Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0339%/8h= +37.1% APRpaid last 24h +0.076%

Price spread now: OKX against Coinbase International−0.091%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$440.435% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.091%, 7d avg −0.127%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and OKX is 0.035% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.127%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.152% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International FIL-PERP-INTX	0.9843	−0.0328	get 0.0041% / 1h	28m 49s	$315K	$1.9M	50x
Short	OKX FIL-USDT-SWAP	0.9834	0.0011	get 0.0011% / 8h	2h 28m	$18.1M	$96.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. 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 Coinbase InternationalbpFee OKXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $71.21
Price spread: −0.091% → −0.127%: $3.52
Slippage, 4 orders: −$23.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $31.18
Costs to cover: 0.435%
Break-even: 3.9 days

Slippage from Coinbase International: live order book, 5 min ago; OKX: 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 Coinbase International live order book, 5 min ago	7.14 bp	13.1 bp −$13	16.9 bp −$169	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.51 bp	9.0 bp −$9	19.4 bp −$194	115.7 bp −$11.6K	doesn't fit

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.1374%	1h	0.9836	−0.071%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0623%	1h	0.9833	−0.105%	$1.4M	$2.3M	50x	as long as short
Lighter FIL	−0.0408%	1h	0.9822	−0.217%	$157K	$337K	5x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0328%	1h	0.9843	long leg	$315K	$1.9M	50x
Bybit FILUSDT	−0.0062%	8h	0.9835	−0.081%	$15.5M	$18.0M	25x	as long as short
Bitget FILUSDT	−0.0036%	8h	0.9830	−0.132%	$10.8M	$21.9M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9831	−0.127%	$24K	—	150x	as long as short
Variational Omni FIL	−0.0002%	8h	0.9833	−0.106%	$435K	$276K	—	as long as short
dYdX FIL-USD	0.0000%	1h	0.9831	−0.122%	$57K	$2K	10x	as long as short
Hyperliquid FIL	+0.0002%	1h	0.9831	−0.126%	$8.6M	$9.5M	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAPshort	+0.0011%	8h	0.9834	−0.091%	$18.1M	$96.6M	50x
KuCoin FILUSDTM	+0.0033%	8h	0.9827	−0.163%	$7.3M	$7.1M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9751	−0.935%	$2K	$148K	12x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9834	−0.091%	$486K	$514K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9834	−0.091%	$56.4M	$175.9M	75x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9830	−0.132%	$7.8M	$16.3M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9826	−0.173%	$250K	$105K	50x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9833	−0.102%	—	$6.5M	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9825	−0.187%	$45K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9829	−0.139%	$288K	$813K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9840	−0.030%	$42K	$193K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9838	−0.052%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9820	−0.234%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9827	−0.163%	$478	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9832	−0.112%	$622K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9830	−0.132%	$1.1M	$2.2M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9829	−0.144%	$685K	$2.3M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9824	−0.193%	$2.6M	$635K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0614% / S −0.0742%	1h	0.9831	−0.118%	$213K	—	100x	as long as short