Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.058%

Price spread now: Bybit against Deribit−0.356%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 Bybit

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

Funding pays, the price is against you. Bybit is 0.356% cheaper against Deribit than usual: you would sell low and buy high (spread −0.356% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 12 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.03932	0.0004	pay 0.0001% / 1h	42m 42s	$66K	$10K	10x
Short	Bybit SUSDT	0.03918	0.0100	get 0.0050% / 4h	42m 42s	$5.6M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.356%Rate

Funding earned: $20.08
Price spread: −0.356% → 0.000%: −$35.61
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.53
Costs to cover: 0.180%
Break-even: 18.7 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.27 bp	22.3 bp −$22	64.6 bp −$646	doesn't fit	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	−0.6776%	1h	0.03850	−2.085%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2125%	1h	0.03925	−0.176%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.696%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0937%	4h	0.03931	−0.038%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0201% / S +0.0193%	1h	0.03930	−0.058%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03926	−0.159%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03930	−0.042%	$606	—	150x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0004%	1h	0.03932	long leg	$66K	$10K	10x
Orderly PERP_S_USDC	+0.0033%	4h	0.03927	−0.127%	$100K	$341K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.273%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03930	−0.051%	$165K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03927	−0.114%	$984K	$701K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03931	−0.024%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03925	−0.178%	$5.4M	$17.5M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03918	−0.356%	$5.6M	$5.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03924	−0.203%	$982K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03926	−0.153%	$320K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03925	−0.178%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03925	−0.178%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03930	−0.051%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03924	−0.203%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.051%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03923	−0.234%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03928	−0.102%	$266K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0514%	1h	0.03940	+0.203%	$115K	$311K	5x	as long as short