Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h +0.044%

Price spread now: Binance against Deribit−0.420%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 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 −$4 a day on $10k at the current rate, and Binance is 0.420% cheaper against Deribit than usual: you would sell low and buy high (−$42 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	Deribit S_USDC-PERPETUAL	0.04020	0.0248	pay 0.0031% / 1h	24m 02s	$68K	$10K	10x
Short	Binance SUSDT	0.04003	0.0100	get 0.0050% / 4h	24m 02s	$5.5M	$13.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.420%Rate

Funding earned: −$31.05
Price spread: −0.420% → 0.000%: −$42.04
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$90.1
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 1 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 1 min ago	2.47 bp	20.4 bp −$20	74.8 bp −$748	549.1 bp −$54.9K	doesn't fit

Deribit: 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	−0.7592%	1h	0.03970	−1.244%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2545%	1h	0.04012	−0.201%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.03986	−0.846%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04046	+0.639%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04043	+0.568%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04029	+0.230%	$3K	—	150x	as long as short
Variational Omni S	+0.0004%	4h	0.04015	−0.130%	$623K	$30K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.990%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0065%	4h	0.04026	+0.149%	$100K	$295K	10x	as long as short
Lighter S	+0.0096%	1h	0.04020	0.000%	$169K	$156K	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	0.04015	−0.114%	$1.0M	$551K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04018	−0.043%	$44K	$131K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.04003	−0.420%	$5.5M	$13.8M	75x
Bybit SUSDT	+0.0100%	4h	0.03995	−0.622%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04000	−0.498%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04005	−0.373%	$328K	$188K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04013	−0.174%	$3.8M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04016	−0.100%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03998	−0.547%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03998	−0.547%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	0.000%	$24K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04014	−0.138%	$230K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0248%	1h	0.04020	long leg	$68K	$10K	10x
BloFin S-USDT	+0.0340%	4h	0.04040	+0.498%	$280K	$97K	75x	as long as short
Backpack S_USDC_PERP	+0.0928%	1h	0.04010	−0.249%	$117K	$414K	5x	as long as short