Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Extended−0.105%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$312as in the Funding arb table

Net, price: spread back to 7d avg − costs−$313as in the Price arb table

costs, in and out, $10k−$3073.071% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.141%+$14 · spread now −0.105%, 7d avg −0.047%

Together, before fees+0.090%+ Points / potential airdropExtended: Active · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.058% cheaper against Extended than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended IO-USD	0.1493	0.0104	pay 0.0013% / 1h	12m 22s	$2K	$219K	5x
Short	Bybit IOUSDT	0.1491	0.0100	get 0.0050% / 4h	2h 12m	$1.1M	$900K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$0.84
Price spread: −0.105% → −0.047%: −$5.84
Slippage, 4 orders: −$291.09
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$313.77
Costs to cover: 3.071%
Break-even: never at this rate

Slippage from Extended: live order book, 34 min ago; Bybit: live order book, 3 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 Extended live order book, 34 min ago	7.70 bp	83.7 bp −$84	542.5 bp −$5,425	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	6.72 bp	89.3 bp −$89	352.4 bp −$3,524	doesn't fit	doesn't fit

IO on 14 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
BloFin IO-USDT	+0.0074%	4h	0.1495	+0.156%	$191K	$38K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1493	+0.035%	$992K	$363K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1491	−0.102%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1493	+0.022%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1491	−0.105%	$1.1M	$900K	25x
Gate IO_USDT	+0.0100%	4h	0.1492	−0.058%	$228K	$485K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1491	−0.112%	$1.2M	$236K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1492	−0.045%	$350K	$623K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1495	+0.156%	$1.4M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1493	+0.022%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1488	−0.330%	$28K	$18K	—	as long as short
Extended IO-USDlong	+0.0104%	1h	0.1493	long leg	$2K	$219K	5x
Injective IO/USDC PERP	+0.0619%	1h	0.1491	−0.112%	$2K	$201	5.5x	as long as short
Kraken Futures PF_IOUSD	+2.7383%	1h	0.1494	+0.107%	$39K	$9K	10x	as long as short