Funding arb · Price arb /

TOWNS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.2223%/8h= −243.5% APRpaid last 24h —

Price spread now: Bitget against Deribit−0.242%48s7-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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days—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 −$67 a day on $10k at the current rate, and Bitget is 0.242% cheaper against Deribit than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 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 TOWNS_USDC-PERPETUAL	0.002065	0.3151	pay 0.0394% / 1h	18m 29s	—	—	25x
Short	Bitget TOWNSUSDT	0.002060	0.0928	get 0.0464% / 4h	3h 18m	$339K	$47K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.242%Rate

Funding earned: −$466.91
Price spread: −0.242% → 0.000%: −$24.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$510.12
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 47 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 Bitget live order book, 47 min ago	9.73 bp	34.8 bp −$35	363.4 bp −$3,634	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.

TOWNS on 12 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
Coinbase International TOWNS-PERP-INTX	−0.1416%	1h	0.002171	+5.133%	$81K	$4K	25x	as long as short
Gate TOWNS_USDT	+0.0100%	4h	0.002060	−0.242%	$71K	$19K	10x	as long as short
Variational Omni TOWNS	+0.0100%	4h	0.002059	−0.307%	$460	$286	—	as long as short
Bybit TOWNSUSDT	+0.0177%	4h	0.002056	−0.436%	$369K	$112K	5x	as long as short
Aster TOWNSUSDT	+0.0295%	4h	0.002056	−0.433%	$10K	$6K	5x	as long as short
MEXC TOWNS_USDT	+0.0454%	4h	0.002057	−0.387%	$398K	$127K	100x	as long as short
Binance TOWNSUSDT	+0.0466%	4h	0.002057	−0.387%	$2.0M	$1.3M	10x	as long as short
BloFin TOWNS-USDT	+0.0503%	4h	0.002060	−0.242%	$132K	$4K	10x	as long as short
BingX TOWNS-USDT	+0.0884%	4h	0.002058	−0.339%	—	$2.3M	—	as long as short
Bitget TOWNSUSDTshort	+0.0928%	4h	0.002060	−0.242%	$339K	$47K	5x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TOWNSUSDTM	+0.1070%	4h	0.002063	−0.097%	$256K	$25K	10x	as long as short
Deribit TOWNS_USDC-PERPETUALlong	+0.3151%	1h	0.002065	long leg	—	—	25x