Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Bybit against Extended−0.055%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1441.440% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)+0.155%+$16 · spread now −0.055%, 7d avg +0.023%

Together, before fees+0.216%+ Points / potential airdropExtended: Active · farm board+$22 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.078% cheaper against Extended than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended S-USD	0.03923	0.0104	pay 0.0013% / 1h	12m 58s	$221K	$883K	10x
Short	Bybit SUSDT	0.03921	0.0100	get 0.0050% / 4h	2h 12m	$5.6M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$0.84
Price spread: −0.055% → +0.023%: −$7.77
Slippage, 4 orders: −$127.96
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$152.57
Costs to cover: 1.440%
Break-even: never at this rate

Slippage from Extended: live order book, 10 min ago; Bybit: live order book, 5 min ago.

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 Extended live order book, 10 min ago	3.83 bp	31.2 bp −$31	249.9 bp −$2,499	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.82 bp	35.7 bp −$36	88.0 bp −$880	doesn't fit	doesn't fit

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	−0.1452%	1h	0.03931	+0.211%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.477%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0878%	4h	0.03928	+0.119%	$611K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0185%	1h	0.03933	+0.246%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03928	+0.132%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0011%	4h	0.03931	+0.200%	$99K	$343K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03930	+0.174%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03933	+0.240%	$606	—	150x	as long as short
Aster SUSDT	+0.0021%	4h	0.03932	+0.218%	$43K	$212K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.507%	$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	0.03934	+0.276%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03928	+0.131%	$993K	$900K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03927	+0.105%	$5.4M	$23.3M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03921	−0.055%	$5.6M	$6.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03923	−0.004%	$979K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03929	+0.149%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03929	+0.149%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03924	+0.021%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03933	+0.251%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03928	+0.123%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.429%	$25K	$471K	50x	as long as short
Extended S-USDlong	+0.0104%	1h	0.03923	long leg	$221K	$883K	10x
Deribit S_USDC-PERPETUAL	+0.0258%	1h	0.03936	+0.327%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03934	+0.276%	$269K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0389%	1h	0.03940	+0.429%	$115K	$294K	5x	as long as short