Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h −0.038%

Price spread now: OKX against Deribit−0.070%46s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.171% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.070%, 7d avg −0.049%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.021% cheaper against Deribit than usual: you would sell low and buy high (spread −0.070% now, against its 7-day average of −0.049%). If the spread goes back, that is −$2 on $10k: about 23 hours of funding at the current rate (+$2 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,357	0.0027	pay 0.0003% / 1h	10m 22s	$917.7M	$1.49B	50x
Short	OKX BTC-USDT-SWAP	86,296.6	0.0100	get 0.0100% / 8h	1h 10m	$2.53B	$12.71B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.070%Rate

Funding earned: $15.41
Price spread: −0.070% → −0.049%: −$2.1
Slippage, 4 orders: −$0.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$3.75
Costs to cover: 0.171%
Break-even: 8.7 days

Slippage from Deribit: live order book, 4 min ago; OKX: live order book, 4 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	6.5 bp −$651	12.1 bp −$6,045
Sell OKX live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$528	6.8 bp −$3,383

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-PERP	−0.0631%	1h	86,336.6	−0.024%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	−0.001%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,314	−0.050%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,304.3	−0.061%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,286.2	−0.082%	$502.8M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,298.1	−0.068%	$850.9M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,290.8	−0.077%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	−0.004%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,302.3	−0.063%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,257.5	−0.115%	$6.7M	$145.0M	40x	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	+0.0024%	1h	86,360	+0.003%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUALlong	+0.0027%	1h	86,357	long leg	$917.7M	$1.49B	50x
BingX BTC-USDC	+0.0037%	8h	86,263.4	−0.108%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,323.2	−0.039%	$150.0M	$476.7M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,285.9	−0.082%	$2.94B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0048%	1h	86,397.1	+0.046%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,270.7	−0.100%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,274.9	−0.095%	$9.41B	$24.46B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,315.2	−0.048%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,303	−0.063%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0094%	8h	86,280.1	−0.089%	$5.25B	$9.79B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,321.1	−0.042%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,329.6	−0.032%	$24.0M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.068%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,281	−0.088%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.9	−0.023%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,321	−0.042%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,356	−0.001%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,338.3	−0.022%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,296.6	−0.070%	$2.53B	$12.71B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,299	−0.067%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,359.5	+0.003%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.042%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,317.1	−0.046%	$37.8M	$154.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.044%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	−0.008%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	+0.001%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	−0.004%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,332.2	−0.029%	$30.6M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	−0.008%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,285	−0.083%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,279	−0.090%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,322.2	−0.040%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,338	−0.022%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,327.5	−0.034%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,322	−0.041%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.6	−0.046%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,288.1	−0.080%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,315.3	−0.048%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,328.8	−0.033%	$420K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,362.4	+0.006%	$131.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.039%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,344.5	−0.015%	$191.1M	$944.8M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	−0.022%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0209%	1h	86,284.5	−0.084%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,352	−0.006%	$9.8M	$734.8M	6.4x	as long as short