Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.012%

Price spread now: OKX against Aftermath Perps+0.022%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Aftermath Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.056%−$6 on $10k

Price spread, last 4 days (all we have)−0.340%−$34 · spread now +0.022%, 7d avg −0.025%

Together, before fees−0.396%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.048% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.025%): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 4 days (−0.056% in total) that is about 3.0 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.056% in total (about -5.8% 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	Aftermath Perps BTCUSD	85,425.2	0.0286	pay 0.0036% / 1h	46m 47s	$77K	$249K	20x
Short	OKX BTC-USDT-SWAP	85,444.3	0.0100	get 0.0100% / 8h	46m 47s	$2.60B	$12.22B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Aftermath Perps. 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 Aftermath PerpsbpFee OKXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$39.1
Price spread: +0.022% → −0.025%: $4.78
Slippage, 4 orders: −$10.22
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$63.54
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 62 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 Aftermath Perps live order book, 62 min ago	0.14 bp	8.6 bp −$9	12.6 bp −$126	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$522	6.4 bp −$3,191

BTC on 56 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
Hotstuff BTC-PERP	−0.0080%	1h	85,448	+0.027%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,395	−0.035%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0028%	8h	85,441.6	+0.019%	$931.4M	$774.5M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,429.8	+0.005%	$421.9M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,433.5	+0.010%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,463.6	+0.045%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,465	+0.047%	$489K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,455.8	+0.036%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,444.2	+0.022%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,444.4	+0.022%	$185.4M	$952.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.068%	$338K	$24.6M	52x	as long as short
ApeX Omni BTCUSDT	+0.0067%	1h	85,418	−0.008%	$139.6M	$313.0M	100x	as long as short
BingX BTC-USDC	+0.0069%	8h	85,422.4	−0.003%	—	$17.3M	—	as long as short
Nado BTC-PERP	+0.0075%	1h	85,444.3	+0.022%	$24.1M	$220.0M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,438.5	+0.016%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,458.6	+0.039%	$2.98B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,449.2	+0.028%	$169.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,444.4	+0.022%	$23.6M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,451	+0.030%	$8.4M	$57.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,445.6	+0.024%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,439.1	+0.016%	$5.05B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,439.5	+0.017%	$9.42B	$25.02B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,434	+0.010%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,491.4	+0.077%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,528	+0.120%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,478.3	+0.062%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,444.3	+0.022%	$2.60B	$12.22B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,453	+0.032%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.7	+0.029%	$4.9M	$96.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.089%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,442.3	+0.020%	$5.54B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,436.3	+0.013%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,323.9	−0.119%	$155.7M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,356.8	−0.080%	$279.6M	$954.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,389	−0.042%	$214.4M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.8	+0.056%	$30.1M	$209.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,509.4	+0.099%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,452	+0.031%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,451.4	+0.031%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,445.9	+0.024%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,481.7	+0.066%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,424.1	−0.001%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,449.9	+0.029%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,430	+0.006%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449.9	+0.029%	$2.26B	$966.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,450.1	+0.029%	$158.2M	$513.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,409.8	−0.018%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,454.9	+0.035%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,473.9	+0.057%	$112.4M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,483.5	+0.068%	$841.6M	$1.65B	50x	as long as short
Reya BTCRUSDPERP	+0.0137%	1h	85,436.1	+0.013%	$6.6M	$146.8M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,483	+0.068%	$12.1M	$738.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,475.2	+0.059%	$8.7M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,457	+0.037%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,505.3	+0.094%	$688K	$7.7M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0286%	1h	85,425.2	long leg	$77K	$249K	20x