Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0447%/8h= −48.9% APRpaid last 24h −0.031%

Price spread now: Bitget against Coinbase International+0.149%7-day average +0.194% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)−0.135%−$13 · spread now +0.149%, 7d avg +0.194%

Together, before fees−0.263%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bitget is 0.044% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.194%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HOOD-PERP-INTX	120.48	0.0184	pay 0.0023% / 1h	26m 48s	$192K	$1.8M	10x
Short	Bitget HOODUSDT	120.66	−0.0263	pay 0.0263% / 8h	2h 26m	$5.4M	$9.8M	20x

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 +0.149%Rate

Funding earned: −$93.87
Price spread: +0.149% → +0.194%: −$4.42
Slippage, 4 orders: −$25.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$145.74
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bitget: live order book, 2 min ago.

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 live order book, 2 min ago	6.64 bp	11.6 bp −$12	14.2 bp −$142	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.07 bp	12.2 bp −$12	28.3 bp −$283	116.9 bp −$11.7K	doesn't fit

HOOD on 30 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
Injective HOOD/USDC PERP	−0.0440%	1h	120.35	−0.108%	$57K	$57K	30x	as long as short
Bitget HOODUSDTshort	−0.0263%	8h	120.66	+0.149%	$5.4M	$9.8M	20x
Gate HOOD_USDT	−0.0170%	8h	120.56	+0.066%	$578K	$7.6M	50x	as long as short
Polymarket Perps HOOD-USD	−0.0050%	1h	120.33	−0.125%	$250K	$344K	10x	as long as short
Aster HOODUSDT	0.0000%	8h	120.53	+0.038%	$105K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.47	−0.006%	$358K	$1.3M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.50	+0.020%	$20.6M	$91.6M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	120.50	+0.017%	$3.7M	$8.9M	25x	as long as short
OKX HOOD-USDT-SWAP	0.0000%	8h	120.48	0.000%	$2.7M	$6.1M	20x	as long as short
Variational Omni HOOD	0.0000%	8h	120.60	+0.101%	$2.3M	$1.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT HOOD_USDT_Perp	0.0000%	8h	120.65	+0.140%	$844K	$2.0M	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	0.0000%	1h	120.49	+0.008%	$6K	$55K	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	120.55	+0.058%	$986K	$9K	10x	as long as short
Vest HOOD-USD-PERP	+0.0012%	1h	120.40	−0.066%	—	$63K	25x	as long as short
Lighter HOOD	+0.0032%	1h	120.51	+0.023%	$2.8M	$3.2M	10x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.53	+0.042%	$1.1M	$1.7M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	120.49	+0.008%	$51.2M	$28.4M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.50	+0.021%	$720	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.53	+0.042%	$1.2M	$1.4M	15x	as long as short
QFEX HOOD-USD	+0.0053%	1h	120.55	+0.058%	$1.3M	$3.0M	10x	as long as short
edgeX HOODUSDC	+0.0075%	4h	120.67	+0.158%	$363K	$306K	10x	as long as short
Pacifica HOOD	+0.0100%	1h	120.56	+0.066%	$67K	$105K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.52	+0.033%	$1.3M	$1.3M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.56	+0.066%	$5K	$41K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	120.48	0.000%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	120.48	0.000%	$16K	—	10x	as long as short
RISEx HOOD/USDC	+0.0109%	1h	120.59	+0.091%	$421K	$1.4M	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.58	+0.083%	$174K	$157K	20x	as long as short
Phoenix HOOD	+0.0132%	1h	120.59	+0.091%	$28K	$238K	10x	as long as short
Coinbase International HOOD-PERP-INTXlong	+0.0184%	1h	120.48	long leg	$192K	$1.8M	10x