Funding arb · Price arb /

ARB

all ARB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0713%/8h= −78.1% APRpaid last 24h −0.117%

Price spread now: OKX against Backpack−0.166%7-day average −0.930% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs+$40as in the Price arb table

costs, in and out, $10k−$360.364% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.312%−$31 on $10k

Price spread, last 7 days+0.323%+$32 · spread now −0.166%, 7d avg −0.930%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.764% dearer against Backpack than usual: you sell high and buy low (spread −0.166% now, against its 7-day average of −0.930%): +$76 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 7 days (−0.312% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.312% in total (about -16.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ARB_USDC_PERP	0.2226	0.0603	pay 0.0075% / 1h	51m 41s	$1.1M	$2.7M	20x
Short	OKX ARB-USDT-SWAP	0.2223	−0.0110	pay 0.0110% / 8h	1h 51m	$22.2M	$162.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. 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 BackpackbpFee OKXbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$149.74
Price spread: −0.166% → −0.930%: $76.36
Slippage, 4 orders: −$16.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.75
Costs to cover: 0.364%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; OKX: live order book, 2 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 Backpack live order book, 2 min ago	0.67 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.22 bp	9.4 bp −$9	22.6 bp −$226	doesn't fit	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1770%	1h	0.2218	−0.382%	$40K	$283K	12x	as long as short
01 Exchange ARBUSD	−0.0232%	1h	0.2222	−0.216%	$7K	$2K	10x	as long as short
Variational Omni ARB	−0.0157%	8h	0.2221	−0.226%	$1.9M	$2.8M	—	as long as short
SoDEX ARB-USD	−0.0134%	1h	0.2223	−0.175%	$4K	$2.9M	5x	as long as short
Bybit ARBUSDT	−0.0132%	8h	0.2222	−0.189%	$57.2M	$136.2M	50x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0110%	1h	0.2224	−0.130%	$26K	$32K	25x	as long as short
OKX ARB-USDT-SWAPshort	−0.0110%	8h	0.2223	−0.166%	$22.2M	$162.9M	50x
MEXC ARB_USDT	−0.0109%	8h	0.2223	−0.148%	$36.7M	$62.0M	200x	as long as short
Polymarket Perps ARB-USD	−0.0047%	1h	0.2224	−0.108%	$76K	$2.2M	10x	as long as short
Orderly PERP_ARB_USDC	−0.0023%	8h	0.2223	−0.157%	$10K	$392K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended ARB-USD	−0.0016%	1h	0.2223	−0.169%	$353K	$2.4M	25x	as long as short
Binance ARBUSDT	−0.0014%	8h	0.2224	−0.129%	$63.3M	$323.6M	75x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2225	−0.076%	$66K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0005%	1h	0.2225	−0.088%	$55K	—	150x	as long as short
Gate ARB_USDT	+0.0010%	8h	0.2224	−0.099%	$5.5M	$20.6M	60x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2224	−0.101%	$145K	$12K	3x	as long as short
Bitget ARBUSDT	+0.0085%	8h	0.2223	−0.157%	$20.8M	$38.1M	50x	as long as short
Kraken Futures PF_ARBUSD	+0.0085%	1h	0.2226	−0.033%	$1.1M	$5.2M	50x	as long as short
BingX ARB-USDT	+0.0088%	8h	0.2223	−0.171%	—	$53.7M	—	as long as short
Lighter ARB	+0.0096%	1h	0.2225	−0.072%	$1.3M	$7.3M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2225	−0.054%	$39.7M	$52.2M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2224	−0.114%	$691K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2225	−0.063%	$44K	$200K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2225	−0.067%	$20.5M	$16.9M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2224	−0.106%	$36K	$458K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2226	−0.016%	$479K	$4.0M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2227	+0.022%	$120K	$296K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2226	−0.022%	$2K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2224	−0.099%	$274K	$1.2M	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2224	−0.112%	$5.2M	$13.6M	50x	as long as short
BloFin ARB-USDT	+0.0107%	8h	0.2222	−0.184%	$3.0M	$3.2M	75x	as long as short
Coinbase International ARB-PERP-INTX	+0.0264%	1h	0.2231	+0.202%	$506K	$2.5M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0274% / S −0.0157%	1h	0.2224	−0.104%	$832K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0291%	1h	0.2223	−0.139%	$2K	$695	20x	as long as short
RISEx ARB/USDC	+0.0363%	1h	0.2225	−0.052%	$491K	$2.8M	10x	as long as short
Backpack ARB_USDC_PERPlong	+0.0603%	1h	0.2226	long leg	$1.1M	$2.7M	20x