Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Binance−0.184%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$255as in the Funding arb table

Net, price: spread back to 7d avg − costs−$263as in the Price arb table

costs, in and out, $10k−$2502.496% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 7 days+0.184%+$18 · spread now −0.184%, 7d avg −0.053%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.130% cheaper against Binance than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IOUSDT	0.1514	0.0100	pay 0.0050% / 4h	2h 23m	$3.0M	$6.4M	50x
Short	Bybit IOUSDT	0.1511	0.0100	get 0.0050% / 4h	2h 23m	$1.1M	$868K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Binance. 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 BinancebpFee BybitbpOrdersPrice spread, now −0.184%Rate

Funding earned: $0
Price spread: −0.184% → −0.053%: −$13.04
Slippage, 4 orders: −$228.61
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$262.65
Costs to cover: 2.496%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Bybit: 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 Binance live order book, 15 min ago	6.65 bp	19.1 bp −$19	94.3 bp −$943	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	6.63 bp	104.0 bp −$104	396.1 bp −$3,961	doesn't fit	doesn't fit

IO on 14 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 IO/USDC PERP	−0.0157%	1h	0.1506	−0.534%	$2K	$102	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1513	−0.078%	$1.0M	$391K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1514	−0.003%	$6K	$32K	5x	as long as short
Binance IOUSDTlong	+0.0100%	4h	0.1514	long leg	$3.0M	$6.4M	50x
Bybit IOUSDTshort	+0.0100%	4h	0.1511	−0.184%	$1.1M	$868K	25x
Gate IO_USDT	+0.0100%	4h	0.1514	−0.038%	$232K	$542K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1512	−0.138%	$1.2M	$239K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1512	−0.138%	$403K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1514	−0.005%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1512	−0.138%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1512	−0.141%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1514	+0.024%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0141%	4h	0.1515	+0.061%	$193K	$30K	50x	as long as short
Kraken Futures PF_IOUSD	+0.5428%	1h	0.1515	+0.028%	$39K	$21K	10x	as long as short