Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against BingX−0.099%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1281.277% of the position

Long on BingX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.099%, 7d avg −0.009%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.090% cheaper against BingX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX UMA-USDT	0.4047	0.0100	pay 0.0050% / 4h	23m 45s	—	$2.3M	—
Short	OKX UMA-USDT-SWAP	0.4043	0.0100	get 0.0050% / 4h	23m 45s	$315K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against BingX. 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 BingXbpFee OKXbpOrdersPrice spread, now −0.099%Rate

Funding earned: $0
Price spread: −0.099% → −0.009%: −$8.98
Slippage, 4 orders: −$107.74
Fee BingX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$136.71
Costs to cover: 1.277%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; OKX: live order book, 12 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 BingX live order book, 9 min ago	7.40 bp	33.5 bp −$34	113.3 bp −$1,133	1189.4 bp −$118.9K	1453.0 bp −$726.5K
Sell OKX live order book, 12 min ago	6.17 bp	31.2 bp −$31	doesn't fit	doesn't fit	doesn't fit

UMA on 13 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
Hyperliquid UMA	+0.0100%	1h	0.4047	+0.005%	$213K	$63K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4047	+0.009%	$25K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4043	−0.111%	$1.5M	$1.1M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4047	0.000%	$679K	$142K	25x	as long as short
OKX UMA-USDT-SWAPshort	+0.0100%	4h	0.4043	−0.099%	$315K	$235K	10x
Gate UMA_USDT	+0.0100%	4h	0.4050	+0.074%	$77K	$41K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4042	−0.124%	$213K	$172K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4045	−0.049%	$155K	$62K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4051	+0.099%	$978K	$65K	50x	as long as short
BingX UMA-USDTlong	+0.0100%	4h	0.4047	long leg	—	$2.3M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMA	+0.0100%	4h	0.4046	−0.018%	$5K	$7	—	as long as short
BloFin UMA-USDT	+0.0139%	4h	0.4041	−0.148%	$74K	$7K	50x	as long as short
Kraken Futures PF_UMAUSD	+0.1922%	1h	0.4087	+0.983%	$14K	$5K	10x	as long as short