Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.073%

Price spread now: Bitget against Deribit0.000%48s7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.584% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now 0.000%, 7d avg −0.001%

Together, before fees+0.080%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1280	0	get 0.0000% / 1h	34m 31s	$42K	$171K	25x
Short	Bitget OPUSDT	0.1280	0.0100	get 0.0100% / 8h	34m 31s	$6.1M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: $21
Price spread: 0.000% → −0.001%: $0.07
Slippage, 4 orders: −$39.45
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$37.38
Costs to cover: 0.584%
Break-even: 19.5 days

Slippage from Deribit: live order book, 44 min ago; Bitget: 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 Deribit live order book, 44 min ago	11.71 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	3.90 bp	17.6 bp −$18	31.4 bp −$314	91.3 bp −$9,133	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1633%	1h	0.1273	−0.547%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.056%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.313%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1281	+0.062%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1280	long leg	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1279	−0.078%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	−0.078%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1276	−0.289%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.102%	$291K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+0.109%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1281	+0.063%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.057%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1278	−0.117%	$18.6M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1279	−0.102%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.039%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	+0.016%	$20.3M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.078%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDTshort	+0.0100%	8h	0.1280	0.000%	$6.1M	$6.3M	75x
BingX OP-USDT	+0.0100%	8h	0.1280	−0.008%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1280	−0.023%	$125K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.110%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.156%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	0.000%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.031%	$198	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.023%	$177K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1280	−0.037%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.070%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	+0.016%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1281	+0.100%	$802K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1278	−0.150%	$711	—	20x	as long as short