Funding arb · Price arb /

INIT

all INIT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Binance−0.033%7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1311.311% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 7 days−0.073%−$7 · spread now −0.033%, 7d avg −0.152%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.119% dearer against Binance than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.152%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance INITUSDT	0.08172	0.0100	pay 0.0050% / 4h	2h 42m	$3.4M	$3.6M	25x
Short	Bybit INITUSDT	0.08169	0.0100	get 0.0050% / 4h	2h 42m	$1.4M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Binance. 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 BinancebpFee BybitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → −0.152%: $11.88
Slippage, 4 orders: −$110.07
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$119.19
Costs to cover: 1.311%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Bybit: 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 Binance live order book, 9 min ago	3.06 bp	24.7 bp −$25	85.6 bp −$856	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	5.51 bp	35.9 bp −$36	91.7 bp −$917	doesn't fit	doesn't fit

INIT on 13 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
Hyperliquid INIT	+0.0100%	1h	0.08167	−0.054%	$296K	$235K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08169	−0.030%	$27K	$36K	5x	as long as short
Binance INITUSDTlong	+0.0100%	4h	0.08172	long leg	$3.4M	$3.6M	25x
Bybit INITUSDTshort	+0.0100%	4h	0.08169	−0.033%	$1.4M	$1.4M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08191	+0.236%	$132K	$631K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08168	−0.045%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08171	−0.008%	$444K	$215K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08181	+0.114%	$325K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08170	−0.021%	$427K	$311K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08175	+0.041%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08175	+0.035%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0137%	4h	0.08178	+0.077%	$155K	$110K	25x	as long as short
Kraken Futures PF_INITUSD	+0.0535%	1h	0.08171	−0.003%	$6K	$17K	10x	as long as short