Funding arb · Price arb /

PRL

all PRL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0537%/8h= −58.8% APRpaid last 24h +0.083%

Price spread now: Extended against Bybit+0.024%7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$329as in the Funding arb table

Net, price: spread back to 7d avg − costs−$307as in the Price arb table

costs, in and out, $10k−$3143.144% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now +0.024%, 7d avg −0.055%

Together, before fees−0.254%+ Points / potential airdropExtended: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.078% dearer against Bybit than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.055%): +$8 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.144% in total) that is about 3.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.144% in total (about -7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PRLUSDT	0.1174	0.1017	pay 0.0509% / 4h	2h 30m	$783K	$546K	25x
Short	Extended PRL-USD	0.1174	0.0480	get 0.0060% / 1h	30m 00s	$2K	$157K	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

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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$112.81
Price spread: +0.024% → −0.055%: $7.83
Slippage, 4 orders: −$298.35
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$419.33
Costs to cover: 3.144%
Break-even: never at this rate

Slippage from Bybit: live order book, 35 min ago; Extended: live order book, 36 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, 35 min ago	4.22 bp	136.6 bp −$137	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 36 min ago	5.08 bp	52.5 bp −$52	doesn't fit	doesn't fit	doesn't fit

PRL on 12 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
Gate PRL_USDT	+0.0100%	4h	0.1174	+0.009%	$99K	$63K	20x	as long as short
Bitget PRLUSDT	+0.0100%	4h	0.1173	−0.085%	$838K	$403K	20x	as long as short
SunX PRL-USDT	+0.0100%	4h	0.1173	−0.085%	$2K	$1.1M	20x	as long as short
Coinbase International PRL-PERP-INTX	+0.0272%	1h	0.1184	+0.839%	$17K	$12K	50x	as long as short
KuCoin PRLUSDTM	+0.0434%	4h	0.1173	−0.094%	$1.5M	$261K	20x	as long as short
MEXC PRL_USDT	+0.0476%	4h	0.1174	0.000%	$470K	$173K	20x	as long as short
Binance PRLUSDT	+0.0479%	4h	0.1175	+0.048%	$2.1M	$2.4M	20x	as long as short
Extended PRL-USDshort	+0.0480%	1h	0.1174	+0.024%	$2K	$157K	5x
Aster PRLUSDT	+0.0533%	4h	0.1172	−0.134%	$6K	$614	5x	as long as short
BingX PRL-USDT	+0.0866%	4h	0.1175	+0.085%	—	$1.6M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PRLUSDTlong	+0.1017%	4h	0.1174	long leg	$783K	$546K	25x
Deribit PRL_USDC-PERPETUAL	+0.2894%	1h	0.1174	+0.021%	—	—	10x	as long as short