Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1436%/8h= −157.2% APRpaid last 24h −0.633%

Price spread now: Coinbase International against Bitget−3.115%47s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Coinbase International is 3.115% cheaper against Bitget than usual: you would sell low and buy high (−$311 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SUSDT	0.03949	0.0100	pay 0.0050% / 4h	1m 29s	$1.2M	$2.5M	50x
Short	Coinbase International S-PERP-INTX	0.03826	−0.1336	pay 0.0167% / 1h	1m 29s	$47K	$5K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −3.115%Rate

Funding earned: −$301.56
Price spread: −3.115% → 0.000%: −$311.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$635.03
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 6 min ago; Coinbase International: no order-book sample. Net counts fees only.

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, 6 min ago	6.36 bp	18.8 bp −$19	58.1 bp −$581	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 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
01 Exchange SUSD	−0.6136%	1h	0.03850	−2.507%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2116%	1h	0.03942	−0.189%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1336%	1h	0.03826	−3.115%	$47K	$5K	25x
Variational Omni S	−0.1056%	4h	0.03927	−0.558%	$611K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0205% / S +0.0197%	1h	0.03948	−0.018%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03948	−0.020%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03948	−0.025%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03948	−0.018%	$609	—	150x	as long as short
Orderly PERP_S_USDC	+0.0024%	4h	0.03944	−0.127%	$100K	$337K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.824%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03949	0.000%	$165K	$217K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03948	−0.015%	$989K	$664K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03949	+0.001%	$43K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03946	−0.076%	$5.4M	$16.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03939	−0.253%	$5.6M	$5.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03944	−0.127%	$984K	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03940	−0.228%	$321K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03947	−0.051%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03947	−0.051%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDTlong	+0.0100%	4h	0.03949	long leg	$1.2M	$2.5M	50x
BingX S-USDT	+0.0100%	4h	0.03944	−0.127%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03950	+0.025%	$115K	$313K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03950	+0.025%	$25K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03944	−0.133%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	−0.355%	$265K	$125K	75x	as long as short