Funding arb · Price arb /

XLE

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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: Bybit against OKX+0.128%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1431.434% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.128%, 7d avg +0.032%

Together, before fees−0.119%−$12 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: Bybit is 0.096% dearer against OKX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XLE-USDT-SWAP	62.600	0	get 0.0000% / 8h	2h 51m	$300K	$560K	20x
Short	Bybit XLEUSDT	62.680	0	get 0.0000% / 8h	2h 51m	$324K	$202K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.128%Rate

Funding earned: $0
Price spread: +0.128% → +0.032%: $9.57
Slippage, 4 orders: −$122.39
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$133.81
Costs to cover: 1.434%
Break-even: never at this rate

Slippage from OKX: live order book, 60 min ago; Bybit: live order book, 53 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, 60 min ago	3.20 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 53 min ago	2.40 bp	83.4 bp −$83	225.4 bp −$2,254	doesn't fit	doesn't fit

XLE on 16 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
edgeX XLEUSDC	−0.0306%	4h	62.678	+0.125%	$48K	$209K	10x	as long as short
KuCoin XLEUSDTM	−0.0267%	8h	62.470	−0.208%	$803K	$651K	20x	as long as short
BloFin XLE-USDT	−0.0011%	8h	62.530	−0.112%	$58K	$9K	20x	as long as short
Aster XLEUSDT	0.0000%	8h	62.601	+0.001%	$4K	$9K	20x	as long as short
Binance XLEUSDT	0.0000%	8h	62.670	+0.112%	$792K	$1.0M	20x	as long as short
Bybit XLEUSDTshort	0.0000%	8h	62.680	+0.128%	$324K	$202K	25x
OKX XLE-USDT-SWAPlong	0.0000%	8h	62.600	long leg	$300K	$560K	20x
Gate XLE_USDT	0.0000%	8h	62.670	+0.112%	$64K	$12K	20x	as long as short
MEXC XLE_USDT	0.0000%	8h	62.680	+0.128%	$219K	$85K	20x	as long as short
Bitget XLEUSDT	0.0000%	8h	62.660	+0.096%	$95K	$81K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XLE	0.0000%	8h	62.649	+0.078%	$44K	$15K	—	as long as short
GRVT XLE_USDT_Perp	0.0000%	8h	62.660	+0.096%	$13K	$174K	10x	as long as short
SunX XLE-USDT	0.0000%	8h	62.692	+0.147%	$2K	$4.6M	10x	as long as short
HTX XLE-USDT	0.0000%	8h	62.603	+0.005%	$5K	$34K	10x	as long as short
QFEX XLE-USD	+0.0040%	1h	62.670	+0.112%	$1.2M	$4.2M	30x	as long as short
tradeXYZ xyz:XLE	+0.0050%	1h	62.637	+0.059%	$2.4M	$3.8M	20x	as long as short