Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1436%/8h= −157.2% APRpaid last 24h −0.628%

Price spread now: Coinbase International against Bybit−1.897%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Coinbase International is 1.897% cheaper against Bybit than usual: you would sell low and buy high (−$190 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.03900	0.0100	pay 0.0050% / 4h	24m 04s	$5.6M	$5.3M	50x
Short	Coinbase International S-PERP-INTX	0.03826	−0.1336	pay 0.0167% / 1h	24m 04s	$47K	$5K	25x

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 −1.897%Rate

Funding earned: −$301.56
Price spread: −1.897% → 0.000%: −$189.74
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$512.3
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Coinbase International: no order-book sample. Net counts fees only.

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, 4 min ago	3.84 bp	26.0 bp −$26	79.3 bp −$793	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 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	−0.5960%	1h	0.03840	−1.538%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2137%	1h	0.03903	+0.081%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1336%	1h	0.03826	−1.897%	$47K	$5K	25x
Variational Omni S	−0.0978%	4h	0.03906	+0.155%	$608K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0203% / S +0.0195%	1h	0.03910	+0.254%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03905	+0.120%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03909	+0.238%	$603	—	150x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03907	+0.179%	$100K	$339K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.128%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03909	+0.231%	$164K	$217K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03906	+0.156%	$979K	$676K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03915	+0.395%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03904	+0.103%	$5.3M	$17.2M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03900	long leg	$5.6M	$5.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03901	+0.026%	$977K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03910	+0.256%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03905	+0.128%	$3.5M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03905	+0.128%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03910	+0.256%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03902	+0.051%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.256%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03903	+0.076%	$220K	$877K	10x	as long as short
Backpack S_USDC_PERP	+0.0106%	1h	0.03920	+0.513%	$114K	$313K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03910	+0.256%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03912	+0.308%	$267K	$125K	75x	as long as short