Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.1592%/8hnext payment +$1.99 per $10,000 · paid last 24h +0.688%

Price spread now: Extended against Coinbase International+3.024%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Extended

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and Extended is 3.024% dearer against Coinbase International than usual: you sell high and buy low: +$302 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International S-PERP-INTX	0.03826	−0.1488	get 0.0186% / 1h	7m 04s	$47K	$9K	25x
Short	Extended S-USD	0.03942	0.0104	get 0.0013% / 1h	7m 04s	$221K	$904K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Coinbase International. 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 Coinbase InternationalbpFee ExtendedbpOrdersPrice spread, now +3.024%Rate

Funding earned: $334.32
Price spread: +3.024% → 0.000%: $302.42
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $621.74
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Extended: live order book, 25 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Extended live order book, 25 min ago	3.84 bp	31.4 bp −$31	257.4 bp −$2,574	doesn't fit	doesn't fit

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
Kraken Futures PF_SUSD	−0.2112%	1h	0.03937	+2.893%	$33K	$38K	10x	as long as short
Coinbase International S-PERP-INTXlong	−0.1488%	1h	0.03826	long leg	$47K	$9K	25x
Variational Omni S	−0.1440%	4h	0.03917	+2.391%	$608K	$116K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03944	+3.095%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03934	+2.828%	$4	—	15x	as long as short
Aster SUSDT	−0.0096%	4h	0.03942	+3.041%	$43K	$241K	10x	as long as short
OKX S-USDT-SWAP	−0.0062%	4h	0.03942	+3.032%	$988K	$11.2M	20x	as long as short
Orderly PERP_S_USDC	−0.0025%	4h	0.03944	+3.084%	$107K	$326K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03944	+3.094%	$608	—	150x	as long as short
01 Exchange SUSD	+0.0016%	1h	0.03930	+2.718%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+7.162%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03945	+3.110%	$166K	$278K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03942	+3.035%	$1.0M	$1.2M	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03942	+3.032%	$5.4M	$34.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03936	+2.875%	$5.6M	$8.3M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	+2.901%	$322K	$347K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03942	+3.032%	$3.8M	$3.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03942	+3.032%	$1.8M	$3.5M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03943	+3.058%	$1.2M	$4.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03941	+3.006%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+2.718%	$26K	$482K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.03942	+3.024%	$221K	$904K	10x
Backpack S_USDC_PERP	+0.0309%	1h	0.03950	+3.241%	$115K	$264K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	+2.849%	$273K	$257K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0510%	1h	0.03948	+3.189%	$66K	$10K	10x	as long as short