Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.127%

Price spread now: Coinbase International against Gate+0.159%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.159%, 7d avg +0.090%

Together, before fees−0.265%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.070% dearer against Gate than usual: you sell high and buy low (spread +0.159% now, against its 7-day average of +0.090%): +$7 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.182% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% 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	Gate FIL_USDT	1.0054	0.0100	pay 0.0100% / 8h	5h 09m	$8.6M	$16.6M	50x
Short	Coinbase International FIL-PERP-INTX	1.0070	−0.0256	pay 0.0032% / 1h	9m 54s	$377K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.159%Rate

Funding earned: −$74.76
Price spread: +0.159% → +0.090%: $6.96
Slippage, 4 orders: −$34.96
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$127.76
Costs to cover: 0.600%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Coinbase International: live order book, 4 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 Gate live order book, 4 min ago	2.47 bp	18.7 bp −$19	32.6 bp −$326	56.2 bp −$5,620	87.9 bp −$43.9K
Sell Coinbase International live order book, 4 min ago	4.94 bp	14.4 bp −$14	20.2 bp −$202	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	−0.0445%	1h	1.0071	+0.169%	$173K	$23K	25x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0256%	1h	1.0070	+0.159%	$377K	$2.2M	50x
Kraken Futures PF_FILUSD	−0.0127%	1h	1.0069	+0.150%	$1.4M	$2.3M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0062%	8h	1.0050	−0.040%	$19.0M	$102.2M	50x	as long as short
KuCoin FILUSDTM	−0.0014%	8h	1.0055	+0.010%	$7.5M	$7.3M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0003% / S +0.0006%	1h	1.0065	+0.112%	$27K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	1.0069	+0.149%	$59K	$2K	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−1.979%	$2K	$240K	12x	as long as short
Extended FIL-USD	+0.0072%	1h	1.0051	−0.029%	$712K	$3.3M	10x	as long as short
Binance FILUSDT	+0.0075%	8h	1.0049	−0.050%	$58.6M	$179.8M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDC	+0.0091%	8h	1.0052	−0.020%	$244K	$105K	50x	as long as short
Lighter FIL	+0.0096%	1h	1.0062	+0.077%	$158K	$354K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	1.0046	−0.080%	$8.6M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	1.0060	+0.060%	$511K	$586K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	1.0050	−0.040%	$15.9M	$19.6M	25x	as long as short
Gate FIL_USDTlong	+0.0100%	8h	1.0054	long leg	$8.6M	$16.6M	50x
Bitget FILUSDT	+0.0100%	8h	1.0046	−0.080%	$11.2M	$20.3M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	1.0047	−0.070%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	1.0047	−0.074%	$452K	$265K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	1.0083	+0.293%	$46K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	1.0073	+0.193%	$299K	$905K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	1.0090	+0.358%	$30K	$182K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	1.0073	+0.193%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	1.0060	+0.060%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	1.0061	+0.070%	$482	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	1.0063	+0.090%	$630K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	1.0050	−0.040%	$1.1M	$2.5M	50x	as long as short
BloFin FIL-USDT	+0.0195%	8h	1.0050	−0.040%	$2.8M	$649K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0576% / S −0.0237%	1h	1.0065	+0.110%	$269K	—	100x	as long as short