Funding arb · Price arb /

DOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2827%/8h= −309.6% APRpaid last 24h −0.213%

Price spread now: Deribit against Bybit−0.068%45s7-day average +0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$490.486% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.931%−$93 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.068%, 7d avg +0.097%

Together, before fees−0.849%−$85 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$85 a day on $10k at the current rate, and Deribit is 0.165% cheaper against Bybit than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.097%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.931% in total (about -48.5% 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	Bybit DOTUSDT	1.1730	0.0100	pay 0.0100% / 8h	2h 14m	$23.7M	$19.9M	75x
Short	Deribit DOT_USDC-PERPETUAL	1.1722	−0.2727	pay 0.0341% / 1h	14m 33s	$236K	$136K	50x

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 −0.068%Rate

Funding earned: −$593.67
Price spread: −0.068% → +0.097%: −$16.49
Slippage, 4 orders: −$30.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$658.78
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 34 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 Bybit live order book, 4 min ago	0.85 bp	11.1 bp −$11	21.8 bp −$218	75.6 bp −$7,559	doesn't fit
Sell Deribit live order book, 34 min ago	6.79 bp	13.7 bp −$14	27.2 bp −$272	doesn't fit	doesn't fit

DOT on 29 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 DOT_USDC-PERPETUALshort	−0.2727%	1h	1.1722	−0.068%	$236K	$136K	50x
Coinbase International DOT-PERP-INTX	−0.0864%	1h	1.1720	−0.085%	$170K	$2.0M	50x	as long as short
Reya DOTRUSDPERP	−0.0166%	1h	1.1728	−0.020%	$254	—	—	as long as short
dYdX DOT-USD	0.0000%	1h	1.1732	+0.015%	$141K	$6K	10x	as long as short
gTrade (Gains Network) DOT/USD	L 0.0000% / S +0.0004%	1h	1.1715	−0.128%	$3K	—	150x	as long as short
Injective DOT/USDC PERP	+0.0033%	1h	1.2020	+2.472%	$328	$121K	12x	as long as short
Kraken Futures PF_DOTUSD	+0.0092%	1h	1.1721	−0.075%	$4.4M	$1.4M	50x	as long as short
Lighter DOT	+0.0096%	1h	1.1734	+0.031%	$252K	$666K	10x	as long as short
Hyperliquid DOT	+0.0100%	1h	1.1733	+0.026%	$5.2M	$3.5M	10x	as long as short
Aster DOTUSDT	+0.0100%	8h	1.1732	+0.018%	$841K	$602K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DOTUSDT	+0.0100%	8h	1.1733	+0.026%	$42.7M	$87.7M	75x	as long as short
Bybit DOTUSDTlong	+0.0100%	8h	1.1730	long leg	$23.7M	$19.9M	75x
OKX DOT-USDT-SWAP	+0.0100%	8h	1.1730	0.000%	$9.2M	$25.3M	50x	as long as short
Gate DOT_USDT	+0.0100%	8h	1.1730	0.000%	$6.7M	$12.6M	75x	as long as short
MEXC DOT_USDT	+0.0100%	8h	1.1736	+0.051%	$30.5M	$58.6M	300x	as long as short
KuCoin DOTUSDTM	+0.0100%	8h	1.1734	+0.034%	$6.2M	$9.4M	75x	as long as short
Bitget DOTUSDT	+0.0100%	8h	1.1730	0.000%	$22.4M	$14.8M	75x	as long as short
BingX DOT-USDT	+0.0100%	8h	1.1732	+0.017%	—	$29.8M	—	as long as short
Backpack DOT_USDC_PERP	+0.0100%	1h	1.1718	−0.102%	$91K	$130K	10x	as long as short
Variational Omni DOT	+0.0100%	8h	1.1705	−0.217%	$533K	$51K	—	as long as short
edgeX DOTUSDC	+0.0100%	4h	1.1719	−0.091%	$34K	$337K	20x	as long as short
GRVT DOT_USDT_Perp	+0.0100%	8h	1.1730	0.000%	$225K	$419K	10x	as long as short
Orderly PERP_DOT_USDC	+0.0100%	8h	1.1720	−0.085%	$8K	$19K	10x	as long as short
SunX DOT-USDT	+0.0100%	8h	1.1732	+0.017%	$2K	$1.3M	20x	as long as short
HTX DOT-USDT	+0.0100%	8h	1.1710	−0.171%	$264K	$276K	75x	as long as short
Phemex DOTUSDT	+0.0100%	8h	1.1730	0.000%	$2.4M	$2.2M	50x	as long as short
Extended DOT-USD	+0.0104%	1h	1.1727	−0.026%	$13K	$245K	25x	as long as short
BloFin DOT-USDT	+0.0220%	8h	1.1722	−0.068%	$2.1M	$910K	75x	as long as short
GMX DOT/USD [WBTC.b-USDC]	L +0.0291% / S −0.0937%	1h	1.1713	−0.143%	$20K	—	100x	as long as short