Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0540%/8h= +59.1% APRpaid last 24h +0.049%

Price spread now: Coinbase International against Bybit+0.439%7-day average — · you sell dearer than you buy

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 for this trade now. Funding pays +$16 a day on $10k at the current rate, and Coinbase International is 0.439% dearer against Bybit than usual: you sell high and buy low: +$44 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WUSDT	0.01185	0.0100	pay 0.0050% / 4h	1h 56m	$4.1M	$1.5M	50x
Short	Coinbase International W-PERP-INTX	0.01190	0.0640	get 0.0080% / 1h	56m 13s	$13K	$12K	50x

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 +0.439%Rate

Funding earned: $113.4
Price spread: +0.439% → 0.000%: $43.88
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: $136.28
Costs to cover: 0.210%
Break-even: from the start

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	5.48 bp	26.6 bp −$27	152.8 bp −$1,528	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.

W on 17 exchanges

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
Deribit W_USDC-PERPETUAL	−0.0676%	1h	0.01187	+0.160%	$14K	$4K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.017%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01188	+0.245%	$2.0M	$258K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01187	+0.177%	$3.0M	$4.6M	50x	as long as short
Bybit WUSDTlong	+0.0100%	4h	0.01185	long leg	$4.1M	$1.5M	50x
OKX W-USDT-SWAP	+0.0100%	4h	0.01186	+0.110%	$1.3M	$1.3M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01185	+0.017%	$433K	$167K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01187	+0.177%	$12.3M	$1.2M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01186	+0.076%	$388K	$180K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01188	+0.245%	$1.3M	$533K	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01186	+0.051%	—	$6.6M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01185	+0.031%	$69K	$21K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01187	+0.175%	$127K	$375K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01187	+0.180%	$60K	$392K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0640%	1h	0.01190	+0.439%	$13K	$12K	50x
Kraken Futures PF_WUSD	+0.0876%	1h	0.01189	+0.351%	$148K	$47K	20x	as long as short
Backpack W_USDC_PERP	+0.0899%	1h	0.01188	+0.278%	$45K	$46K	15x	as long as short