Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0522%/8hnext payment −$2.61 per $10,000 · paid last 24h −0.090%

Price spread now: Bybit against BloFin−0.219%102s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$189as 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−$1531.533% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.359%−$36 on $10k

Price spread, last 3 days (all we have)+0.193%+$19 · spread now −0.219%, 7d avg −0.023%

Together, before fees−0.166%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Bybit is 0.196% cheaper against BloFin than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.023%). Swap the legs. The two prices were read 102 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 -0.359% in total (about -18.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.61 per $10,000. 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	BloFin M-USDT	1.5045	0.0622	pay 0.0311% / 4h	5m 35s	$262K	$425K	10x
Short	Bybit MUSDT	1.5012	0.0100	get 0.0050% / 4h	5m 35s	$4.7M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BloFin. 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 BloFinbpFee BybitbpOrdersPrice spread, now −0.219%Rate

Funding earned: −$109.66
Price spread: −0.219% → −0.023%: −$19.63
Slippage, 4 orders: −$130.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$282.59
Costs to cover: 1.533%
Break-even: never at this rate

Slippage from BloFin: live order book, 24 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 BloFin live order book, 24 min ago	0.67 bp	30.1 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.00 bp	41.7 bp −$42	274.3 bp −$2,743	doesn't fit	doesn't fit

M on 12 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
Bybit MUSDTshort	+0.0100%	4h	1.5012	−0.219%	$4.7M	$2.3M	20x
Gate M_USDT	+0.0100%	8h	1.5005	−0.266%	$2.0M	$926K	10x	as long as short
Bitget MUSDT	+0.0100%	4h	1.5014	−0.206%	$1.9M	$348K	10x	as long as short
Variational Omni M	+0.0100%	4h	1.5026	−0.127%	$92K	$42K	—	as long as short
Orderly PERP_M_USDC	+0.0100%	4h	1.5047	+0.013%	$2K	$139	10x	as long as short
SunX M-USDT	+0.0100%	4h	1.5025	−0.133%	$2K	$523K	20x	as long as short
Aster MUSDT	+0.0476%	4h	1.5034	−0.073%	$16K	$117K	5x	as long as short
BingX M-USDT	+0.0622%	4h	1.5017	−0.186%	—	$2.4M	—	as long as short
BloFin M-USDTlong	+0.0622%	4h	1.5045	long leg	$262K	$425K	10x
MEXC M_USDT	+0.0674%	4h	1.5032	−0.086%	$252K	$116K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MUSDT	+0.0675%	4h	1.5028	−0.113%	$5.6M	$4.6M	10x	as long as short
KuCoin MUSDTM	+0.1244%	4h	1.4843	−1.345%	$1.4M	$4.3M	10x	as long as short