Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.121%

Price spread now: Coinbase International against Bybit+0.232%54s7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as 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−$520.516% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now +0.232%, 7d avg +0.110%

Together, before fees−0.293%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.122% dearer against Bybit than usual: you sell high and buy low (spread +0.232% now, against its 7-day average of +0.110%): +$12 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 7 days (−0.169% in total) that is about 5.1 days. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.169% in total (about -8.8% 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	Bybit FILUSDT	0.9909	0.0100	pay 0.0100% / 8h	1h 47m	$15.6M	$20.6M	25x
Short	Coinbase International FIL-PERP-INTX	0.9932	−0.0248	pay 0.0031% / 1h	47m 22s	$354K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.232%Rate

Funding earned: −$73.08
Price spread: +0.232% → +0.110%: $12.19
Slippage, 4 orders: −$30.59
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$112.49
Costs to cover: 0.516%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Coinbase International: live order book, 1 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 Bybit live order book, 1 min ago	0.50 bp	12.4 bp −$12	40.5 bp −$405	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	7.05 bp	13.9 bp −$14	16.7 bp −$167	doesn't fit	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0354%	1h	0.9933	+0.242%	$171K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0248%	1h	0.9932	+0.232%	$354K	$2.3M	50x
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9917	+0.085%	$26K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9918	+0.091%	$58K	$1K	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.545%	$2K	$240K	12x	as long as short
OKX FIL-USDT-SWAP	+0.0048%	8h	0.9908	−0.010%	$18.0M	$109.5M	50x	as long as short
KuCoin FILUSDTM	+0.0062%	8h	0.9917	+0.081%	$7.1M	$8.0M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9914	+0.046%	$147K	$355K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9916	+0.069%	$8.3M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9919	+0.103%	$507K	$607K	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance FILUSDT	+0.0100%	8h	0.9912	+0.034%	$55.9M	$188.0M	75x	as long as short
Bybit FILUSDTlong	+0.0100%	8h	0.9909	long leg	$15.6M	$20.6M	25x
Gate FIL_USDT	+0.0100%	8h	0.9915	+0.061%	$8.2M	$16.6M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9912	+0.030%	$230K	$103K	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9917	+0.081%	$11.3M	$20.1M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9916	+0.071%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9919	+0.100%	$442K	$272K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9927	+0.184%	$45K	$295K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9920	+0.110%	$291K	$1.3M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9920	+0.111%	$29K	$183K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9920	+0.115%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9920	+0.111%	$3K	$1.2M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9925	+0.161%	$482	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9935	+0.262%	$616K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9920	+0.111%	$1.2M	$2.6M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9912	+0.034%	$697K	$1.4M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9932	+0.232%	$2.7M	$690K	75x	as long as short
Kraken Futures PF_FILUSD	+0.0246%	1h	0.9933	+0.239%	$1.4M	$2.2M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0602% / S −0.0280%	1h	0.9915	+0.058%	$265K	—	100x	as long as short