Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1340%/8h= −146.7% APRpaid last 24h −0.620%

Price spread now: Coinbase International against Gate−3.724%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 −$40 a day on $10k at the current rate, and Coinbase International is 3.724% cheaper against Gate than usual: you would sell low and buy high (−$372 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate S_USDT	0.03974	0.0100	pay 0.0050% / 4h	3h 46m	$325K	$216K	50x
Short	Coinbase International S-PERP-INTX	0.03826	−0.1240	pay 0.0155% / 1h	46m 49s	$47K	$5K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −3.724%Rate

Funding earned: −$281.4
Price spread: −3.724% → 0.000%: −$372.42
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$678.82
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 23 min ago; Coinbase International: 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 Gate live order book, 23 min ago	8.92 bp	74.4 bp −$74	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.7616%	1h	0.03970	−0.101%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2033%	1h	0.03973	−0.029%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1240%	1h	0.03826	−3.724%	$47K	$5K	25x
Variational Omni S	−0.1022%	4h	0.03957	−0.418%	$615K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03978	+0.091%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03973	−0.034%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03979	+0.116%	$613	—	150x	as long as short
Orderly PERP_S_USDC	+0.0025%	4h	0.03976	+0.050%	$101K	$336K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.171%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03982	+0.201%	$162K	$190K	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	0.03979	+0.131%	$996K	$647K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03982	+0.205%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03980	+0.145%	$5.4M	$16.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03975	+0.025%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03979	+0.126%	$982K	$4.7M	20x	as long as short
Gate S_USDTlong	+0.0100%	4h	0.03974	long leg	$325K	$216K	50x
MEXC S_USDT	+0.0100%	4h	0.03981	+0.176%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03978	+0.101%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03981	+0.176%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03979	+0.126%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03980	+0.151%	$116K	$317K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	−0.101%	$26K	$450K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03977	+0.068%	$229K	$1.0M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03971	−0.075%	$268K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0504%	1h	0.03982	+0.201%	$67K	$10K	10x	as long as short