Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0299%/8h= +32.8% APRpaid last 24h +0.084%

Price spread now: Bybit against Coinbase International−0.588%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$450.446% 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+0.144%+$14 on $10k

Price spread, last 3 days (all we have)+0.615%+$62 · spread now −0.588%, 7d avg −0.110%

Together, before fees+0.759%+$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.478% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.588% now, against its 7-day average of −0.110%). If the spread goes back, that is −$48 on $10k: about 5.3 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.144% in total) that is about 23 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.144% in total (about 7.5% 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 FIL-PERP-INTX	0.9856	−0.0328	get 0.0041% / 1h	3m 10s	$315K	$1.9M	50x
Short	Bybit FILUSDT	0.9798	−0.0029	pay 0.0029% / 8h	2h 03m	$15.4M	$17.9M	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 −0.588%Rate

Funding earned: $62.87
Price spread: −0.588% → −0.110%: −$47.8
Slippage, 4 orders: −$23.61
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.54
Costs to cover: 0.446%
Break-even: 10.3 days

Slippage from Coinbase International: live order book, 1 min ago; Bybit: live order book, just now.

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, 1 min ago	6.12 bp	12.8 bp −$13	16.5 bp −$165	doesn't fit	doesn't fit
Sell Bybit live order book, just now	0.51 bp	7.5 bp −$7	36.2 bp −$362	125.1 bp −$12.5K	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	−0.1481%	1h	0.9803	−0.538%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0625%	1h	0.9799	−0.574%	$1.4M	$2.2M	50x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0328%	1h	0.9856	long leg	$315K	$1.9M	50x
Lighter FIL	−0.0312%	1h	0.9790	−0.672%	$156K	$337K	5x	as long as short
Bitget FILUSDT	−0.0029%	8h	0.9796	−0.609%	$10.8M	$21.4M	75x	as long as short
Bybit FILUSDTshort	−0.0029%	8h	0.9798	−0.588%	$15.4M	$17.9M	25x
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9802	−0.549%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9797	−0.598%	$57K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0019%	8h	0.9798	−0.588%	$18.0M	$95.6M	50x	as long as short
KuCoin FILUSDTM	+0.0023%	8h	0.9798	−0.588%	$7.3M	$7.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective FIL/USDC PERP	+0.0033%	1h	0.9850	−0.061%	$2K	$182K	12x	as long as short
Variational Omni FIL	+0.0049%	8h	0.9790	−0.669%	$435K	$276K	—	as long as short
MEXC FIL_USDC	+0.0080%	8h	0.9792	−0.649%	$249K	$106K	50x	as long as short
Binance FILUSDT	+0.0086%	8h	0.9797	−0.598%	$56.3M	$174.7M	75x	as long as short
Extended FIL-USD	+0.0088%	1h	0.9796	−0.612%	$685K	$2.3M	10x	as long as short
BingX FIL-USDC	+0.0093%	8h	0.9797	−0.599%	—	$6.5M	—	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9797	−0.604%	$8.6M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9797	−0.597%	$485K	$514K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9795	−0.619%	$7.8M	$16.4M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9778	−0.789%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9772	−0.849%	$286K	$801K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9780	−0.771%	$29K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9808	−0.483%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9790	−0.670%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9797	−0.599%	$474	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9795	−0.619%	$620K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9800	−0.568%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0206%	8h	0.9798	−0.588%	$2.6M	$644K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0613% / S −0.0742%	1h	0.9803	−0.542%	$212K	—	100x	as long as short