Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.017%

Price spread now: Coinbase International against OKX−0.019%55s7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as 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−$200.202% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.019%, 7d avg +0.042%

Together, before fees+0.045%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.061% cheaper against OKX than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.042%). If the spread goes back, that is −$6 on $10k: about 10 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (0.000% in total) that is about years. The two prices were read 55 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	OKX BTC-USDT-SWAP	86,362	0.0100	pay 0.0100% / 8h	7h 14m	$2.57B	$12.46B	100x
Short	Coinbase International BTC-PERP-INTX	86,345.8	0.0120	get 0.0015% / 1h	14m 30s	$132.3M	$5.32B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.019%Rate

Funding earned: $4.2
Price spread: −0.019% → +0.042%: −$6.11
Slippage, 4 orders: −$0.16
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$22.07
Costs to cover: 0.202%
Break-even: 43.8 days

Slippage from OKX: live order book, 5 min ago; Coinbase International: 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 OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$516	6.5 bp −$3,253
Sell Coinbase International live order book, 5 min ago	0.01 bp	5.1 bp −$5	5.6 bp −$56	10.3 bp −$1,028	22.8 bp −$11.4K

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
Phoenix BTC	−0.0129%	1h	86,239	−0.142%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,332	−0.035%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,328.2	−0.039%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0031%	1h	86,381.2	+0.022%	$145K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,320	−0.049%	$538K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,358.7	−0.004%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.005%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,340.6	−0.025%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,336.4	−0.030%	$500.6M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,327.6	−0.040%	$831.8M	$717.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,332.7	−0.034%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,337.9	−0.028%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,336.9	−0.029%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,337.6	−0.028%	$2.98B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0078%	1h	86,305	−0.066%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,292.5	−0.080%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,337.2	−0.029%	$5.10B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,342.5	−0.023%	$9.41B	$24.30B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,337.7	−0.028%	$170.4M	$990.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	−0.023%	$23.7M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,331	−0.036%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	86,354.2	−0.009%	$5.77B	$10.62B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,302	−0.069%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,347.3	−0.017%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,313.9	−0.056%	$22.0M	$226.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,407	+0.052%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,355.8	−0.007%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,349.2	−0.015%	$5.26B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	86,362	long leg	$2.57B	$12.46B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,333	−0.034%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,344.1	−0.021%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.251%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,292.9	−0.080%	$35.7M	$160.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.157%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.187%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	−0.174%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.141%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.148%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,365.5	+0.004%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.025%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,340.7	−0.025%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,344.9	−0.020%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,318.4	−0.050%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,257.2	−0.121%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,274.7	−0.101%	$2.29B	$959.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,305.1	−0.066%	$155.2M	$473.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,300	−0.072%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,319.8	−0.049%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,345.8	−0.019%	$132.3M	$5.32B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,337.2	−0.029%	$191.4M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	−0.052%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,320.9	−0.048%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,310	−0.060%	$10.6M	$765.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.075%	$416.1M	$641.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,349.4	−0.015%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0226%	1h	86,352.3	−0.011%	$902.2M	$1.51B	50x	as long as short