Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0754%/8h= +82.6% APRpaid last 24h +0.166%

Price spread now: Binance against Deribit−0.028%7-day average −0.058% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.346%+$35 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.028%, 7d avg −0.058%

Together, before fees+0.327%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Binance is 0.030% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.346% in total (about 18.0% 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	Deribit FIL_USDC-PERPETUAL	0.9950	−0.0654	get 0.0082% / 1h	11m 56s	$171K	$23K	25x
Short	Binance FILUSDT	0.9947	0.0100	get 0.0100% / 8h	3h 11m	$56.9M	$184.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.028%Rate

Funding earned: $158.34
Price spread: −0.028% → −0.058%: $3.05
Slippage, 4 orders: −$24.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $120.05
Costs to cover: 0.413%
Break-even: 1.7 days

Slippage from Deribit: live order book, 41 min ago; Binance: live order book, 1 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 Deribit live order book, 41 min ago	9.41 bp	14.9 bp −$15	23.9 bp −$239	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	0.50 bp	7.1 bp −$7	15.7 bp −$157	52.3 bp −$5,230	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-PERPETUALlong	−0.0654%	1h	0.9950	long leg	$171K	$23K	25x
Coinbase International FIL-PERP-INTX	−0.0240%	1h	0.9947	−0.030%	$357K	$2.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9946	−0.037%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9946	−0.044%	$58K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0006%	8h	0.9946	−0.040%	$18.3M	$106.1M	50x	as long as short
KuCoin FILUSDTM	+0.0024%	8h	0.9945	−0.050%	$7.3M	$7.8M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.955%	$2K	$240K	12x	as long as short
Kraken Futures PF_FILUSD	+0.0067%	1h	0.9951	+0.009%	$1.4M	$2.2M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9942	−0.082%	$148K	$370K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9949	−0.011%	$8.4M	$9.4M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster FILUSDT	+0.0100%	8h	0.9953	+0.034%	$508K	$613K	20x	as long as short
Binance FILUSDTshort	+0.0100%	8h	0.9947	−0.028%	$56.9M	$184.9M	75x
Bybit FILUSDT	+0.0100%	8h	0.9945	−0.050%	$15.8M	$20.4M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9946	−0.040%	$8.4M	$16.9M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9938	−0.121%	$234K	$105K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9941	−0.090%	$11.2M	$20.4M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9945	−0.050%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9951	+0.008%	$450K	$265K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9956	+0.061%	$45K	$297K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9951	+0.010%	$288K	$1.1M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9960	+0.101%	$30K	$182K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9953	+0.027%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9930	−0.201%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9945	−0.050%	$475	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9942	−0.080%	$618K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9940	−0.101%	$1.2M	$2.6M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9940	−0.097%	$700K	$1.6M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9951	+0.010%	$2.7M	$709K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0585% / S −0.0257%	1h	0.9944	−0.060%	$265K	—	100x	as long as short