Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.037%

Price spread now: Jupiter Perps against OKX+0.068%7-day average +0.008% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.141%−$14 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.068%, 7d avg +0.008%

Together, before fees−0.209%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.059% dearer against OKX than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.008%): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BTC-USDT-SWAP	85,467.8	0.0100	pay 0.0100% / 8h	4h 27m	$2.58B	$12.14B	100x
Short	Jupiter Perps WBTC-PERP	85,525.6	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	27m 47s	—	$107.5M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$32.76
Price spread: +0.068% → +0.008%: $5.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$48.85
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 min ago; Jupiter Perps: no order-book sample. Net counts fees only.

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, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$519	7.1 bp −$3,569
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0179%	1h	85,566	+0.115%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,578	+0.129%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.4	+0.050%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,567.7	+0.117%	$416.6M	$668.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,412.7	−0.064%	$919.8M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,448.2	−0.023%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,428.3	−0.046%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,548.6	+0.095%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.3	+0.026%	$4.9M	$98.5M	40x	as long as short
Nado BTC-PERP	+0.0030%	1h	85,504.2	+0.043%	$25.2M	$221.9M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0061%	8h	85,427.4	−0.047%	—	$17.1M	—	as long as short
Bitget BTCUSDT	+0.0077%	8h	85,469.7	+0.002%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,408.3	−0.070%	$147.3M	$487.1M	150x	as long as short
Reya BTCRUSDPERP	+0.0081%	1h	85,510.9	+0.050%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,415.4	−0.061%	$172.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,421.6	−0.054%	$23.8M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,509	+0.048%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,448.8	−0.022%	$5.05B	$5.63B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,395.2	−0.085%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,448.7	−0.022%	$9.35B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,482	+0.017%	$212K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,596.7	+0.151%	$4.7M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,527	+0.069%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.4	+0.097%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,441.9	−0.030%	$5.21B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,467.8	long leg	$2.58B	$12.14B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,506	+0.045%	$3.9M	$18.2M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,449.5	−0.021%	$5.50B	$10.70B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,405.8	−0.073%	$35.6M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,543.7	+0.089%	$153.8M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,549.1	+0.095%	$279.5M	$920.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,566.3	+0.115%	$214.8M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,483.1	+0.018%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,563	+0.111%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,577.4	+0.128%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,508	+0.047%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,477	+0.011%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,404.9	−0.074%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,442.3	−0.030%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,398	−0.082%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,514.9	+0.055%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,404	−0.075%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.050%	$2.26B	$942.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,369.3	−0.115%	$653.8M	$618.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,426.2	−0.049%	$44.5M	$229.4M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,525.6	+0.068%	—	$107.5M	500x
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,451	−0.020%	$116.9M	$5.17B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0114%	1h	85,450.4	−0.020%	$884.1M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.083%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,422.9	−0.053%	$187.5M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.5	+0.076%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,455.5	−0.014%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,517.1	+0.058%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,602.9	+0.158%	$700K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,541	+0.086%	$10.4M	$757.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,548.7	+0.095%	$501K	$18.8M	6.7x	as long as short