Funding arb · Price arb /

HOOD

RWAall HOOD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h −0.046%

Price spread now: Bybit against Coinbase International−0.017%7-day average +0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$450.445% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.017%, 7d avg +0.154%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.170% cheaper against Coinbase International than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.154%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.092% in total (about -4.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HOOD-PERP-INTX	120.67	0.0192	pay 0.0024% / 1h	56m 43s	$197K	$1.8M	10x
Short	Bybit HOODUSDT	120.65	0	get 0.0000% / 8h	56m 43s	$3.7M	$8.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$40.32
Price spread: −0.017% → +0.154%: −$17.04
Slippage, 4 orders: −$23.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$101.9
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bybit: 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 Coinbase International live order book, 2 min ago	4.14 bp	9.1 bp −$9	12.4 bp −$124	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.24 bp	12.6 bp −$13	25.7 bp −$257	1008.3 bp −$100.8K	doesn't fit

HOOD on 30 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
Injective HOOD/USDC PERP	−0.0440%	1h	120.38	−0.240%	$57K	$57K	30x	as long as short
Gate HOOD_USDT	−0.0172%	8h	120.70	+0.025%	$601K	$7.6M	50x	as long as short
Bitget HOODUSDT	−0.0101%	8h	120.76	+0.075%	$5.5M	$10.0M	20x	as long as short
Polymarket Perps HOOD-USD	−0.0031%	1h	120.48	−0.157%	$251K	$345K	10x	as long as short
Aster HOODUSDT	0.0000%	8h	120.68	+0.012%	$105K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	120.67	−0.001%	$356K	$2.0M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	120.70	+0.024%	$20.8M	$92.2M	20x	as long as short
Bybit HOODUSDTshort	0.0000%	8h	120.65	−0.017%	$3.7M	$8.8M	25x
OKX HOOD-USDT-SWAP	0.0000%	8h	120.66	−0.008%	$2.7M	$6.2M	20x	as long as short
Variational Omni HOOD	0.0000%	8h	120.60	−0.055%	$2.3M	$1.0M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT HOOD_USDT_Perp	0.0000%	8h	120.64	−0.026%	$849K	$2.0M	10x	as long as short
Phemex HOODUSDT	0.0000%	8h	120.71	+0.033%	$988K	$8K	10x	as long as short
Vest HOOD-USD-PERP	+0.0019%	1h	120.49	−0.149%	—	$63K	25x	as long as short
Arcus HOOD-USD	+0.0040%	1h	120.60	−0.058%	$1.1M	$1.7M	10x	as long as short
QFEX HOOD-USD	+0.0046%	1h	120.67	0.000%	$1.3M	$2.9M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	120.63	−0.033%	$51.3M	$26.9M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	120.68	+0.007%	$723	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	120.59	−0.066%	$1.2M	$1.4M	15x	as long as short
Lighter HOOD	+0.0056%	1h	120.66	−0.009%	$2.8M	$3.1M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	120.65	−0.013%	$74K	$111K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	120.66	−0.008%	$1.3M	$1.3M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.63	−0.033%	$5K	$41K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	120.67	0.000%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	120.66	−0.010%	$16K	—	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	120.67	0.000%	$173K	$165K	20x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.0165%	1h	120.67	0.000%	$6K	$52K	10x	as long as short
Coinbase International HOOD-PERP-INTXlong	+0.0192%	1h	120.67	long leg	$197K	$1.8M	10x
Phoenix HOOD	+0.0198%	1h	120.76	+0.075%	$28K	$238K	10x	as long as short
RISEx HOOD/USDC	+0.0479%	1h	120.75	+0.064%	$397K	$1.4M	10x	as long as short
edgeX HOODUSDC	+0.0534%	4h	120.67	−0.001%	$363K	$303K	10x	as long as short