Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0854%/8h= −93.5% APRpaid last 24h −0.254%

Price spread now: OKX against Coinbase International−1.752%55s7-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 −$26 a day on $10k at the current rate, and OKX is 1.752% cheaper against Coinbase International than usual: you would sell low and buy high (−$175 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International CHIP-PERP-INTX	0.04715	0.0848	pay 0.0106% / 1h	45m 21s	$45K	$40K	50x
Short	OKX CHIP-USDT-SWAP	0.04632	−0.0006	pay 0.0003% / 4h	2h 45m	$1.9M	$9.1M	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 −1.752%Rate

Funding earned: −$179.41
Price spread: −1.752% → 0.000%: −$175.2
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$374.61
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 3 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, 3 min ago	3.24 bp	23.9 bp −$24	140.4 bp −$1,404	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.

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.0687%	1h	0.04635	−1.688%	$14K	$215K	5x	as long as short
ApeX Omni CHIPUSDT	−0.0389%	1h	0.04631	−1.773%	$16K	$250K	50x	as long as short
Phoenix CHIP	−0.0172%	1h	0.04634	−1.710%	$3K	$129K	5x	as long as short
Nado CHIP-PERP	−0.0018%	1h	0.04636	−1.667%	$233K	$19K	5x	as long as short
OKX CHIP-USDT-SWAPshort	−0.0006%	4h	0.04632	−1.752%	$1.9M	$9.1M	20x
BloFin CHIP-USDT	+0.0074%	4h	0.04644	−1.497%	$555K	$63K	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04636	−1.667%	$86K	$108K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04644	−1.502%	$14.6M	$6.4M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04642	−1.547%	$39K	$255K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04637	−1.642%	$13K	$628	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CHIPUSDT	+0.0100%	4h	0.04633	−1.731%	$13.9M	$26.2M	50x	as long as short
Bybit CHIPUSDT	+0.0100%	4h	0.04639	−1.604%	$10.8M	$8.7M	20x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04638	−1.625%	$689K	$945K	50x	as long as short
MEXC CHIP_USDT	+0.0100%	4h	0.04633	−1.731%	$1.8M	$1.1M	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04640	−1.582%	$970K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04638	−1.625%	$1.9M	$3.2M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04632	−1.752%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04634	−1.704%	$870K	$459K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04627	−1.858%	$591	$1.1M	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04637	−1.650%	$216K	$1.9M	5x	as long as short
Aftermath Perps CHIPUSD	+0.0317%	1h	0.04641	−1.557%	$93	$38K	5x	as long as short
Deribit CHIP_USDC-PERPETUAL	+0.0763%	1h	0.04644	−1.500%	$10K	$24K	10x	as long as short
Coinbase International CHIP-PERP-INTXlong	+0.0848%	1h	0.04715	long leg	$45K	$40K	50x