Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.024%

Price spread now: Bybit against gTrade (Gains Network)−1.027%322s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Bybit is 1.027% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −1.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$103 on $10k: about 34 days of funding at the current rate (+$3 a day). The two prices were read 322 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	gTrade (Gains Network) S/USD	0.04455	L +0.0001% / S +0.0006%	pay 0.0000% / 1h	55m 00s	$687	—	150x
Short	Bybit SUSDT	0.04409	0.0100	get 0.0050% / 4h	2h 55m	$6.3M	$5.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −1.027%Rate

Funding earned: $20.88
Price spread: −1.027% → 0.000%: −$102.7
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$102.81
Costs to cover: 0.210%
Break-even: 41.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 3 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	5.60 bp	35.2 bp −$35	145.2 bp −$1,452	doesn't fit	doesn't fit

gTrade (Gains Network): 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	−0.2840%	1h	0.04360	−2.127%	$26K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.2164%	1h	0.04383	−1.603%	$38K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1328%	1h	0.04128	−7.335%	$50K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04420	−0.789%	$2K	—	100x	as long as short
Variational Omni S	−0.0109%	4h	0.04434	−0.463%	$688K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04412	−0.952%	$4	—	15x	as long as short
gTrade (Gains Network) S/USDlong	L +0.0001% / S +0.0006%	1h	0.04455	long leg	$687	—	150x
Injective S/USDC PERP	+0.0033%	1h	0.04100	−7.963%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0062%	4h	0.04422	−0.735%	$110K	$648K	10x	as long as short
Lighter S	+0.0096%	1h	0.04419	−0.803%	$154K	$144K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04423	−0.706%	$1.2M	$815K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04424	−0.690%	$47K	$183K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04417	−0.847%	$6.6M	$18.3M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.04409	−1.027%	$6.3M	$5.1M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04416	−0.870%	$1.2M	$5.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04416	−0.870%	$372K	$211K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04418	−0.825%	$4.6M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04415	−0.892%	$2.0M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04418	−0.825%	$1.3M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04422	−0.735%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04470	+0.342%	$26K	$517K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04412	−0.956%	$243K	$1.3M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0202%	1h	0.04427	−0.623%	$74K	$512	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04420	−0.780%	$314K	$202K	75x	as long as short
Backpack S_USDC_PERP	+0.1752%	1h	0.04430	−0.556%	$104K	$473K	5x	as long as short