Funding arb · Price arb /

PRL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.008%

Price spread now: BloFin against Coinbase International−0.442%58s7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and BloFin is 0.442% cheaper against Coinbase International than usual: you would sell low and buy high (−$44 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	Coinbase International PRL-PERP-INTX	0.1179	0.0352	pay 0.0044% / 1h	23m 41s	$17K	$12K	50x
Short	BloFin PRL-USDT	0.1174	0.0137	get 0.0068% / 4h	2h 23m	$138K	$14K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now −0.442%Rate

Funding earned: −$45.16
Price spread: −0.442% → 0.000%: −$44.18
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$111.34
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BloFin: live order book, 55 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 Coinbase International no order-book sample	—	—	—	—	—
Sell BloFin live order book, 55 min ago	12.66 bp	70.7 bp −$71	544.1 bp −$5,441	doesn't fit	doesn't fit

Coinbase International: 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.

PRL on 13 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
Bybit PRLUSDT	+0.0100%	4h	0.1175	−0.357%	$723K	$585K	25x	as long as short
Gate PRL_USDT	+0.0100%	4h	0.1175	−0.349%	$99K	$65K	20x	as long as short
Bitget PRLUSDT	+0.0100%	4h	0.1174	−0.442%	$843K	$418K	20x	as long as short
SunX PRL-USDT	+0.0100%	4h	0.1172	−0.611%	$1K	$1.1M	20x	as long as short
BloFin PRL-USDTshort	+0.0137%	4h	0.1174	−0.442%	$138K	$14K	25x
Coinbase International PRL-PERP-INTXlong	+0.0352%	1h	0.1179	long leg	$17K	$12K	50x
KuCoin PRLUSDTM	+0.0472%	4h	0.1173	−0.484%	$1.5M	$265K	20x	as long as short
Binance PRLUSDT	+0.0619%	4h	0.1175	−0.357%	$2.1M	$2.4M	20x	as long as short
MEXC PRL_USDT	+0.0628%	4h	0.1175	−0.357%	$471K	$176K	20x	as long as short
BingX PRL-USDT	+0.0628%	4h	0.1175	−0.357%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PRL-USD	+0.0632%	1h	0.1175	−0.383%	$3K	$167K	5x	as long as short
Aster PRLUSDT	+0.0640%	4h	0.1174	−0.431%	$5K	$1K	5x	as long as short
Deribit PRL_USDC-PERPETUAL	+0.1593%	1h	0.1174	−0.417%	—	—	10x	as long as short