Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.049%

Price spread now: Bybit against Coinbase International+0.559%7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$9 on $10k

Price spread, last 4 days (all we have)−0.567%−$57 · spread now +0.559%, 7d avg +0.154%

Together, before fees−0.662%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.405% dearer against Coinbase International than usual: you sell high and buy low (spread +0.559% now, against its 7-day average of +0.154%): +$41 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.8 days. At the pace of the last 7 days (−0.095% in total) that is about 30 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.095% in total (about -5.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HOOD-PERP-INTX	119.88	0.0200	pay 0.0025% / 1h	44m 49s	$195K	$1.8M	10x
Short	Bybit HOODUSDT	120.55	0	get 0.0000% / 8h	7h 44m	$3.7M	$8.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.559%Rate

Funding earned: −$42
Price spread: +0.559% → +0.154%: $40.5
Slippage, 4 orders: −$23.99
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$46.49
Costs to cover: 0.450%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bybit: live order book, 3 min ago.

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 live order book, 4 min ago	3.32 bp	8.3 bp −$8	12.3 bp −$123	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.41 bp	13.0 bp −$13	30.6 bp −$306	1069.8 bp −$107.0K	doesn't fit

HOOD on 30 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
Injective HOOD/USDC PERP	−0.0440%	1h	119.92	+0.033%	$58K	$61K	30x	as long as short
Bitget HOODUSDT	−0.0108%	8h	120.55	+0.559%	$5.5M	$9.8M	20x	as long as short
Aster HOODUSDT	0.0000%	8h	120.32	+0.363%	$108K	$284K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.52	+0.535%	$357K	$2.2M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.53	+0.542%	$20.8M	$91.7M	20x	as long as short
Bybit HOODUSDTshort	0.0000%	8h	120.55	+0.559%	$3.7M	$8.6M	25x
OKX HOOD-USDT-SWAP	0.0000%	8h	120.52	+0.534%	$2.7M	$6.2M	20x	as long as short
Gate HOOD_USDT	0.0000%	8h	120.53	+0.542%	$602K	$7.0M	50x	as long as short
Variational Omni HOOD	0.0000%	8h	120.49	+0.505%	$2.2M	$982K	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	120.46	+0.484%	$853K	$1.9M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HOODUSDT	0.0000%	8h	120.53	+0.542%	$986K	$8K	10x	as long as short
Vest HOOD-USD-PERP	+0.0010%	1h	120.26	+0.317%	—	$64K	25x	as long as short
Lighter HOOD	+0.0032%	1h	120.46	+0.485%	$2.8M	$3.0M	10x	as long as short
QFEX HOOD-USD	+0.0038%	1h	120.50	+0.517%	$1.3M	$2.8M	10x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.40	+0.434%	$1.1M	$1.8M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	120.46	+0.484%	$50.8M	$27.4M	10x	as long as short
Polymarket Perps HOOD-USD	+0.0050%	1h	120.26	+0.317%	$251K	$341K	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.49	+0.511%	$718	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.42	+0.450%	$1.2M	$1.4M	15x	as long as short
Pacifica HOOD	+0.0100%	1h	120.47	+0.489%	$74K	$111K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.43	+0.459%	$1.3M	$1.4M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.32	+0.367%	$5K	$36K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	120.45	+0.475%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	120.47	+0.492%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.53	+0.542%	$173K	$175K	20x	as long as short
Phoenix HOOD	+0.0133%	1h	120.18	+0.250%	$28K	$238K	10x	as long as short
Coinbase International HOOD-PERP-INTXlong	+0.0200%	1h	119.88	long leg	$195K	$1.8M	10x
edgeX HOODUSDC	+0.0382%	4h	120.35	+0.389%	$362K	$304K	10x	as long as short
RISEx HOOD/USDC	+0.0421%	1h	120.52	+0.534%	$417K	$1.4M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0581%	1h	120.49	+0.509%	$6K	$53K	10x	as long as short