Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Bybit+0.131%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$337as in the Funding arb table

Net, price: spread back to 7d avg − costs−$333as in the Price arb table

costs, in and out, $10k−$3423.421% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now +0.131%, 7d avg +0.039%

Together, before fees−0.089%+ Points / potential airdropExtended: Active · farm board−$9 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: Extended is 0.091% dearer against Bybit than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1501	0.0100	pay 0.0050% / 4h	2h 38m	$1.1M	$862K	25x
Short	Extended IO-USD	0.1503	0.0104	get 0.0013% / 1h	38m 43s	$5K	$171K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.131%Rate

Funding earned: $0.84
Price spread: +0.131% → +0.039%: $9.14
Slippage, 4 orders: −$326.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$332.11
Costs to cover: 3.421%
Break-even: 2774.6 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 47 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 Bybit live order book, 2 min ago	6.66 bp	104.7 bp −$105	453.0 bp −$4,530	doesn't fit	doesn't fit
Sell Extended live order book, 47 min ago	7.30 bp	55.3 bp −$55	doesn't fit	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
Injective IO/USDC PERP	−0.0157%	1h	0.1503	+0.147%	$2K	$101	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1502	+0.107%	$1.0M	$392K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1503	+0.168%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1503	+0.147%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1501	long leg	$1.1M	$862K	25x
Gate IO_USDT	+0.0100%	4h	0.1503	+0.160%	$230K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1500	−0.053%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1502	+0.080%	$400K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1503	+0.147%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1503	+0.147%	—	$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	0.1502	+0.047%	$30K	$5K	—	as long as short
Extended IO-USDshort	+0.0104%	1h	0.1503	+0.131%	$5K	$171K	5x
BloFin IO-USDT	+0.0114%	4h	0.1506	+0.346%	$191K	$30K	50x	as long as short
Kraken Futures PF_IOUSD	+0.5462%	1h	0.1505	+0.287%	$39K	$21K	10x	as long as short