Funding arb · Price arb /

IO

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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 Gate−0.263%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$660as in the Funding arb table

Net, price: spread back to 7d avg − costs−$675as in the Price arb table

costs, in and out, $10k−$6536.531% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.225%+$23 · spread now −0.263%, 7d avg −0.043%

Together, before fees+0.154%+$15 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 0.220% cheaper against Gate than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IO_USDT	0.1519	0.0100	pay 0.0050% / 4h	1h 40m	$232K	$527K	50x
Short	Bybit IOUSDT	0.1515	0.0100	get 0.0050% / 4h	1h 40m	$1.1M	$876K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.263%Rate

Funding earned: $0
Price spread: −0.263% → −0.043%: −$22
Slippage, 4 orders: −$627.06
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$675.06
Costs to cover: 6.531%
Break-even: never at this rate

Slippage from Gate: live order book, 40 min ago; Bybit: live order book, 5 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 Gate live order book, 40 min ago	6.27 bp	256.0 bp −$256	18065.0 bp −$180.6K	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	6.61 bp	81.6 bp −$82	356.1 bp −$3,561	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
Kraken Futures PF_IOUSD	−0.0637%	1h	0.1521	+0.115%	$39K	$21K	10x	as long as short
BloFin IO-USDT	+0.0077%	4h	0.1520	+0.066%	$193K	$30K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1517	−0.151%	$1.0M	$391K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1518	−0.046%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1518	−0.066%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1515	−0.263%	$1.1M	$876K	25x
Gate IO_USDTlong	+0.0100%	4h	0.1519	long leg	$232K	$527K	50x
MEXC IO_USDT	+0.0100%	4h	0.1516	−0.197%	$1.2M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1517	−0.132%	$409K	$656K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1518	−0.066%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1517	−0.132%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1509	−0.668%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1518	−0.085%	$5K	$171K	5x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1509	−0.658%	$2K	$102	5.5x	as long as short