Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.060%

Price spread now: Binance against Deribit−0.102%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 Binance

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. Binance is 0.102% cheaper against Deribit than usual: you would sell low and buy high (spread −0.102% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.03905	0.0006	pay 0.0001% / 1h	17m 01s	$66K	$10K	10x
Short	Binance SUSDT	0.03901	0.0100	get 0.0050% / 4h	1h 17m	$5.3M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.102%Rate

Funding earned: $19.71
Price spread: −0.102% → 0.000%: −$10.24
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$7.53
Costs to cover: 0.170%
Break-even: 9.7 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 9 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 9 min ago	2.56 bp	17.2 bp −$17	56.0 bp −$560	doesn't fit	doesn't fit

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	−0.1603%	1h	0.03899	−0.143%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.023%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0870%	4h	0.03900	−0.128%	$607K	$31K	—	as long as short
01 Exchange SUSD	−0.0264%	1h	0.03850	−1.408%	$23K	$2K	5x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0197% / S +0.0190%	1h	0.03904	−0.036%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03900	−0.135%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03904	−0.018%	$602	—	150x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0006%	1h	0.03905	long leg	$66K	$10K	10x
Orderly PERP_S_USDC	+0.0029%	4h	0.03901	−0.102%	$99K	$344K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.994%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03905	0.000%	$164K	$223K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03904	−0.036%	$43K	$212K	10x	as long as short
Hyperliquid S	+0.0100%	1h	0.03901	−0.102%	$979K	$716K	5x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03901	−0.102%	$5.3M	$18.4M	75x
Bybit SUSDT	+0.0100%	4h	0.03895	−0.256%	$5.6M	$5.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03900	−0.128%	$975K	$5.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.051%	$319K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03901	−0.102%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03900	−0.128%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03907	+0.051%	$1.2M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03901	−0.102%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.128%	$25K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03899	−0.148%	$219K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03904	−0.026%	$266K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0466%	1h	0.03910	+0.128%	$114K	$300K	5x	as long as short