Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.038%

Price spread now: Bitget against Coinbase International−0.017%57s7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Bitget

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International W-PERP-INTX	0.01170	0.0440	pay 0.0055% / 1h	1m 25s	$14K	$14K	50x
Short	Bitget WUSDT	0.01170	0.0100	get 0.0050% / 4h	3h 01m	$1.3M	$546K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$71.4
Price spread: −0.017% → 0.000%: −$1.71
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$95.11
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bitget: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bitget live order book, 5 min ago	4.25 bp	42.5 bp −$43	124.5 bp −$1,245	doesn't fit	doesn't fit

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 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-PERPETUAL	−0.0177%	1h	0.01170	−0.026%	$14K	$3K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+3.316%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01171	+0.068%	$2.0M	$305K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01170	−0.036%	$2.9M	$5.6M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01168	−0.162%	$4.1M	$1.6M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01167	−0.256%	$1.3M	$1.6M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01165	−0.410%	$427K	$260K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01170	−0.060%	$12.4M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01168	−0.188%	$382K	$198K	50x	as long as short
Bitget WUSDTshort	+0.0100%	4h	0.01170	−0.017%	$1.3M	$546K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01169	−0.094%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01173	+0.243%	$71K	$39K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01174	+0.325%	$126K	$386K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01170	−0.045%	$60K	$151K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0440%	1h	0.01170	long leg	$14K	$14K	50x
Backpack W_USDC_PERP	+0.1119%	1h	0.01171	+0.094%	$43K	$42K	15x	as long as short
Kraken Futures PF_WUSD	+0.1786%	1h	0.01172	+0.161%	$145K	$185K	20x	as long as short