Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0411%/8h= −45.0% APRpaid last 24h +0.024%

Price spread now: Bybit against Deribit−0.558%55s7-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 Bybit

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 against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.558% cheaper against Deribit than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Deribit S_USDC-PERPETUAL	0.03944	0.0511	pay 0.0064% / 1h	40m 27s	$66K	$10K	10x
Short	Bybit SUSDT	0.03922	0.0100	get 0.0050% / 4h	2h 40m	$5.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.558%Rate

Funding earned: −$86.36
Price spread: −0.558% → 0.000%: −$55.78
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$160.14
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	2.54 bp	26.3 bp −$26	82.8 bp −$828	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
01 Exchange SUSD	−0.8680%	1h	0.03840	−2.637%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1847%	1h	0.03938	−0.155%	$32K	$14K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03929	−0.380%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03930	−0.355%	$1K	—	100x	as long as short
Variational Omni S	−0.0119%	4h	0.03931	−0.332%	$611K	$30K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03924	−0.509%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03931	−0.338%	$606	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.955%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0082%	4h	0.03931	−0.330%	$98K	$468K	10x	as long as short
Lighter S	+0.0096%	1h	0.03930	−0.355%	$167K	$138K	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	0.03926	−0.446%	$988K	$588K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03933	−0.286%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03927	−0.431%	$5.5M	$13.5M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03922	−0.558%	$5.6M	$4.4M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03928	−0.406%	$966K	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03924	−0.507%	$319K	$183K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03926	−0.456%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03926	−0.456%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03931	−0.330%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03926	−0.456%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03950	+0.152%	$4K	$472K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03923	−0.540%	$221K	$595K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03929	−0.380%	$270K	$106K	75x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0511%	1h	0.03944	long leg	$66K	$10K	10x
Backpack S_USDC_PERP	+0.2010%	1h	0.03940	−0.101%	$115K	$426K	5x	as long as short