Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.067%

Price spread now: OKX against Coinbase International−0.481%7-day average — · you buy dearer than you sell

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

Long on Coinbase International 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

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and OKX is 0.481% cheaper against Coinbase International than usual: you would sell low and buy high (−$48 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International W-PERP-INTX	0.01185	0.0360	pay 0.0045% / 1h	51m 41s	$14K	$16K	50x
Short	OKX W-USDT-SWAP	0.01179	0.0100	get 0.0050% / 4h	51m 41s	$1.3M	$1.9M	20x

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 −0.481%Rate

Funding earned: −$54.6
Price spread: −0.481% → 0.000%: −$48.1
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$122.7
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 5 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 Coinbase International no order-book sample	—	—	—	—	—
Sell OKX live order book, 5 min ago	1.27 bp	34.9 bp −$35	doesn't fit	doesn't fit	doesn't fit

Coinbase International: 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.

W on 17 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 W_USDC-PERPETUAL	−0.0173%	1h	0.01181	−0.329%	$16K	$2K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.025%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01180	−0.422%	$2.0M	$344K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01180	−0.439%	$2.9M	$6.6M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01179	−0.506%	$4.1M	$1.9M	50x	as long as short
OKX W-USDT-SWAPshort	+0.0100%	4h	0.01179	−0.481%	$1.3M	$1.9M	20x
Gate W_USDT	+0.0100%	4h	0.01180	−0.422%	$446K	$229K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01180	−0.439%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01182	−0.253%	$382K	$214K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01182	−0.253%	$1.3M	$584K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01182	−0.228%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01184	−0.076%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01185	−0.023%	$129K	$409K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01179	−0.465%	$59K	$235K	5x	as long as short
Coinbase International W-PERP-INTXlong	+0.0360%	1h	0.01185	long leg	$14K	$16K	50x
Backpack W_USDC_PERP	+0.0848%	1h	0.01182	−0.236%	$44K	$44K	15x	as long as short
Kraken Futures PF_WUSD	+0.1690%	1h	0.01183	−0.170%	$147K	$183K	20x	as long as short