Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against Bybit+0.099%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$2102.096% of the position

Long on Bybit Short on Binance

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−0.060%−$6 · spread now +0.099%, 7d avg +0.059%

Together, before fees−0.006%−$1 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: Binance is 0.039% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1522	0.0100	pay 0.0050% / 4h	1h 32m	$1.1M	$914K	25x
Short	Binance IOUSDT	0.1523	0.0100	get 0.0050% / 4h	1h 32m	$3.0M	$6.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.099%Rate

Funding earned: $0
Price spread: +0.099% → +0.059%: $3.95
Slippage, 4 orders: −$188.6
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Binance: 5 bp × 2 orders: −$10
Net: −$205.66
Costs to cover: 2.096%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Binance: live order book, 6 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, 3 min ago	6.57 bp	79.9 bp −$80	811.8 bp −$8,118	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	3.30 bp	22.6 bp −$23	110.9 bp −$1,109	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	−0.0430%	1h	0.1518	−0.230%	$2K	$201	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1523	+0.099%	$1.0M	$379K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1524	+0.150%	$24K	$49K	5x	as long as short
Binance IOUSDTshort	+0.0100%	4h	0.1523	+0.099%	$3.0M	$6.6M	50x
Bybit IOUSDTlong	+0.0100%	4h	0.1522	long leg	$1.1M	$914K	25x
Gate IO_USDT	+0.0100%	4h	0.1522	+0.053%	$234K	$560K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1522	+0.033%	$1.2M	$226K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1522	+0.033%	$356K	$661K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1524	+0.164%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1523	+0.099%	—	$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	0.1517	−0.315%	$33K	$13K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1523	+0.130%	$1K	$132K	5x	as long as short
BloFin IO-USDT	+0.0151%	4h	0.1525	+0.230%	$194K	$40K	50x	as long as short
Kraken Futures PF_IOUSD	+2.3363%	1h	0.1520	−0.084%	$39K	$18K	10x	as long as short