Funding arb · Price arb /

W

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0273%/8h= −29.9% APRpaid last 24h −0.171%

Price spread now: Deribit against Bybit+0.119%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 Deribit

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

The price spread pays, funding is against you. Deribit is 0.119% dearer against Bybit than usual: you sell high and buy low (spread +0.119% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WUSDT	0.01179	0.0100	pay 0.0050% / 4h	2h 45m	$4.1M	$1.9M	50x
Short	Deribit W_USDC-PERPETUAL	0.01180	−0.0173	pay 0.0022% / 1h	45m 44s	$16K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$57.43
Price spread: +0.119% → 0.000%: $11.87
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$63.55
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Deribit: 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, 2 min ago	5.08 bp	32.7 bp −$33	138.5 bp −$1,385	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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.

W on 17 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
Deribit W_USDC-PERPETUALshort	−0.0173%	1h	0.01180	+0.119%	$16K	$2K	10x
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.545%	$1K	$1K	12x	as long as short
OKX W-USDT-SWAP	+0.0097%	4h	0.01180	+0.102%	$1.3M	$1.9M	20x	as long as short
Hyperliquid W	+0.0100%	1h	0.01181	+0.170%	$2.0M	$401K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01181	+0.144%	$3.0M	$6.7M	50x	as long as short
Bybit WUSDTlong	+0.0100%	4h	0.01179	long leg	$4.1M	$1.9M	50x
Gate W_USDT	+0.0100%	4h	0.01180	+0.085%	$446K	$264K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01181	+0.170%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01182	+0.254%	$453K	$223K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01180	+0.085%	$1.3M	$567K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01180	+0.127%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01178	−0.079%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01182	+0.254%	$131K	$396K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01180	+0.123%	$60K	$242K	5x	as long as short
Backpack W_USDC_PERP	+0.0142%	1h	0.01183	+0.297%	$44K	$48K	15x	as long as short
Coinbase International W-PERP-INTX	+0.0360%	1h	0.01183	+0.348%	$14K	$16K	50x	as long as short
Kraken Futures PF_WUSD	+0.1537%	1h	0.01183	+0.378%	$147K	$181K	20x	as long as short