Funding arb · Price arb /

DKNG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0413%/8h= −45.2% APRpaid last 24h −0.124%

Price spread now: OKX against tradeXYZ+0.045%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1741.741% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.252%−$25 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now +0.045%, 7d avg +0.037%

Together, before fees−0.167%+ Points / potential airdroptradeXYZ: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.252% in total (about -13.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:DKNG	22.150	0.0413	pay 0.0052% / 1h	9m 11s	$1.8M	$2.1M	10x
Short	OKX DKNG-USDT-SWAP	22.160	0	get 0.0000% / 8h	6h 09m	$115K	$101K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against tradeXYZ. 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 tradeXYZbpFee OKXbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$86.66
Price spread: +0.045% → +0.037%: $0.86
Slippage, 4 orders: −$146.07
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$259.87
Costs to cover: 1.741%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 2 min ago; OKX: live order book, 38 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 tradeXYZ live order book, 2 min ago	0.23 bp	51.4 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 38 min ago	6.80 bp	35.9 bp −$36	doesn't fit	doesn't fit	doesn't fit

DKNG on 12 exchanges

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
Bybit DKNGUSDT	−0.0413%	8h	22.140	−0.045%	$83K	$76K	25x	as long as short
Aster DKNGUSDT	0.0000%	8h	22.118	−0.143%	$1K	$11K	20x	as long as short
Binance DKNGUSDT	0.0000%	8h	22.160	+0.045%	$298K	$617K	20x	as long as short
OKX DKNG-USDT-SWAPshort	0.0000%	8h	22.160	+0.045%	$115K	$101K	20x
Gate DKNG_USDT	0.0000%	8h	22.169	+0.086%	$109K	$9K	20x	as long as short
Bitget DKNGUSDT	0.0000%	8h	22.120	−0.135%	$126K	$59K	20x	as long as short
Variational Omni DKNG	0.0000%	8h	22.165	+0.068%	$77K	$51K	—	as long as short
SunX DKNG-USDT	0.0000%	8h	22.160	+0.045%	$1K	$590K	10x	as long as short
HTX DKNG-USDT	0.0000%	8h	22.160	+0.045%	$6K	$4K	10x	as long as short
Injective DKNG/USDC PERP	+0.0033%	1h	21.990	−0.722%	$707	$6K	12x	as long as short

Show all 12 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin DKNGUSDTM	+0.0100%	8h	22.140	−0.045%	$90K	$487K	20x	as long as short
tradeXYZ xyz:DKNGlong	+0.0413%	1h	22.150	long leg	$1.8M	$2.1M	10x