Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.038%

Price spread now: OKX against Coinbase International−0.221%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.289%+$29 on $10k

Price spread, last 3 days (all we have)+0.260%+$26 · spread now −0.221%, 7d avg −0.011%

Together, before fees+0.549%+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.210% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.221% now, against its 7-day average of −0.011%). If the spread goes back, that is −$21 on $10k: about 3.3 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ALGO-PERP-INTX	0.1130	−0.0112	get 0.0014% / 1h	39m 48s	$62K	$334K	50x
Short	OKX ALGO-USDT-SWAP	0.1128	0.0100	get 0.0100% / 8h	39m 48s	$3.0M	$7.8M	50x

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 −0.221%Rate

Funding earned: $44.52
Price spread: −0.221% → −0.011%: −$21
Slippage, 4 orders: −$37.36
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$33.84
Costs to cover: 0.574%
Break-even: 12.3 days

Slippage from Coinbase International: live order book, 38 min ago; OKX: live order book, 3 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 Coinbase International live order book, 38 min ago	6.25 bp	12.1 bp −$12	17.7 bp −$177	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.44 bp	13.8 bp −$14	59.1 bp −$591	doesn't fit	doesn't fit

ALGO on 22 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 ALGO_USDC-PERPETUAL	−0.0547%	1h	0.1128	−0.195%	$102K	$50K	25x	as long as short
Kraken Futures PF_ALGOUSD	−0.0157%	1h	0.1128	−0.175%	$839K	$1.1M	50x	as long as short
Coinbase International ALGO-PERP-INTXlong	−0.0112%	1h	0.1130	long leg	$62K	$334K	50x
Bybit ALGOUSDT	−0.0102%	8h	0.1127	−0.292%	$11.3M	$12.2M	75x	as long as short
Variational Omni ALGO	−0.0085%	8h	0.1127	−0.260%	$62K	$13K	—	as long as short
gTrade (Gains Network) ALGO/USD	L +0.0001% / S +0.0003%	1h	0.1129	−0.106%	$6K	—	150x	as long as short
Injective ALGO/USDC PERP	+0.0026%	1h	0.1120	−0.885%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1129	−0.044%	$3.8M	$1.9M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1128	−0.221%	$44K	$35K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1127	−0.230%	$9.9M	$34.8M	75x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ALGO-USDT-SWAPshort	+0.0100%	8h	0.1128	−0.221%	$3.0M	$7.8M	50x
Gate ALGO_USDT	+0.0100%	8h	0.1129	−0.088%	$891K	$834K	50x	as long as short
MEXC ALGO_USDT	+0.0100%	8h	0.1128	−0.221%	$23.1M	$2.9M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1128	−0.204%	$3.6M	$1.5M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1128	−0.177%	$5.7M	$3.6M	75x	as long as short
BingX ALGO-USDT	+0.0100%	8h	0.1128	−0.204%	—	$3.3M	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1128	−0.221%	$66K	$108K	75x	as long as short
Phemex ALGOUSDT	+0.0100%	8h	0.1130	0.000%	$3.8M	$1.8M	50x	as long as short
Extended ALGO-USD	+0.0104%	1h	0.1127	−0.249%	$7K	$210K	10x	as long as short
BloFin ALGO-USDT	+0.0220%	8h	0.1128	−0.212%	$491K	$797K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]	L +0.0316% / S −0.0303%	1h	0.1128	−0.143%	$7K	—	100x	as long as short
dYdX ALGO-USD	+0.1546%	1h	0.1129	−0.068%	$162K	$3K	5x	as long as short