Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0810%/8h= −88.7% APRpaid last 24h −0.261%

Price spread now: Bybit against Coinbase International−3.395%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 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

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bybit is 3.395% cheaper against Coinbase International than usual: you would sell low and buy high (−$340 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 CHIP-PERP-INTX	0.04757	0.0824	pay 0.0103% / 1h	32m 31s	$46K	$41K	50x
Short	Bybit CHIPUSDT	0.04595	0.0014	get 0.0007% / 4h	1h 32m	$10.7M	$9.0M	20x

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 −3.395%Rate

Funding earned: −$170.13
Price spread: −3.395% → 0.000%: −$339.54
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$530.67
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 6 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 Bybit live order book, 6 min ago	2.18 bp	30.7 bp −$31	123.0 bp −$1,230	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.

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.1276%	1h	0.04594	−3.416%	$16K	$234K	5x	as long as short
Phoenix CHIP	−0.0352%	1h	0.04595	−3.395%	$3K	$143K	5x	as long as short
OKX CHIP-USDT-SWAP	−0.0208%	4h	0.04592	−3.458%	$1.9M	$9.1M	20x	as long as short
Aftermath Perps CHIPUSD	−0.0177%	1h	0.04585	−3.608%	$110	$39K	5x	as long as short
Nado CHIP-PERP	−0.0128%	1h	0.04594	−3.406%	$230K	$18K	5x	as long as short
Binance CHIPUSDT	−0.0097%	4h	0.04594	−3.425%	$13.8M	$26.0M	50x	as long as short
Extended CHIP-USD	−0.0096%	1h	0.04596	−3.370%	$209K	$1.3M	5x	as long as short
MEXC CHIP_USDT	−0.0096%	4h	0.04591	−3.479%	$1.8M	$1.2M	50x	as long as short
ApeX Omni CHIPUSDT	−0.0069%	1h	0.04580	−3.711%	$14K	$247K	50x	as long as short
BloFin CHIP-USDT	−0.0052%	4h	0.04591	−3.479%	$541K	$67K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit CHIPUSDTshort	+0.0014%	4h	0.04595	−3.395%	$10.7M	$9.0M	20x
Deribit CHIP_USDC-PERPETUAL	+0.0033%	1h	0.04599	−3.320%	$10K	$25K	10x	as long as short
Aster CHIPUSDT	+0.0068%	4h	0.04594	−3.417%	$48K	$229K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04598	−3.332%	$85K	$109K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04600	−3.301%	$14.5M	$6.8M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04595	−3.397%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04592	−3.458%	$678K	$903K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04593	−3.437%	$977K	$1.0M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04595	−3.395%	$2.0M	$3.1M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04597	−3.353%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04580	−3.701%	$843K	$465K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04591	−3.479%	$920	$1.1M	10x	as long as short
Coinbase International CHIP-PERP-INTXlong	+0.0824%	1h	0.04757	long leg	$46K	$41K	50x