Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0636%/8h= −69.6% APRpaid last 24h −0.073%

Price spread now: Deribit against Bitget−0.079%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.250%−$25 on $10k

Price spread, last 3 days (all we have)+0.249%+$25 · spread now −0.079%, 7d avg +0.001%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Deribit is 0.079% cheaper against Bitget than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.250% in total (about -13.7% 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	Bitget OPUSDT	0.1272	0.0100	pay 0.0100% / 8h	7h 57m	$6.1M	$6.4M	75x
Short	Deribit OP_USDC-PERPETUAL	0.1271	−0.0536	pay 0.0067% / 1h	57m 14s	$42K	$171K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$133.56
Price spread: −0.079% → +0.001%: −$7.93
Slippage, 4 orders: −$32.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$193.17
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Deribit: live order book, 16 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 Bitget live order book, 1 min ago	3.93 bp	11.2 bp −$11	30.6 bp −$306	110.3 bp −$11.0K	doesn't fit
Sell Deribit live order book, 16 min ago	3.93 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1656%	1h	0.1265	−0.550%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1272	+0.024%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALshort	−0.0536%	1h	0.1271	−0.079%	$42K	$171K	25x
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1270	−0.157%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1272	−0.034%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1272	0.000%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1271	−0.079%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0061%	8h	0.1273	+0.100%	$232K	$47K	—	as long as short
Bybit OPUSDT	+0.0084%	8h	0.1270	−0.165%	$18.5M	$26.1M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1272	+0.024%	$289K	$939K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1273	+0.055%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1272	+0.017%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1271	−0.082%	$20.6M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1271	−0.102%	$6.0M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1271	−0.063%	$20.1M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1271	−0.079%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1272	long leg	$6.1M	$6.4M	75x
BingX OP-USDT	+0.0100%	8h	0.1271	−0.071%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	−0.110%	$123K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1274	+0.119%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1275	+0.235%	$323K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1275	+0.236%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1271	−0.055%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1272	+0.024%	$176K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1271	−0.074%	$102K	$182K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1272	−0.012%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1271	−0.086%	$1.0M	$277K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0381%	1h	0.1273	+0.085%	$801K	$750K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1271	−0.097%	$707	—	20x	as long as short