PRL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0782%/8h= −85.7% APRnext payment −$3.91 per $10,000 · paid last 24h −0.062%

Price spread now: Bitget against Bybit0.000%7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$414as in the Funding arb table

Net, price: spread back to 7d avg − costs−$367as in the Price arb table

costs, in and out, $10k−$3753.755% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.387%−$39 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now 0.000%, 7d avg −0.085%

Together, before fees−0.610%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.085% dearer against Bybit than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.085%): +$9 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.387% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.387% in total (about -20.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.91 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PRLUSDT	0.1167	0.0882	pay 0.0441% / 4h	2h 21m	$719K	$607K	25x
Short	Bitget PRLUSDT	0.1167	0.0100	get 0.0050% / 4h	2h 21m	$872K	$445K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$164.26
Price spread: 0.000% → −0.085%: $8.54
Slippage, 4 orders: −$352.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$531.21
Costs to cover: 3.755%
Break-even: never at this rate

Slippage from Bybit: live order book, 25 min ago; Bitget: live order book, 26 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, 25 min ago	4.29 bp	133.4 bp −$133	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 26 min ago	8.58 bp	51.9 bp −$52	327.5 bp −$3,275	doesn't fit	doesn't fit

PRL on 13 exchanges

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
Bitget PRLUSDTshort	+0.0100%	4h	0.1167	0.000%	$872K	$445K	20x
SunX PRL-USDT	+0.0100%	4h	0.1166	−0.086%	$1K	$1.2M	20x	as long as short
KuCoin PRLUSDTM	+0.0424%	4h	0.1166	−0.103%	$1.5M	$407K	20x	as long as short
Coinbase International PRL-PERP-INTX	+0.0456%	1h	0.1164	−0.248%	$21K	$19K	50x	as long as short
Gate PRL_USDT	+0.0460%	4h	0.1166	−0.060%	$97K	$49K	20x	as long as short
Binance PRLUSDT	+0.0511%	4h	0.1167	0.000%	$2.0M	$2.5M	20x	as long as short
Extended PRL-USD	+0.0512%	1h	0.1167	+0.013%	$2K	$218K	5x	as long as short
MEXC PRL_USDT	+0.0516%	4h	0.1167	0.000%	$494K	$145K	20x	as long as short
Aster PRLUSDT	+0.0606%	4h	0.1167	+0.026%	$5K	$2K	5x	as long as short
BloFin PRL-USDT	+0.0860%	4h	0.1168	+0.086%	$129K	$14K	25x	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX PRL-USDT	+0.0872%	4h	0.1167	0.000%	—	$1.7M	—	as long as short
Bybit PRLUSDTlong	+0.0882%	4h	0.1167	long leg	$719K	$607K	25x
Deribit PRL_USDC-PERPETUAL	+0.1837%	1h	0.1167	−0.002%	—	—	10x	as long as short