Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Extended against Bybit+0.089%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1361.360% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)−0.123%−$12 · spread now +0.089%, 7d avg −0.017%

Together, before fees−0.172%+ Points / potential airdropExtended: Active · farm board−$17 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: Extended is 0.106% dearer against Bybit than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.04092	0.0100	pay 0.0050% / 4h	2h 22m	$5.8M	$4.7M	50x
Short	Extended S-USD	0.04096	0.0104	get 0.0013% / 1h	22m 02s	$232K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.089%Rate

Funding earned: $0.84
Price spread: +0.089% → −0.017%: $10.61
Slippage, 4 orders: −$120.03
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$124.58
Costs to cover: 1.360%
Break-even: 1045.2 days

Slippage from Bybit: live order book, 1 min ago; Extended: live order book, 1 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, 1 min ago	3.66 bp	34.7 bp −$35	179.9 bp −$1,799	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	6.12 bp	37.6 bp −$38	254.6 bp −$2,546	doesn't fit	doesn't fit

S on 24 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	−0.8200%	1h	0.03950	−3.470%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.711%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1238%	1h	0.04092	−0.001%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0462%	4h	0.04064	−0.676%	$632K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04098	+0.149%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04096	+0.094%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04098	+0.158%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.196%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0048%	4h	0.04098	+0.147%	$103K	$331K	10x	as long as short
Lighter S	+0.0096%	1h	0.04100	+0.196%	$169K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04098	+0.137%	$1.0M	$570K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04099	+0.164%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04099	+0.171%	$5.7M	$14.9M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.04092	long leg	$5.8M	$4.7M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04099	+0.171%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04100	+0.196%	$337K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04098	+0.147%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04092	0.000%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04100	+0.196%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04095	+0.073%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	−0.293%	$26K	$444K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.04096	+0.089%	$232K	$1.1M	10x
Deribit S_USDC-PERPETUAL	+0.0726%	1h	0.04102	+0.244%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1044%	1h	0.04110	+0.440%	$120K	$348K	5x	as long as short