ORCA: 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

+110%

APR right now

Price gap

-0.212%

between legs

Average spread

+109%

over 24h from our own samples

Over 7 days

+109%

samples: 102

BinanceLONG

Bid / ask— / —

Mark price1.507

Volume 24h$5.50M

Open interest—

Rate+0.0050%

APR+11%

Interval / next payout4h / 13m

Binance

BybitSHORT

Bid / ask1.5038 / 1.5052

Mark price1.5041

Volume 24h$1.36M

Open interest$2.07M

Rate+0.0553%

APR+121%

Interval / next payout4h / 13m

Bybit

Spread from our samples

spread over the period: from 0% to 214% APR, 102 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.