Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.063%

Price spread now: Coinbase International against OKX+0.280%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Coinbase International

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 for this trade now. Funding pays +$8 a day on $10k at the current rate, and Coinbase International is 0.280% dearer against OKX than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX W-USDT-SWAP	0.01180	0.0100	pay 0.0050% / 4h	2h 05m	$1.3M	$1.9M	20x
Short	Coinbase International W-PERP-INTX	0.01183	0.0360	get 0.0045% / 1h	5m 12s	$14K	$15K	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 +0.280%Rate

Funding earned: $54.6
Price spread: +0.280% → 0.000%: $27.98
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $62.58
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: OKX: live order book, 2 min ago; Coinbase International: no order-book sample. 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 OKX live order book, 2 min ago	1.70 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.0004%	1h	0.01181	+0.102%	$16K	$2K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.492%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01181	+0.119%	$2.0M	$384K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01181	+0.102%	$3.0M	$6.6M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01179	−0.034%	$4.1M	$1.9M	50x	as long as short
OKX W-USDT-SWAPlong	+0.0100%	4h	0.01180	long leg	$1.3M	$1.9M	20x
Gate W_USDT	+0.0100%	4h	0.01179	−0.093%	$445K	$265K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01181	+0.102%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01180	+0.034%	$407K	$203K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01181	+0.119%	$1.3M	$571K	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	0.01180	+0.051%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01179	−0.022%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01180	+0.020%	$129K	$413K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01180	+0.075%	$60K	$236K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0360%	1h	0.01183	+0.280%	$14K	$15K	50x
Backpack W_USDC_PERP	+0.0410%	1h	0.01182	+0.237%	$44K	$46K	15x	as long as short
Kraken Futures PF_WUSD	+0.1536%	1h	0.01184	+0.375%	$147K	$180K	20x	as long as short