Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0538%/8h= +59.0% APRpaid last 24h +0.180%

Price spread now: OKX against Bluefin−0.021%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Bluefin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now −0.021%, 7d avg +0.022%

Together, before fees+0.315%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.043% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.022%). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.263% in total) that is about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.263% in total (about 13.7% 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	Bluefin BTC-PERP	86,428.9	−0.0438	get 0.0055% / 1h	29m 14s	$140K	$618K	40x
Short	OKX BTC-USDT-SWAP	86,411	0.0100	get 0.0100% / 8h	1h 29m	$2.53B	$12.71B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bluefin. 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 BluefinbpFee OKXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $113.06
Price spread: −0.021% → +0.022%: −$4.31
Slippage, 4 orders: −$4.91
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $86.83
Costs to cover: 0.219%
Break-even: 1.6 days

Slippage from Bluefin: live order book, 55 min ago; OKX: live order book, 5 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 Bluefin live order book, 55 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$514	6.3 bp −$3,146

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
Bluefin BTC-PERPlong	−0.0438%	1h	86,428.9	long leg	$140K	$618K	40x
Phoenix BTC	−0.0159%	1h	86,388	−0.047%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.102%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0076%	1h	86,495.5	+0.077%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,403.8	−0.029%	$504.2M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	−0.015%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,384.4	−0.052%	$850.7M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,411.2	−0.020%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,444.5	+0.018%	$921.5M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.074%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.2	−0.003%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,405.3	−0.027%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,392.3	−0.042%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.151%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,412.1	−0.019%	$149.1M	$476.2M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,396.7	−0.037%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,412	−0.020%	$2.95B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,390.4	−0.045%	$720K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,403.2	−0.030%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,401.6	−0.032%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,409.2	−0.023%	$9.41B	$24.37B	150x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,403.6	−0.029%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,414.3	−0.017%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	86,413	−0.018%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,420	−0.010%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,431.2	+0.003%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	−0.033%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,386	−0.050%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	−0.013%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.6	−0.057%	$21.9M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,464.5	+0.041%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	−0.007%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,411	−0.021%	$2.53B	$12.71B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,402	−0.031%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.048%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.098%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.094%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.008%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.083%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.010%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.104%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.004%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,429.9	+0.001%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	−0.039%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,407	−0.025%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,420.3	−0.010%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,410.7	−0.021%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,409.1	−0.023%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,391.9	−0.043%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,396.2	−0.038%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,399	−0.035%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,456.7	+0.032%	$131.9M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,441.1	+0.014%	$191.5M	$942.8M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,415	−0.016%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,421.5	−0.009%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,416	−0.015%	$9.7M	$730.7M	6.4x	as long as short