Funding arb · Price arb /

PRL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1191%/8h= −130.4% APRnext payment −$1.49 per $10,000 · paid last 24h —

Price spread now: Coinbase International against Deribit−1.478%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 Coinbase International

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

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Coinbase International is 1.478% cheaper against Deribit than usual: you would sell low and buy high (−$148 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PRL_USDC-PERPETUAL	0.1183	0.1367	pay 0.0171% / 1h	6m 52s	—	—	10x
Short	Coinbase International PRL-PERP-INTX	0.1166	0.0176	get 0.0022% / 1h	6m 52s	$17K	$12K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −1.478%Rate

Funding earned: −$250.15
Price spread: −1.478% → 0.000%: −$147.76
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$414.91
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Coinbase International: no order-book sample. 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 Coinbase International no order-book sample	—	—	—	—	—

Deribit and 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
Gate PRL_USDT	+0.0100%	4h	0.1184	+0.103%	$100K	$62K	20x	as long as short
Bitget PRLUSDT	+0.0100%	4h	0.1182	−0.083%	$845K	$378K	20x	as long as short
SunX PRL-USDT	+0.0100%	4h	0.1181	−0.167%	$1K	$1.1M	20x	as long as short
Coinbase International PRL-PERP-INTXshort	+0.0176%	1h	0.1166	−1.478%	$17K	$12K	50x
BloFin PRL-USDT	+0.0225%	4h	0.1184	+0.086%	$136K	$14K	25x	as long as short
Bybit PRLUSDT	+0.0240%	4h	0.1183	+0.002%	$803K	$526K	25x	as long as short
KuCoin PRLUSDTM	+0.0282%	4h	0.1182	−0.100%	$1.5M	$266K	20x	as long as short
BingX PRL-USDT	+0.0390%	4h	0.1181	−0.167%	—	$1.6M	—	as long as short
Extended PRL-USD	+0.0408%	1h	0.1182	−0.105%	$4K	$158K	5x	as long as short
MEXC PRL_USDT	+0.0408%	4h	0.1182	−0.083%	$473K	$175K	20x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PRLUSDT	+0.0408%	4h	0.1182	−0.104%	$2.1M	$2.4M	20x	as long as short
Aster PRLUSDT	+0.0493%	4h	0.1182	−0.085%	$6K	$614	5x	as long as short
Deribit PRL_USDC-PERPETUALlong	+0.1367%	1h	0.1183	long leg	—	—	10x