Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Binance−0.146%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2072.074% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 7 days+0.159%+$16 · spread now −0.146%, 7d avg −0.060%

Together, before fees+0.105%+$10 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 0.086% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IOUSDT	0.1494	0.0100	pay 0.0050% / 4h	2h 43m	$3.0M	$6.4M	50x
Short	Bybit IOUSDT	0.1491	0.0100	get 0.0050% / 4h	2h 43m	$1.1M	$899K	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 −0.146%Rate

Funding earned: $0
Price spread: −0.146% → −0.060%: −$8.58
Slippage, 4 orders: −$186.35
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$215.93
Costs to cover: 2.074%
Break-even: never at this rate

Slippage from Binance: live order book, 10 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 Binance live order book, 10 min ago	3.34 bp	25.4 bp −$25	152.6 bp −$1,526	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	6.70 bp	67.4 bp −$67	318.6 bp −$3,186	doesn't fit	doesn't fit

IO on 14 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
BloFin IO-USDT	+0.0083%	4h	0.1494	+0.028%	$193K	$39K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1494	−0.005%	$998K	$361K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1494	+0.019%	$23K	$47K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1494	long leg	$3.0M	$6.4M	50x
Bybit IOUSDTshort	+0.0100%	4h	0.1491	−0.146%	$1.1M	$899K	25x
Gate IO_USDT	+0.0100%	4h	0.1494	−0.005%	$232K	$445K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1492	−0.106%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1493	−0.039%	$350K	$624K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1495	+0.095%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1493	−0.039%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1492	−0.090%	$30K	$16K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1493	−0.026%	$3K	$215K	5x	as long as short
Injective IO/USDC PERP	+0.0619%	1h	0.1494	+0.028%	$2K	$198	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.7444%	1h	0.1491	−0.177%	$38K	$10K	10x	as long as short