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: Bybit against OKX+0.210%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$970.967% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.446%−$45 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now +0.210%, 7d avg +0.076%

Together, before fees−0.493%−$49 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: Bybit is 0.135% dearer against OKX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX 2Z-USDT-SWAP	0.05228	0.0100	pay 0.0050% / 4h	1h 15m	$452K	$712K	20x
Short	Bybit 2ZUSDT	0.05239	0.0100	get 0.0050% / 4h	1h 15m	$691K	$974K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.210%Rate

Funding earned: $0
Price spread: +0.210% → +0.076%: $13.48
Slippage, 4 orders: −$75.68
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$83.2
Costs to cover: 0.967%
Break-even: never at this rate

Slippage from OKX: live order book, 45 min ago; Bybit: live order book, 30 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 OKX live order book, 45 min ago	3.85 bp	29.7 bp −$30	1613.2 bp −$16.1K	doesn't fit	doesn't fit
Sell Bybit live order book, 30 min ago	3.86 bp	19.4 bp −$19	386.4 bp −$3,864	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	−0.0382%	1h	0.05236	+0.153%	$46K	$29K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.744%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05240	+0.230%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05240	+0.230%	$677K	$373K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05241	+0.240%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05241	+0.247%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05237	+0.174%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDTshort	+0.0100%	4h	0.05239	+0.210%	$691K	$974K	50x
OKX 2Z-USDT-SWAPlong	+0.0100%	4h	0.05228	long leg	$452K	$712K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05237	+0.172%	$92K	$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	0.05240	+0.230%	$296K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05239	+0.205%	$193K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05233	+0.096%	$159K	$633K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05241	+0.249%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05240	+0.229%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05239	+0.210%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.2479%	1h	0.05239	+0.208%	$6K	$3K	10x	as long as short