Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h −0.080%

Price spread now: OKX against Deribit−0.109%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. OKX is 0.109% cheaper against Deribit than usual: you would sell low and buy high (spread −0.109% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 20 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit CHIP_USDC-PERPETUAL	0.04579	−0.0623	get 0.0078% / 1h	46m 07s	$10K	$24K	10x
Short	OKX CHIP-USDT-SWAP	0.04574	−0.0187	pay 0.0093% / 4h	2h 46m	$1.9M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.109%Rate

Funding earned: $91.57
Price spread: −0.109% → 0.000%: −$10.92
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $63.66
Costs to cover: 0.170%
Break-even: 2.1 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 2 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	1.09 bp	23.7 bp −$24	202.4 bp −$2,024	doesn't fit	doesn't fit

Deribit: 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.

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.2112%	1h	0.04575	−0.087%	$16K	$234K	5x	as long as short
ApeX Omni CHIPUSDT	−0.1045%	1h	0.04582	+0.066%	$14K	$248K	50x	as long as short
Deribit CHIP_USDC-PERPETUALlong	−0.0623%	1h	0.04579	long leg	$10K	$24K	10x
Bybit CHIPUSDT	−0.0427%	4h	0.04576	−0.066%	$10.7M	$8.9M	20x	as long as short
OKX CHIP-USDT-SWAPshort	−0.0187%	4h	0.04574	−0.109%	$1.9M	$9.1M	20x
Nado CHIP-PERP	−0.0182%	1h	0.04575	−0.076%	$229K	$18K	5x	as long as short
Phoenix CHIP	−0.0173%	1h	0.04583	+0.087%	$3K	$143K	5x	as long as short
BloFin CHIP-USDT	−0.0142%	4h	0.04576	−0.066%	$548K	$66K	50x	as long as short
Extended CHIP-USD	−0.0088%	1h	0.04574	−0.107%	$209K	$1.3M	5x	as long as short
Binance CHIPUSDT	−0.0085%	4h	0.04570	−0.197%	$13.8M	$25.6M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CHIP_USDT	−0.0084%	4h	0.04573	−0.131%	$1.8M	$1.2M	50x	as long as short
Aster CHIPUSDT	−0.0070%	4h	0.04582	+0.073%	$41K	$226K	5x	as long as short
Aftermath Perps CHIPUSD	+0.0051%	1h	0.04593	+0.301%	$85	$39K	5x	as long as short
Lighter CHIP	+0.0096%	1h	0.04577	−0.044%	$85K	$110K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04582	+0.068%	$14.7M	$6.6M	3x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04580	+0.022%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04582	+0.066%	$688K	$898K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04576	−0.066%	$987K	$1.0M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04577	−0.044%	$1.9M	$3.0M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04573	−0.131%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04585	+0.132%	$836K	$463K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04572	−0.153%	$619	$1.0M	10x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0816%	1h	0.04757	+3.876%	$46K	$41K	50x	as long as short