PHAROS: Bybit → Binance

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

+61%

APR right now

Price gap

+0.075%

between legs

Average spread

+87%

over 24h from our own samples

Over 7 days

+87%

samples: 121

BybitLONG

Bid / ask0.576 / 0.5775

Mark price0.5762

Volume 24h$535.21K

Open interest$333.98K

Rate+0.0050%

APR+11%

Interval / next payout4h / 1h 18m

Bybit

BinanceSHORT

Bid / ask— / —

Mark price0.577934

Volume 24h$5.16M

Open interest—

Rate+0.0327%

APR+72%

Interval / next payout4h / 1h 18m

Binance

Spread from our samples

spread over the period: from 0% to 155% APR, 121 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.