Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.031%

Price spread now: Coinbase International against Bybit+0.161%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 for this trade now. Funding pays +$8 a day on $10k at the current rate, and Coinbase International is 0.161% dearer against Bybit than usual: you sell high and buy low: +$16 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	Bybit WUSDT	0.01181	0.0100	pay 0.0050% / 4h	2h 04m	$4.1M	$1.9M	50x
Short	Coinbase International W-PERP-INTX	0.01183	0.0360	get 0.0045% / 1h	4m 24s	$14K	$15K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.161%Rate

Funding earned: $54.6
Price spread: +0.161% → 0.000%: $16.09
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $49.69
Costs to cover: 0.210%
Break-even: 0.6 days

Slippage unknown: Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.27 bp	28.5 bp −$28	135.0 bp −$1,350	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.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0004%	1h	0.01181	−0.017%	$16K	$2K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.371%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01183	+0.169%	$2.0M	$384K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01182	+0.119%	$3.0M	$6.6M	50x	as long as short
Bybit WUSDTlong	+0.0100%	4h	0.01181	long leg	$4.1M	$1.9M	50x
OKX W-USDT-SWAP	+0.0100%	4h	0.01182	+0.059%	$1.3M	$1.9M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01179	−0.203%	$445K	$265K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01182	+0.110%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01182	+0.085%	$411K	$203K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01182	+0.085%	$1.3M	$571K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01181	+0.034%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01179	−0.140%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01180	−0.099%	$129K	$413K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01182	+0.096%	$60K	$236K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0360%	1h	0.01183	+0.161%	$14K	$15K	50x
Backpack W_USDC_PERP	+0.0410%	1h	0.01182	+0.119%	$44K	$46K	15x	as long as short
Kraken Futures PF_WUSD	+0.1536%	1h	0.01184	+0.256%	$147K	$180K	20x	as long as short