Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Binance+0.041%7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1151.147% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 4 days (all we have)−0.145%−$15 · spread now +0.041%, 7d avg −0.085%

Together, before fees−0.131%+ Points / potential airdropExtended: Active · farm board−$13 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: Extended is 0.126% dearer against Binance than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.04039	0.0100	pay 0.0050% / 4h	1h 59m	$5.6M	$14.4M	75x
Short	Extended S-USD	0.04041	0.0104	get 0.0013% / 1h	59m 59s	$228K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Binance. 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 BinancebpFee ExtendedbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0.84
Price spread: +0.041% → −0.085%: $12.59
Slippage, 4 orders: −$99.72
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$101.29
Costs to cover: 1.147%
Break-even: 851.1 days

Slippage from Binance: live order book, 11 min ago; Extended: 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 Binance live order book, 11 min ago	1.23 bp	21.9 bp −$22	74.0 bp −$740	2443.4 bp −$244.3K	doesn't fit
Sell Extended live order book, 3 min ago	4.93 bp	23.8 bp −$24	230.4 bp −$2,304	doesn't fit	doesn't fit

S on 24 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
01 Exchange SUSD	−0.8976%	1h	0.03950	−2.207%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−0.424%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1254%	1h	0.04039	−0.007%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0350%	4h	0.04052	+0.326%	$630K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04040	+0.031%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04039	+0.005%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04043	+0.084%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.507%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0054%	4h	0.04041	+0.046%	$100K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04047	+0.195%	$168K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04042	+0.066%	$1.0M	$563K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04046	+0.166%	$44K	$134K	10x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.04039	long leg	$5.6M	$14.4M	75x
Bybit SUSDT	+0.0100%	4h	0.04036	−0.077%	$5.8M	$4.6M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04041	+0.046%	$1.0M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04046	+0.170%	$333K	$207K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04043	+0.096%	$3.9M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04039	−0.003%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04043	+0.096%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04040	+0.022%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	+0.517%	$24K	$444K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.04041	+0.041%	$228K	$1.1M	10x
Deribit S_USDC-PERPETUAL	+0.0492%	1h	0.04047	+0.195%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0958%	1h	0.04050	+0.269%	$118K	$351K	5x	as long as short