Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0713%/8hpaid last 24h −0.053%

Price spread now: Bybit against Deribit−0.096%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$450.447% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.168%−$17 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.096%, 7d avg −0.020%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.076% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.168% in total (about -13.6% 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	Deribit HOOD_USDC-PERPETUAL	124.68	0.0713	pay 0.0089% / 1h	23m 03s	$6K	$180K	10x
Short	Bybit HOODUSDT	124.56	0	get 0.0000% / 8h	4h 23m	$4.1M	$8.2M	25x

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 −0.096%Rate

Funding earned: −$149.81
Price spread: −0.096% → −0.020%: −$7.59
Slippage, 4 orders: −$26.73
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$202.14
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from Deribit: live order book, 9 min ago; Bybit: live order book, 9 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 Deribit live order book, 9 min ago	5.63 bp	9.1 bp −$9	11.4 bp −$114	doesn't fit	doesn't fit
Sell Bybit live order book, 9 min ago	2.41 bp	10.1 bp −$10	26.5 bp −$265	150.6 bp −$15.1K	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
Arcus HOOD-USD	−0.0761%	1h	124.62	−0.048%	$1.1M	$1.7M	10x	as long as short
Aster HOODUSDT	0.0000%	8h	124.62	−0.052%	$114K	$257K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	124.66	−0.017%	$421K	$1.2M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	124.68	+0.003%	$24.1M	$81.7M	20x	as long as short
Bybit HOODUSDTshort	0.0000%	8h	124.56	−0.096%	$4.1M	$8.2M	25x
OKX HOOD-USDT-SWAP	0.0000%	8h	124.68	0.000%	$3.1M	$5.5M	20x	as long as short
RISEx HOOD/USDC	0.0000%	1h	124.59	−0.072%	$419K	$1.5M	10x	as long as short
Gate HOOD_USDT	0.0000%	8h	124.61	−0.056%	$548K	$7.7M	50x	as long as short
Variational Omni HOOD	0.0000%	8h	124.71	+0.028%	$2.4M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	124.67	−0.007%	$872K	$2.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HOODUSDT	0.0000%	8h	124.69	+0.008%	$1.0M	$8K	10x	as long as short
Polymarket Perps HOOD-USD	+0.0012%	1h	124.40	−0.225%	$253K	$275K	10x	as long as short
Vest HOOD-USD-PERP	+0.0046%	1h	124.53	−0.120%	—	$63K	25x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	124.66	−0.020%	$747	$3K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	124.49	−0.152%	$1.4M	$1.3M	15x	as long as short
QFEX HOOD-USD	+0.0051%	1h	124.56	−0.096%	$1.3M	$3.9M	10x	as long as short
Bitget HOODUSDT	+0.0057%	8h	124.69	+0.008%	$5.8M	$8.9M	20x	as long as short
Pacifica HOOD	+0.0100%	1h	124.55	−0.103%	$78K	$103K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	124.64	−0.032%	$1.3M	$1.1M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	124.63	−0.040%	$46K	$252K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	124.66	−0.016%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	124.64	−0.029%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	124.64	−0.032%	$192K	$119K	20x	as long as short
Lighter HOOD	+0.0208%	1h	124.69	+0.011%	$3.2M	$1.8M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0215%	1h	124.62	−0.048%	$53.2M	$28.2M	10x	as long as short
Phoenix HOOD	+0.0257%	1h	124.73	+0.040%	$28K	$186K	10x	as long as short
Coinbase International HOOD-PERP-INTX	+0.0280%	1h	124.62	−0.048%	$419K	$1.5M	10x	as long as short
edgeX HOODUSDC	+0.0307%	4h	124.69	+0.007%	$375K	$306K	10x	as long as short
Injective HOOD/USDC PERP	+0.0323%	1h	124.35	−0.265%	$64K	$50K	30x	as long as short
Deribit HOOD_USDC-PERPETUALlong	+0.0713%	1h	124.68	long leg	$6K	$180K	10x