Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: OKX against Bybit−0.058%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1081.082% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.445%+$45 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.058%, 7d avg −0.079%

Together, before fees+0.397%+$40 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.021% dearer against Bybit than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 2ZUSDT	0.05191	0.0100	pay 0.0050% / 4h	2h 48m	$679K	$966K	50x
Short	OKX 2Z-USDT-SWAP	0.05188	0.0100	get 0.0050% / 4h	2h 48m	$446K	$697K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bybit. 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 BybitbpFee OKXbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → −0.079%: $2.13
Slippage, 4 orders: −$87.21
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$106.08
Costs to cover: 1.082%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; OKX: live order book, 17 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 Bybit live order book, 1 min ago	6.74 bp	23.5 bp −$23	2118.4 bp −$21.2K	doesn't fit	doesn't fit
Sell OKX live order book, 17 min ago	3.82 bp	35.0 bp −$35	doesn't fit	doesn't fit	doesn't fit

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0495%	1h	0.05184	−0.135%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.065%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05197	+0.116%	$16K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05189	−0.040%	$686K	$355K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05191	−0.003%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05190	−0.019%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05186	−0.096%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDTlong	+0.0100%	4h	0.05191	long leg	$679K	$966K	50x
OKX 2Z-USDT-SWAPshort	+0.0100%	4h	0.05188	−0.058%	$446K	$697K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05191	0.000%	$91K	$68K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05190	−0.019%	$289K	$122K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05188	−0.054%	$191K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05184	−0.135%	$149K	$590K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05190	−0.019%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05182	−0.179%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05189	−0.039%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1049%	1h	0.05203	+0.232%	$6K	$3K	10x	as long as short