Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.052%

Price spread now: Extended against OKX−0.184%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1381.378% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.184%, 7d avg −0.043%

Together, before fees+0.196%+ Points / potential airdropExtended: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.142% cheaper against OKX than usual: you would sell low and buy high (spread −0.184% now, against its 7-day average of −0.043%). If the spread goes back, that is −$14 on $10k: about 17 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.143% in total) that is about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.03926	0.0076	pay 0.0038% / 4h	2h 44m	$976K	$7.6M	20x
Short	Extended S-USD	0.03919	0.0104	get 0.0013% / 1h	44m 09s	$221K	$883K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.184%Rate

Funding earned: $5.98
Price spread: −0.184% → −0.043%: −$14.15
Slippage, 4 orders: −$122.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$146.01
Costs to cover: 1.378%
Break-even: 177.9 days

Slippage from OKX: live order book, 4 min ago; Extended: live order book, 44 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, 4 min ago	1.27 bp	25.4 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 44 min ago	3.79 bp	38.7 bp −$39	271.4 bp −$2,714	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1455%	1h	0.03924	−0.064%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.547%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1174%	4h	0.03921	−0.140%	$610K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03924	−0.053%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03919	−0.182%	$4	—	15x	as long as short
Aster SUSDT	−0.0033%	4h	0.03926	0.000%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0018%	4h	0.03922	−0.102%	$101K	$340K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03920	−0.153%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03926	−0.011%	$605	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03928	+0.051%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.432%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAPlong	+0.0076%	4h	0.03926	long leg	$976K	$7.6M	20x
Lighter S	+0.0096%	1h	0.03926	0.000%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03920	−0.140%	$989K	$929K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03928	+0.051%	$5.4M	$24.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03921	−0.127%	$5.6M	$6.5M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03918	−0.204%	$320K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03921	−0.127%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03921	−0.127%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03927	+0.025%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03917	−0.229%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.102%	$23K	$474K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.03919	−0.184%	$221K	$883K	10x
Backpack S_USDC_PERP	+0.0319%	1h	0.03930	+0.102%	$114K	$285K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03926	0.000%	$273K	$178K	75x	as long as short