Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0530%/8h= +58.1% APRpaid last 24h +0.176%

Price spread now: Binance against Deribit−0.026%7-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 Binance

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

Funding pays, the price is against you. Binance is 0.026% cheaper against Deribit than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit W_USDC-PERPETUAL	0.01175	−0.0430	get 0.0054% / 1h	50m 58s	$17K	$1K	10x
Short	Binance WUSDT	0.01175	0.0100	get 0.0050% / 4h	1h 50m	$3.0M	$7.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.026%Rate

Funding earned: $111.34
Price spread: −0.026% → 0.000%: −$2.55
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $91.79
Costs to cover: 0.170%
Break-even: 1.2 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 3 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 Binance live order book, 3 min ago	1.28 bp	23.0 bp −$23	72.8 bp −$728	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.

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-PERPETUALlong	−0.0430%	1h	0.01175	long leg	$17K	$1K	10x
OKX W-USDT-SWAP	−0.0037%	4h	0.01174	−0.094%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.867%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01176	+0.060%	$2.0M	$443K	5x	as long as short
Binance WUSDTshort	+0.0100%	4h	0.01175	−0.026%	$3.0M	$7.1M	50x
Bybit WUSDT	+0.0100%	4h	0.01173	−0.162%	$4.1M	$2.0M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01178	+0.204%	$446K	$291K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01175	−0.009%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01172	−0.281%	$415K	$218K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01176	+0.060%	$1.3M	$582K	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	0.01174	−0.077%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01172	−0.289%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01176	+0.028%	$123K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01175	−0.050%	$59K	$276K	5x	as long as short
Backpack W_USDC_PERP	+0.0195%	1h	0.01176	+0.077%	$44K	$47K	15x	as long as short
Coinbase International W-PERP-INTX	+0.0240%	1h	0.01178	+0.196%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0398%	1h	0.01177	+0.159%	$146K	$185K	20x	as long as short