Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h —

Price spread now: Bitget against Deribit−0.070%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 11 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPN_USDC-PERPETUAL	0.05178	0.0078	pay 0.0010% / 1h	7m 43s	—	—	10x
Short	Bitget OPNUSDT	0.05174	0.0100	get 0.0050% / 4h	2h 07m	$593K	$187K	20x

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 −0.070%Rate

Funding earned: $4.53
Price spread: −0.070% → 0.000%: −$6.95
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$21.43
Costs to cover: 0.190%
Break-even: 40.1 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 57 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Bitget live order book, 57 min ago	5.79 bp	35.1 bp −$35	122.4 bp −$1,224	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

OPN 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
Deribit OPN_USDC-PERPETUALlong	+0.0078%	1h	0.05178	long leg	—	—	10x
Bybit OPNUSDT	+0.0100%	4h	0.05176	−0.031%	$718K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05179	+0.027%	$802K	$3.2M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05181	+0.066%	$140K	$79K	25x	as long as short
Bitget OPNUSDTshort	+0.0100%	4h	0.05174	−0.070%	$593K	$187K	20x
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05170	−0.147%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05290	+2.171%	$2K	$1.4M	20x	as long as short
Binance OPNUSDT	+0.0155%	4h	0.05179	+0.020%	$3.6M	$5.8M	25x	as long as short
MEXC OPN_USDT	+0.0180%	4h	0.05179	+0.027%	$817K	$344K	50x	as long as short
BingX OPN-USDT	+0.0190%	4h	0.05181	+0.066%	—	$1.6M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0232%	4h	0.05182	+0.081%	$7K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1128%	1h	0.05237	+1.149%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1244%	4h	0.05181	+0.066%	$207K	$160K	50x	as long as short
Kraken Futures PF_OPNUSD	+0.2638%	1h	0.05163	−0.273%	$2K	$4K	20x	as long as short