Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0531%/8h= +58.1% APRpaid last 24h +0.176%

Price spread now: Bybit against Deribit−0.153%55s7-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 Bybit

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. Bybit is 0.153% cheaper against Deribit than usual: you would sell low and buy high (spread −0.153% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 23 hours of funding at the current rate (+$16 a day). The two prices were read 55 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 W_USDC-PERPETUAL	0.01175	−0.0431	get 0.0054% / 1h	51m 25s	$17K	$1K	10x
Short	Bybit WUSDT	0.01173	0.0100	get 0.0050% / 4h	1h 51m	$4.1M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.153%Rate

Funding earned: $111.43
Price spread: −0.153% → 0.000%: −$15.33
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $78.11
Costs to cover: 0.180%
Break-even: 2.1 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.28 bp	29.5 bp −$29	127.4 bp −$1,274	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	−0.0431%	1h	0.01175	long leg	$17K	$1K	10x
OKX W-USDT-SWAP	−0.0041%	4h	0.01174	−0.068%	$1.3M	$2.1M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.937%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01175	+0.043%	$2.0M	$443K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01175	+0.017%	$3.0M	$7.1M	50x	as long as short
Bybit WUSDTshort	+0.0100%	4h	0.01173	−0.153%	$4.1M	$2.0M	50x
Gate W_USDT	+0.0100%	4h	0.01170	−0.383%	$444K	$291K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01174	−0.009%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01173	−0.128%	$416K	$218K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01175	+0.043%	$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	−0.051%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01172	−0.221%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01176	+0.096%	$123K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01174	−0.079%	$59K	$276K	5x	as long as short
Backpack W_USDC_PERP	+0.0187%	1h	0.01175	+0.060%	$44K	$47K	15x	as long as short
Coinbase International W-PERP-INTX	+0.0240%	1h	0.01178	+0.264%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0398%	1h	0.01176	+0.136%	$146K	$185K	20x	as long as short