Pair trades
A pair trade is two opposite positions of equal size on the same coin across two exchanges: you receive funding where it is extreme, pay it where it is near zero, and price movement is cancelled by the opposite leg. The income comes not from the rate but from the SPREAD between exchanges — and it has to outlive the cost of four legs of fees.
20 coins with the widest spread · both legs' volume from $1.0M
| Coin | Long on | Short on | Spread | Holds for | Typical for the week | Break-even |
|---|---|---|---|---|---|---|
| DEXE | Binance -0.177%/h | Bybit +0.001%/h | 0.178%/h | 55 h | 0.159%/h | 1.5 h |
| ERA | Binance -0.067%/h | Bybit +0.001%/h | 0.0685%/h | 67 h | 0.0634%/h | 3.9 h |
| 4 | Bitget +0.001%/h | Bybit +0.059%/h | 0.0586%/h | 3.0 h | 0.0012%/h | 4.6 h |
| EUL | Bybit -0.154%/h | Bitget -0.097%/h | 0.0580%/h | 3.0 h | 0.0006%/h | 4.7 h |
| SKHYNIX | Binance -0.058%/h | Bitget 0.000%/h | 0.0578%/h | 7.0 h | 0.0112%/h | 4.7 h |
| SOON | Bitget +0.001%/h | Bybit +0.053%/h | 0.0525%/h | flickers | 0.0046%/h | 5.1 h |
| BARD | Bybit -0.064%/h | OKX -0.020%/h | 0.0442%/h | 7.0 h | 0.0102%/h | 6.1 h |
| COOKIE | Bybit -0.044%/h | Binance -0.000%/h | 0.0437%/h | flickers | 0.0013%/h | 6.2 h |
| LPT | Bybit -0.049%/h | OKX -0.007%/h | 0.0412%/h | flickers | 0.0035%/h | 6.5 h |
| SAMSUNG | Binance -0.040%/h | Bybit 0.000%/h | 0.0396%/h | 19 h | 0.0054%/h | 6.8 h |
| ON | Bybit -0.020%/h | Binance +0.014%/h | 0.0333%/h | 63 h | 0.0374%/h | 8.1 h |
| FLY | Bybit 0.000%/h | Bitget +0.027%/h | 0.0269%/h | 23 h | 0.0153%/h | 10 h |
| NIL | Binance -0.025%/h | Bybit +0.001%/h | 0.0262%/h | 7.0 h | 0.0006%/h | 10 h |
| BEAT | OKX -0.023%/h | Binance +0.001%/h | 0.0240%/h | 3.0 h | 0.0060%/h | 11 h |
| USELESS | Binance +0.001%/h | Bybit +0.025%/h | 0.0233%/h | flickers | 0.0006%/h | 12 h |
| SOXS | Bybit -0.024%/h | Bitget -0.001%/h | 0.0222%/h | 7.0 h | 0.0045%/h | 12 h |
| ESP | Binance -0.021%/h | Bybit +0.001%/h | 0.0221%/h | 31 h | 0.0036%/h | 12 h |
| TLM | Binance -0.072%/h | Bybit -0.050%/h | 0.0218%/h | flickers | 0.0118%/h | 12 h |
| SHAZ | Binance -0.017%/h | Bybit 0.000%/h | 0.0168%/h | 15 h | 0.0014%/h | 16 h |
| IRYS | Binance -0.010%/h | Bybit +0.006%/h | 0.0162%/h | 15 h | 0.0010%/h | 17 h |
- DEXE0.178%/hlong onBinance -0.177%/hshort onBybit +0.001%/hholds for55 htypical for the week0.159%/hfees break-even1.5 h
- ERA0.0685%/hlong onBinance -0.067%/hshort onBybit +0.001%/hholds for67 htypical for the week0.0634%/hfees break-even3.9 h
- 40.0586%/hlong onBitget +0.001%/hshort onBybit +0.059%/hholds for3.0 htypical for the week0.0012%/hfees break-even4.6 h
- EUL0.0580%/hlong onBybit -0.154%/hshort onBitget -0.097%/hholds for3.0 htypical for the week0.0006%/hfees break-even4.7 h
- SKHYNIX0.0578%/hlong onBinance -0.058%/hshort onBitget 0.000%/hholds for7.0 htypical for the week0.0112%/hfees break-even4.7 h
- SOON0.0525%/hlong onBitget +0.001%/hshort onBybit +0.053%/hholds forflickerstypical for the week0.0046%/hfees break-even5.1 h
- BARD0.0442%/hlong onBybit -0.064%/hshort onOKX -0.020%/hholds for7.0 htypical for the week0.0102%/hfees break-even6.1 h
- COOKIE0.0437%/hlong onBybit -0.044%/hshort onBinance -0.000%/hholds forflickerstypical for the week0.0013%/hfees break-even6.2 h
- LPT0.0412%/hlong onBybit -0.049%/hshort onOKX -0.007%/hholds forflickerstypical for the week0.0035%/hfees break-even6.5 h
- SAMSUNG0.0396%/hlong onBinance -0.040%/hshort onBybit 0.000%/hholds for19 htypical for the week0.0054%/hfees break-even6.8 h
- ON0.0333%/hlong onBybit -0.020%/hshort onBinance +0.014%/hholds for63 htypical for the week0.0374%/hfees break-even8.1 h
- FLY0.0269%/hlong onBybit 0.000%/hshort onBitget +0.027%/hholds for23 htypical for the week0.0153%/hfees break-even10 h
- NIL0.0262%/hlong onBinance -0.025%/hshort onBybit +0.001%/hholds for7.0 htypical for the week0.0006%/hfees break-even10 h
- BEAT0.0240%/hlong onOKX -0.023%/hshort onBinance +0.001%/hholds for3.0 htypical for the week0.0060%/hfees break-even11 h
- USELESS0.0233%/hlong onBinance +0.001%/hshort onBybit +0.025%/hholds forflickerstypical for the week0.0006%/hfees break-even12 h
- SOXS0.0222%/hlong onBybit -0.024%/hshort onBitget -0.001%/hholds for7.0 htypical for the week0.0045%/hfees break-even12 h
- ESP0.0221%/hlong onBinance -0.021%/hshort onBybit +0.001%/hholds for31 htypical for the week0.0036%/hfees break-even12 h
- TLM0.0218%/hlong onBinance -0.072%/hshort onBybit -0.050%/hholds forflickerstypical for the week0.0118%/hfees break-even12 h
- SHAZ0.0168%/hlong onBinance -0.017%/hshort onBybit 0.000%/hholds for15 htypical for the week0.0014%/hfees break-even16 h
- IRYS0.0162%/hlong onBinance -0.010%/hshort onBybit +0.006%/hholds for15 htypical for the week0.0010%/hfees break-even17 h
Rate map
25 coins whose spread pays back four legs of fees in under a day. Colour is who gets paid, saturation is how strongly.
| Coin | Binance | Bybit | OKX | Bitget | Hyperliquid | Spread |
|---|---|---|---|---|---|---|
| DEXE | -0.18 | 0.00 | · | -0.16 | · | 0.18 |
| ERA | -0.07 | 0.00 | · | -0.01 | · | 0.069 |
| 4 | 0.01 | 0.06 | · | 0.00 | · | 0.059 |
| EUL | -0.11 | -0.15 | · | -0.10 | · | 0.058 |
| SKHYNIX | -0.06 | -0.01 | -0.05 | 0.00 | · | 0.058 |
| SOON | 0.00 | 0.05 | 0.00 | 0.00 | · | 0.053 |
| BARD | -0.03 | -0.06 | -0.02 | · | · | 0.044 |
| COOKIE | 0.00 | -0.04 | · | · | · | 0.044 |
| LPT | -0.02 | -0.05 | -0.01 | -0.01 | · | 0.041 |
| SAMSUNG | -0.04 | 0.00 | -0.04 | 0.00 | · | 0.040 |
| ON | 0.01 | -0.02 | · | · | · | 0.033 |
| FLY | · | 0.00 | 0.00 | 0.03 | · | 0.027 |
| NIL | -0.02 | 0.00 | · | -0.01 | -0.01 | 0.026 |
| BEAT | 0.00 | 0.00 | -0.02 | 0.00 | · | 0.024 |
| USELESS | 0.00 | 0.02 | 0.00 | · | · | 0.023 |
| SOXS | -0.01 | -0.02 | -0.02 | 0.00 | · | 0.022 |
| ESP | -0.02 | 0.00 | -0.02 | -0.01 | · | 0.022 |
| TLM | -0.07 | -0.05 | · | -0.07 | · | 0.022 |
| SHAZ | -0.02 | 0.00 | · | · | · | 0.017 |
| IRYS | -0.01 | 0.01 | 0.00 | 0.00 | · | 0.016 |
| MET | 0.00 | -0.01 | 0.00 | · | 0.00 | 0.014 |
| O | 0.00 | 0.01 | 0.00 | 0.00 | · | 0.014 |
| AEON | · | · | 0.00 | -0.01 | · | 0.014 |
| KORU | 0.00 | 0.00 | 0.01 | 0.01 | · | 0.013 |
| ACE | -0.01 | 0.00 | · | · | · | 0.012 |
values are % per hourunderlined — the legs of the pair trade: where to long and where to short
What this table does not show
Basis
Exchange prices drift apart, so a «price-neutral» pair still carries that risk: both legs will be closed at different prices. On illiquid coins the basis eats the spread easily.
Margin on two exchanges
Money is locked on both sides, and liquidating ONE leg turns the pair into a naked position against the market. That's exactly why leverage in pair trades is kept low.
The spread collapses
Rates converge faster than break-even arrives: the numbers here are a snapshot of this minute, not a promise. The weekly median shows how persistent the divergence actually is for this coin.
Fees are from settings
Computed at the calculator's rates (taker on both legs). Yours differ: VIP tier, maker execution and rebates change break-even several times over.