Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0384%/8h= −42.0% APRpaid last 24h −0.107%

Price spread now: Coinbase International against KuCoin−0.081%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$550.550% of the position

Long on KuCoin Short on Coinbase International

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)+0.197%+$20 · spread now −0.081%, 7d avg +0.083%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Coinbase International is 0.164% cheaper against KuCoin than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.083%). Swap the legs.

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	KuCoin FILUSDTM	0.9859	0.0008	pay 0.0008% / 8h	1h 26m	$7.4M	$7.0M	50x
Short	Coinbase International FIL-PERP-INTX	0.9851	−0.0376	pay 0.0047% / 1h	26m 39s	$316K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$80.64
Price spread: −0.081% → +0.083%: −$16.4
Slippage, 4 orders: −$33.04
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$152.08
Costs to cover: 0.550%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Coinbase International: 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 KuCoin live order book, 1 min ago	2.54 bp	14.7 bp −$15	44.9 bp −$449	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	6.59 bp	12.1 bp −$12	15.6 bp −$156	doesn't fit	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	−0.0965%	1h	0.9868	+0.091%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0695%	1h	0.9879	+0.198%	$1.3M	$2.3M	50x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0376%	1h	0.9851	−0.081%	$316K	$1.9M	50x
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	−0.041%	$2K	$240K	12x	as long as short
Bitget FILUSDT	−0.0009%	8h	0.9856	−0.030%	$10.9M	$21.5M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9863	+0.045%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9862	+0.032%	$57K	$2K	10x	as long as short
KuCoin FILUSDTMlong	+0.0008%	8h	0.9859	long leg	$7.4M	$7.0M	50x
Bybit FILUSDT	+0.0016%	8h	0.9863	+0.041%	$15.3M	$18.1M	25x	as long as short
OKX FIL-USDT-SWAP	+0.0031%	8h	0.9856	−0.030%	$18.1M	$97.2M	50x	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	+0.0075%	8h	0.9862	+0.030%	$251K	$104K	50x	as long as short
Binance FILUSDT	+0.0078%	8h	0.9862	+0.030%	$56.6M	$175.5M	75x	as long as short
BingX FIL-USDC	+0.0079%	8h	0.9857	−0.020%	—	$6.5M	—	as long as short
Lighter FIL	+0.0080%	1h	0.9858	−0.010%	$158K	$349K	5x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9855	−0.039%	$689K	$2.3M	10x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9869	+0.102%	$8.6M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9862	+0.029%	$495K	$525K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9864	+0.051%	$7.8M	$16.2M	50x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9864	+0.053%	$439K	$277K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9865	+0.065%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9869	+0.106%	$287K	$790K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9860	+0.010%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9868	+0.092%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9870	+0.112%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9872	+0.132%	$487	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9876	+0.172%	$626K	$5.6M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9860	+0.010%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0196%	8h	0.9869	+0.101%	$2.6M	$655K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0597% / S −0.0709%	1h	0.9863	+0.041%	$206K	—	100x	as long as short