Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.032%

Price spread now: Gate against Coinbase International−0.144%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Gate

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 −$6 a day on $10k at the current rate, and Gate is 0.144% cheaper against Coinbase International than usual: you would sell low and buy high (−$14 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	Coinbase International W-PERP-INTX	0.01178	0.0296	pay 0.0037% / 1h	13m 45s	$14K	$18K	50x
Short	Gate W_USDT	0.01176	0.0100	get 0.0050% / 4h	2h 13m	$446K	$301K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now −0.144%Rate

Funding earned: −$41.16
Price spread: −0.144% → 0.000%: −$14.43
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$80.59
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 7 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Gate live order book, 7 min ago	8.94 bp	397.7 bp −$398	doesn't fit	doesn't fit	doesn't fit

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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.1025%	1h	0.01175	−0.255%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	+0.0025%	4h	0.01173	−0.424%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.632%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01175	−0.255%	$2.0M	$455K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01174	−0.378%	$3.0M	$7.1M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01172	−0.492%	$4.1M	$2.0M	50x	as long as short
Gate W_USDTshort	+0.0100%	4h	0.01176	−0.144%	$446K	$301K	75x
MEXC W_USDT	+0.0100%	4h	0.01174	−0.382%	$12.8M	$1.8M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01173	−0.424%	$416K	$217K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01176	−0.170%	$1.3M	$587K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01173	−0.416%	—	$6.9M	—	as long as short
Backpack W_USDC_PERP	+0.0100%	1h	0.01176	−0.204%	$44K	$47K	15x	as long as short
Variational Omni W	+0.0100%	4h	0.01173	−0.416%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01176	−0.170%	$123K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01173	−0.393%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0296%	1h	0.01178	long leg	$14K	$18K	50x
Kraken Futures PF_WUSD	+0.0619%	1h	0.01177	−0.102%	$146K	$185K	20x	as long as short