Funding arb · Price arb /

TTWO

RWAall TTWO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1538%/8h= −168.5% APRpaid last 24h −0.100%

Price spread now: Bybit against Paragon+0.007%53s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$360as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1891.888% of the position

Long on Paragon Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.712%−$171 on $10k

Price spread, last 7 days−0.134%−$13 · spread now +0.007%, 7d avg +0.050%

Together, before fees−1.845%−$185 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Bybit is 0.044% cheaper against Paragon than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.050%). Swap the legs. The two prices were read 53 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	Paragon para:TTWO	210.24	0.1538	pay 0.0192% / 1h	4m 47s	$1.1M	$144K	10x
Short	Bybit TTWOUSDT	210.25	0	get 0.0000% / 8h	5h 04m	$1.8M	$214K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paragon. 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 ParagonbpFee BybitbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$323.06
Price spread: +0.007% → +0.050%: −$4.37
Slippage, 4 orders: −$167.79
Fee Paragon: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$516.22
Costs to cover: 1.888%
Break-even: never at this rate

Slippage from Paragon: live order book, 2 min ago; Bybit: live order book, 2 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 Paragon live order book, 2 min ago	42.81 bp	47.8 bp −$48	129.4 bp −$1,294	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	6.66 bp	69.7 bp −$70	209.5 bp −$2,095	doesn't fit	doesn't fit

TTWO on 13 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
Ondo Perps TTWO-USD.P	−0.0079%	1h	209.84	−0.188%	$332K	$203K	10x	as long as short
Bybit TTWOUSDTshort	0.0000%	8h	210.25	+0.007%	$1.8M	$214K	25x
OKX TTWO-USDT-SWAP	0.0000%	8h	210.21	−0.012%	$325K	$90K	25x	as long as short
Gate TTWO_USDT	0.0000%	8h	210.30	+0.030%	$714K	$13K	20x	as long as short
Bitget TTWOUSDT	0.0000%	8h	210.17	−0.031%	$894K	$89K	20x	as long as short
QFEX TTWO-USD	+0.0005%	1h	210.23	−0.003%	$1.2M	$3.1M	10x	as long as short
Lighter TTWO	+0.0032%	1h	209.66	−0.274%	—	—	5x	as long as short
Extended TTWO-USD	+0.0040%	1h	209.89	−0.165%	$75K	$2K	10x	as long as short
KuCoin TTWOUSDTM	+0.0100%	8h	209.67	−0.269%	$94K	$1.0M	20x	as long as short
HTX TTWO-USDT	+0.0100%	8h	210.26	+0.011%	$3K	$38K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TTWO	+0.0143%	8h	210.21	−0.011%	$80K	$55K	—	as long as short
Binance TTWOUSDT	+0.0216%	8h	210.13	−0.049%	$2.3M	$900K	25x	as long as short
Paragon para:TTWOlong	+0.1538%	1h	210.24	long leg	$1.1M	$144K	10x