Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against OKX+0.011%7-day average −0.008% · 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−$16as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on OKX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.084%−$8 on $10k

Price spread, last 7 days−0.002%$0 · spread now +0.011%, 7d avg −0.008%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BTC-USDT-SWAP	85,466.2	0.0100	pay 0.0100% / 8h	1h 07m	$2.60B	$12.19B	100x
Short	gTrade (Gains Network) BTC/USD	85,476	L +0.0004% / S −0.0004%	get 0.0001% / 1h	7m 10s	$36.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.011%Rate

Funding earned: −$20.1
Price spread: +0.011% → −0.008%: $1.92
Slippage, 4 orders: −$1.04
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$36.23
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 OKX live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$585	7.4 bp −$3,722
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,184

BTC on 55 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	−0.0082%	1h	85,478	+0.014%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,414	−0.061%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0034%	8h	85,461.8	−0.005%	$929.4M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,468.2	+0.002%	$421.1M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,457	−0.011%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,439.4	−0.031%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	−0.031%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	−0.041%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,476	+0.011%	$36.6M	—	200x
Nado BTC-PERP	+0.0045%	1h	85,418	−0.056%	$24.1M	$219.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0050%	1h	85,501.9	+0.042%	$853.8M	$1.64B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.256%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0074%	8h	85,463.5	−0.003%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,482.9	+0.020%	$186.2M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,461.6	−0.005%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0093%	8h	85,458.8	−0.009%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,478.8	+0.015%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,474.1	+0.009%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,446	−0.024%	$8.5M	$57.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,478.1	+0.014%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,462	−0.005%	$59.8M	$336.7M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,463.5	−0.003%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,463.4	−0.003%	$9.43B	$24.86B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,409	−0.067%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,480.4	+0.017%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,530	+0.075%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,449.1	−0.020%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,466.2	long leg	$2.60B	$12.19B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,404	−0.073%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,418.7	−0.056%	$5.1M	$96.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,475.5	+0.011%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,411.1	−0.064%	$37.4M	$180.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.096%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.070%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	−0.031%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	−0.031%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,403	−0.074%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,488.9	+0.027%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	−0.019%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,466.9	+0.001%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,463.5	−0.003%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,502.9	+0.043%	$194K	$795K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,429.2	−0.043%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	−0.019%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,471	+0.006%	$156.6M	$512.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.062%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,437.8	−0.033%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,430.2	−0.042%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,496.4	+0.035%	$113.0M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,444.9	−0.025%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,475.6	+0.011%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,478	+0.014%	$11.9M	$739.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,454.2	−0.014%	$8.8M	$42.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,442	−0.028%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0265%	1h	85,477.2	+0.013%	$79K	$242K	20x	as long as short