%	1h	0.9861	+0.081%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0395%	1h	0.9859	+0.063%	$1.3M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0352%	1h	0.9853	long leg	$315K	$1.9M	50x
Injective FIL/USDC PERP	−0.0245%	1h	0.9855	+0.020%	$2K	$240K	12x	as long as short
KuCoin FILUSDTM	−0.0017%	8h	0.9836	−0.173%	$7.4M	$7.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9860	+0.067%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9842	−0.113%	$57K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0013%	8h	0.9835	−0.183%	$18.0M	$98.5M	50x	as long as short
Bitget FILUSDT	+0.0029%	8h	0.9836	−0.173%	$10.9M	$21.6M	75x	as long as short
Bybit FILUSDTshort	+0.0046%	8h	0.9838	−0.152%	$15.4M	$18.3M	25x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FIL-USD	+0.0048%	1h	0.9834	−0.192%	$689K	$2.3M	10x	as long as short
Binance FILUSDT	+0.0050%	8h	0.9836	−0.173%	$57.0M	$178.8M	75x	as long as short
MEXC FIL_USDC	+0.0052%	8h	0.9833	−0.203%	$249K	$104K	50x	as long as short
BingX FIL-USDC	+0.0060%	8h	0.9836	−0.173%	—	$6.5M	—	as long as short
Gate FIL_USDT	+0.0089%	8h	0.9838	−0.152%	$8.0M	$16.3M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9831	−0.227%	$158K	$347K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9839	−0.146%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9843	−0.098%	$496K	$545K	20x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9860	+0.075%	$439K	$277K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9855	+0.020%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9857	+0.041%	$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	0.9866	+0.129%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	−0.030%	$2K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9853	0.000%	$484	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9864	+0.112%	$629K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9860	+0.071%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0170%	8h	0.9861	+0.081%	$2.7M	$571K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0571% / S −0.0666%	1h	0.9859	+0.065%	$196K	—	100x	as long as short