Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0290%/8h= −31.7% APRpaid last 24h −0.084%

Price spread now: Coinbase International against OKX−0.150%7-day average +0.135% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.151%−$15 on $10k

Price spread, last 3 days (all we have)+0.284%+$28 · spread now −0.150%, 7d avg +0.135%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Coinbase International is 0.285% cheaper against OKX than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.135%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.151% 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	OKX FIL-USDT-SWAP	0.9996	−0.0038	get 0.0038% / 8h	7h 11m	$18.4M	$98.2M	50x
Short	Coinbase International FIL-PERP-INTX	0.9981	−0.0328	pay 0.0041% / 1h	11m 01s	$338K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$60.85
Price spread: −0.150% → +0.135%: −$28.47
Slippage, 4 orders: −$25.33
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$134.65
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Coinbase International: 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	0.50 bp	9.1 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	7.01 bp	12.1 bp −$12	17.6 bp −$176	doesn't fit	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	−0.0450%	1h	0.9996	0.000%	$172K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0328%	1h	0.9993	−0.034%	$1.4M	$2.3M	50x	as long as short
Coinbase International FIL-PERP-INTXshort	−0.0328%	1h	0.9981	−0.150%	$338K	$1.9M	50x
OKX FIL-USDT-SWAPlong	−0.0038%	8h	0.9996	long leg	$18.4M	$98.2M	50x
KuCoin FILUSDTM	−0.0036%	8h	0.9988	−0.080%	$7.4M	$7.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9995	−0.011%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9985	−0.108%	$58K	$2K	10x	as long as short
Extended FIL-USD	+0.0032%	1h	0.9991	−0.051%	$702K	$3.3M	10x	as long as short
Binance FILUSDT	+0.0033%	8h	0.9990	−0.060%	$57.8M	$178.5M	75x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−1.411%	$2K	$240K	12x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDC	+0.0069%	8h	0.9984	−0.120%	$247K	$106K	50x	as long as short
Bitget FILUSDT	+0.0077%	8h	0.9992	−0.040%	$10.9M	$21.2M	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9982	−0.139%	$160K	$349K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9988	−0.077%	$8.6M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9990	−0.059%	$510K	$566K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9995	−0.010%	$15.7M	$18.4M	25x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9994	−0.020%	$8.3M	$16.3M	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9988	−0.080%	—	$11.8M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9995	−0.011%	$450K	$279K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9983	−0.127%	$46K	$295K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9985	−0.108%	$297K	$823K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9990	−0.060%	$30K	$195K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	1.0001	+0.045%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9980	−0.160%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9986	−0.100%	$499	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	1.0000	+0.040%	$630K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9990	−0.060%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0132%	8h	0.9979	−0.170%	$2.7M	$594K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0545% / S −0.0538%	1h	0.9994	−0.019%	$199K	—	100x	as long as short