Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h −0.066%

Price spread now: Deribit against Binance−0.206%55s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Deribit is 0.206% cheaper against Binance than usual: you would sell low and buy high (spread −0.206% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 4.3 days of funding at the current rate (+$5 a day). The two prices were read 55 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	Binance SUSDT	0.03947	0.0100	pay 0.0050% / 4h	2h 55m	$5.4M	$25.5M	75x
Short	Deribit S_USDC-PERPETUAL	0.03939	0.0258	get 0.0032% / 1h	55m 20s	$66K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.206%Rate

Funding earned: $33.18
Price spread: −0.206% → 0.000%: −$20.58
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$4.4
Costs to cover: 0.170%
Break-even: 7.9 days

Slippage unknown: Binance: live order book, 1 min ago; Deribit: 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 Binance live order book, 1 min ago	1.27 bp	18.2 bp −$18	73.2 bp −$732	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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.

S on 25 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
Kraken Futures PF_SUSD	−0.1448%	1h	0.03942	−0.123%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−3.069%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1189%	4h	0.03947	−0.004%	$614K	$42K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03950	+0.075%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03942	−0.122%	$4	—	15x	as long as short
Aster SUSDT	−0.0031%	4h	0.03947	−0.010%	$43K	$212K	10x	as long as short
01 Exchange SUSD	−0.0024%	1h	0.03940	−0.180%	$24K	$3K	5x	as long as short
Orderly PERP_S_USDC	−0.0019%	4h	0.03947	−0.003%	$101K	$339K	10x	as long as short
Hyperliquid S	−0.0010%	1h	0.03945	−0.051%	$995K	$974K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03950	+0.074%	$609	—	150x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.873%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0061%	4h	0.03943	−0.104%	$982K	$8.2M	20x	as long as short
Lighter S	+0.0096%	1h	0.03949	+0.048%	$165K	$240K	5x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03947	long leg	$5.4M	$25.5M	75x
Bybit SUSDT	+0.0100%	4h	0.03940	−0.180%	$5.6M	$6.8M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03938	−0.231%	$322K	$290K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03944	−0.079%	$3.6M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03940	−0.180%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03944	−0.079%	$1.2M	$3.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03944	−0.079%	—	$6.8M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03950	+0.073%	$115K	$288K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03960	+0.326%	$24K	$475K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	−0.135%	$222K	$890K	10x	as long as short
Deribit S_USDC-PERPETUALshort	+0.0258%	1h	0.03939	−0.206%	$66K	$10K	10x
BloFin S-USDT	+0.0340%	4h	0.03956	+0.225%	$201K	$203K	75x	as long as short