Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0871%/8h= +95.4% APRpaid last 24h −0.024%

Price spread now: Deribit against Bybit+0.490%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Deribit is 0.490% dearer against Bybit than usual: you sell high and buy low: +$49 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.04080	0.0100	pay 0.0050% / 4h	1h 59m	$5.8M	$4.3M	50x
Short	Deribit S_USDC-PERPETUAL	0.04100	0.0971	get 0.0121% / 1h	59m 59s	$69K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.490%Rate

Funding earned: $182.91
Price spread: +0.490% → 0.000%: $49.02
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $213.93
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.23 bp	28.5 bp −$28	71.6 bp −$716	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
01 Exchange SUSD	−1.1224%	1h	0.03940	−3.431%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1779%	1h	0.04087	+0.176%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−2.917%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04096	+0.400%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04092	+0.296%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04095	+0.361%	$631	—	150x	as long as short
Variational Omni S	+0.0020%	4h	0.04085	+0.116%	$634K	$25K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.490%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0085%	4h	0.04096	+0.392%	$102K	$561K	10x	as long as short
Lighter S	+0.0096%	1h	0.04095	+0.368%	$175K	$140K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04088	+0.191%	$1.0M	$597K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04090	+0.255%	$48K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04087	+0.181%	$5.8M	$13.7M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04080	long leg	$5.8M	$4.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04085	+0.123%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04088	+0.196%	$333K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04085	+0.123%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04084	+0.098%	$1.9M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04090	+0.245%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04091	+0.270%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	−0.490%	$24K	$487K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04083	+0.081%	$230K	$592K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04089	+0.221%	$280K	$118K	75x	as long as short
Deribit S_USDC-PERPETUALshort	+0.0971%	1h	0.04100	+0.490%	$69K	$10K	10x
Backpack S_USDC_PERP	+0.2420%	1h	0.04100	+0.490%	$119K	$426K	5x	as long as short