Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h 0.000%

Price spread now: RISEx against OKX−0.020%46s7-day average +0.007% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.168% of the position

Long on OKX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days+0.053%+$5 · spread now −0.020%, 7d avg +0.007%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.027% cheaper against OKX than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.007%). If the spread goes back, that is −$3 on $10k: about 4.4 days of funding at the current rate (+$1 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	OKX BTC-USDT-SWAP	85,850.3	0.0100	pay 0.0100% / 8h	5h 10m	$2.58B	$12.13B	100x
Short	RISEx BTC/USDC	85,833.1	0.0120	get 0.0015% / 1h	10m 58s	$8.4M	$42.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.020%Rate

Funding earned: $4.22
Price spread: −0.020% → +0.007%: −$2.68
Slippage, 4 orders: −$0.79
Fee OKX: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$15.24
Costs to cover: 0.168%
Break-even: 32.3 days

Slippage from OKX: live order book, 3 min ago; RISEx: live order book, 3 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, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$519	6.6 bp −$3,286
Sell RISEx live order book, 3 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.0 bp −$998	doesn't fit

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	−0.0618%	1h	85,862.9	+0.015%	$197K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,728	−0.142%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,786	−0.075%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,806.8	−0.051%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,822.6	−0.032%	$418.0M	$666.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.2	−0.062%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,816.2	−0.040%	$920.4M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,824.8	−0.030%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0013%	1h	85,803.4	−0.055%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,823	−0.032%	$517.0M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0057%	8h	85,844	−0.007%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,844.9	−0.006%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,801.8	−0.057%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,822.2	−0.033%	$149.1M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.050%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,815.9	−0.040%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,839	−0.013%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,839.6	−0.012%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,812.5	−0.044%	$2.27B	$936.0M	200x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,821	−0.034%	$60.1M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,830.2	−0.023%	$175.0M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,834.1	−0.019%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,803	−0.055%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,819.3	−0.036%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,779	−0.083%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,899	+0.057%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,819.9	−0.035%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,843.3	−0.008%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,850.3	long leg	$2.58B	$12.13B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,774	−0.089%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,783.5	−0.078%	$6.8M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	−0.058%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,848.1	−0.003%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,822.9	−0.032%	$35.4M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	−0.085%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,749.7	−0.117%	$280.1M	$916.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,776.3	−0.086%	$215.4M	$165.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,774.1	−0.089%	$140.3M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,752.8	−0.114%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,843.8	−0.008%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,806	−0.052%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810	−0.047%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,808.7	−0.048%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,817.1	−0.039%	$30.1M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,802.9	−0.055%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,821.5	−0.034%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,759.1	−0.106%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,864.7	+0.017%	$126.0M	$5.11B	50x	as long as short
RISEx BTC/USDCshort	+0.0120%	1h	85,833.1	−0.020%	$8.4M	$42.2M	25x
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,852.2	+0.002%	$189.4M	$952.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0162%	1h	85,868.3	+0.021%	$891.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,792	−0.068%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,818.7	−0.037%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,796.9	−0.062%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,811	−0.046%	$10.6M	$758.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,801.9	−0.056%	$503K	$19.3M	6.7x	as long as short