Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0456%/8h= +49.9% APRpaid last 24h +0.148%

Price spread now: Gate against Deribit−0.232%51s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$600.596% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.297%+$30 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.232%, 7d avg −0.055%

Together, before fees+0.428%+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.178% cheaper against Deribit than usual: you would sell low and buy high (spread −0.232% now, against its 7-day average of −0.055%). If the spread goes back, that is −$18 on $10k: about 31 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.297% in total) that is about 4.2 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.297% in total (about 15.5% 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	Deribit FIL_USDC-PERPETUAL	0.9898	−0.0356	get 0.0044% / 1h	41m 24s	$170K	$23K	25x
Short	Gate FIL_USDT	0.9875	0.0100	get 0.0100% / 8h	7h 41m	$8.2M	$16.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.232%Rate

Funding earned: $95.76
Price spread: −0.232% → −0.055%: −$17.76
Slippage, 4 orders: −$37.56
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $18.44
Costs to cover: 0.596%
Break-even: 5.7 days

Slippage from Deribit: live order book, 32 min ago; Gate: 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 Deribit live order book, 32 min ago	4.06 bp	20.8 bp −$21	31.0 bp −$310	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.01 bp	13.1 bp −$13	25.1 bp −$251	62.3 bp −$6,227	102.8 bp −$51.4K

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	−0.0356%	1h	0.9898	long leg	$170K	$23K	25x
Kraken Futures PF_FILUSD	−0.0331%	1h	0.9894	−0.040%	$1.4M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9880	−0.182%	$317K	$1.8M	50x	as long as short
KuCoin FILUSDTM	−0.0038%	8h	0.9879	−0.192%	$7.4M	$7.1M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0030%	8h	0.9864	−0.344%	$18.0M	$98.7M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9871	−0.271%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9885	−0.136%	$58K	$2K	10x	as long as short
Extended FIL-USD	+0.0032%	1h	0.9872	−0.265%	$689K	$3.1M	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.434%	$2K	$240K	12x	as long as short
Binance FILUSDT	+0.0035%	8h	0.9865	−0.334%	$56.9M	$179.0M	75x	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	+0.0059%	8h	0.9871	−0.273%	$247K	$104K	50x	as long as short
Bitget FILUSDT	+0.0059%	8h	0.9880	−0.182%	$10.9M	$21.6M	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9875	−0.233%	$159K	$346K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9880	−0.181%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9880	−0.182%	$494K	$545K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9868	−0.303%	$15.4M	$18.3M	25x	as long as short
Gate FIL_USDTshort	+0.0100%	8h	0.9875	−0.232%	$8.2M	$16.1M	50x
BingX FIL-USDC	+0.0100%	8h	0.9872	−0.263%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9868	−0.303%	$440K	$278K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9881	−0.172%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9890	−0.086%	$292K	$812K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9870	−0.283%	$30K	$196K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9876	−0.220%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9890	−0.081%	$2K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9891	−0.071%	$489	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9894	−0.040%	$631K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9890	−0.081%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0134%	8h	0.9888	−0.101%	$2.7M	$572K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0539% / S −0.0538%	1h	0.9870	−0.284%	$196K	—	100x	as long as short