Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0589%/8h= +64.5% APRpaid last 24h +0.139%

Price spread now: Binance against Deribit−0.142%55s7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as 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−$440.441% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.329%+$33 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.142%, 7d avg −0.053%

Together, before fees+0.353%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.089% cheaper against Deribit than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.053%). If the spread goes back, that is −$9 on $10k: about 12 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.329% in total) that is about 45 hours. The two prices were read 55 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 0.329% in total (about 17.1% 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 FIL_USDC-PERPETUAL	0.9875	−0.0559	get 0.0070% / 1h	33m 26s	$170K	$23K	25x
Short	Binance FILUSDT	0.9861	0.0030	get 0.0030% / 8h	7h 33m	$56.9M	$178.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.142%Rate

Funding earned: $123.61
Price spread: −0.142% → −0.053%: −$8.87
Slippage, 4 orders: −$27.08
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $70.67
Costs to cover: 0.441%
Break-even: 3.0 days

Slippage from Deribit: live order book, 40 min ago; Binance: live order book, 10 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, 40 min ago	4.06 bp	20.8 bp −$21	31.0 bp −$310	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.51 bp	6.7 bp −$7	18.0 bp −$180	61.2 bp −$6,120	doesn't fit

FIL 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 FIL_USDC-PERPETUALlong	−0.0559%	1h	0.9875	long leg	$170K	$23K	25x
Kraken Futures PF_FILUSD	−0.0332%	1h	0.9871	−0.038%	$1.3M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9869	−0.061%	$315K	$1.8M	50x	as long as short
KuCoin FILUSDTM	−0.0040%	8h	0.9865	−0.101%	$7.4M	$7.1M	50x	as long as short
OKX FIL-USDT-SWAP	−0.0037%	8h	0.9863	−0.122%	$17.9M	$97.8M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9866	−0.090%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9875	+0.004%	$58K	$2K	10x	as long as short
Binance FILUSDTshort	+0.0030%	8h	0.9861	−0.142%	$56.9M	$178.0M	75x
Extended FIL-USD	+0.0032%	1h	0.9861	−0.144%	$691K	$3.5M	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.203%	$2K	$240K	12x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDC	+0.0060%	8h	0.9863	−0.122%	$244K	$104K	50x	as long as short
Bitget FILUSDT	+0.0063%	8h	0.9864	−0.111%	$10.8M	$21.4M	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9864	−0.108%	$159K	$346K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9867	−0.084%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9866	−0.092%	$503K	$553K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9866	−0.091%	$15.3M	$18.2M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9864	−0.111%	$8.2M	$16.1M	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9864	−0.111%	—	$11.8M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9849	−0.264%	$442K	$280K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9847	−0.281%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9856	−0.197%	$291K	$812K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9860	−0.152%	$30K	$195K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9875	−0.003%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9870	−0.051%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9868	−0.071%	$482	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9871	−0.041%	$631K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9870	−0.051%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0123%	8h	0.9853	−0.223%	$2.7M	$571K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0539% / S −0.0538%	1h	0.9867	−0.082%	$196K	—	100x	as long as short