OP: Binance → Bybit

Long on the venue with the lower rate, short on the venue with the higher one. Income comes from the rate difference; price exposure cancels out.

Spread

+7%

APR right now

Price gap

-0.125%

between legs

Average spread

+2%

over 24h from our own samples

Over 7 days

+2%

samples: 202

BinanceLONG

Bid / ask— / —

Mark price0.12786

Volume 24h$59.58M

Open interest—

Rate+0.0039%

APR+4%

Interval / next payout8h / 17m

Binance

BybitSHORT

Bid / ask0.1277 / 0.12771

Mark price0.1277

Volume 24h$22.60M

Open interest$19.18M

Rate+0.0100%

APR+11%

Interval / next payout8h / 17m

Bybit

Spread from our samples

spread over the period: from -38% to 32% APR, 202 samples

The rate can flip at any moment, and then the position starts costing money. Size is limited by the weaker leg, and entry and exit both pay fees on two venues. Not financial advice.