Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.020%

Price spread now: OKX against gTrade (Gains Network)−0.064%7-day average −0.012% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on gTrade (Gains Network)Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.075%+$7 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now −0.064%, 7d avg −0.012%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.052% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of −0.012%). If the spread goes back, that is −$5 on $10k: about 43 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	86,416.1	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	28m 15s	$36.8M	—	200x
Short	OKX BTC-USDT-SWAP	86,361.2	0.0100	get 0.0100% / 8h	1h 28m	$2.54B	$12.71B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OKXbpOrdersPrice spread, now −0.064%Rate

Funding earned: $20.03
Price spread: −0.064% → −0.012%: −$5.18
Slippage, 4 orders: −$1.13
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$3.28
Costs to cover: 0.181%
Break-even: 8.1 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 1 min ago; OKX: live order book, 6 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 gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181
Sell OKX live order book, 6 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-PERP	−0.0409%	1h	86,404.1	−0.014%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	−0.033%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,402	−0.016%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0068%	1h	86,483.6	+0.078%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,380.3	−0.041%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,435.7	+0.023%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,363.1	−0.061%	$850.5M	$710.9M	125x	as long as short
Perpl BTC	0.0000%	43m	86,430.9	+0.017%	$423K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,392.9	−0.027%	$921.2M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,414.5	−0.002%	$17.0M	$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/USDlong	L +0.0005% / S −0.0004%	1h	86,416.1	long leg	$36.8M	—	200x
RISEx BTC/USDC	+0.0006%	1h	86,425	+0.010%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,390.5	−0.030%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.165%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,367.1	−0.057%	$149.1M	$476.1M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,398.3	−0.021%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,351.5	−0.075%	$2.94B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,371.9	−0.051%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,364.2	−0.060%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,371	−0.052%	$9.40B	$24.38B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,437.5	+0.025%	$716K	$8.2M	30x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,395	−0.024%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,370	−0.053%	$5.25B	$9.75B	150x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,370	−0.053%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,375.2	−0.047%	$170.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,385.9	−0.035%	$24.0M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,428	+0.014%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,406	−0.012%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,455.4	+0.045%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,415	−0.001%	$21.9M	$234.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,481	+0.075%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,450.3	+0.040%	$40.8M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,361.2	−0.064%	$2.54B	$12.71B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,437	+0.024%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,491.7	+0.087%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.084%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,408.2	−0.009%	$37.9M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.023%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.097%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.025%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.119%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,375.7	−0.047%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,442.6	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,408	−0.009%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,398.4	−0.020%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,396	−0.023%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,384.9	−0.036%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,424.4	+0.010%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,365.5	−0.059%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,371.6	−0.051%	$45.7M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,431.7	+0.018%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,406.4	−0.011%	$132.0M	$5.69B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,383.3	−0.038%	$191.3M	$943.0M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,415	−0.001%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,410.5	−0.006%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,434	+0.021%	$9.7M	$731.0M	6.4x	as long as short