Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0287%/8h= +31.5% APRpaid last 24h +0.084%

Price spread now: OKX against Coinbase International+0.060%7-day average −0.135% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$470.473% 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+0.151%+$15 on $10k

Price spread, last 3 days (all we have)−0.194%−$19 · spread now +0.060%, 7d avg −0.135%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and OKX is 0.195% dearer against Coinbase International than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.135%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.151% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International FIL-PERP-INTX	0.9949	−0.0328	get 0.0041% / 1h	1m 47s	$341K	$1.9M	50x
Short	OKX FIL-USDT-SWAP	0.9955	−0.0041	pay 0.0041% / 8h	7h 01m	$18.3M	$98.0M	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 +0.060%Rate

Funding earned: $60.36
Price spread: +0.060% → −0.135%: $19.5
Slippage, 4 orders: −$27.34
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $32.52
Costs to cover: 0.473%
Break-even: 3.2 days

Slippage from Coinbase International: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	6.53 bp	14.5 bp −$14	18.9 bp −$189	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.50 bp	9.9 bp −$10	18.7 bp −$187	98.4 bp −$9,842	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0453%	1h	0.9954	+0.050%	$171K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0329%	1h	0.9948	−0.010%	$1.4M	$2.4M	50x	as long as short
Coinbase International FIL-PERP-INTXlong	−0.0328%	1h	0.9949	long leg	$341K	$1.9M	50x
KuCoin FILUSDTM	−0.0041%	8h	0.9949	0.000%	$7.4M	$7.2M	50x	as long as short
OKX FIL-USDT-SWAPshort	−0.0041%	8h	0.9955	+0.060%	$18.3M	$98.0M	50x
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9949	−0.003%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9955	+0.058%	$58K	$2K	10x	as long as short
Binance FILUSDT	+0.0027%	8h	0.9956	+0.074%	$57.6M	$179.3M	75x	as long as short
Extended FIL-USD	+0.0032%	1h	0.9948	−0.013%	$696K	$3.3M	10x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.945%	$2K	$240K	12x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate FIL_USDT	+0.0063%	8h	0.9954	+0.050%	$8.2M	$16.4M	50x	as long as short
MEXC FIL_USDC	+0.0069%	8h	0.9942	−0.070%	$246K	$106K	50x	as long as short
Bitget FILUSDT	+0.0080%	8h	0.9953	+0.040%	$11.0M	$21.5M	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9950	+0.006%	$159K	$349K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9955	+0.058%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9957	+0.085%	$509K	$590K	20x	as long as short
Bybit FILUSDT	+0.0100%	8h	0.9958	+0.090%	$15.6M	$18.5M	25x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9955	+0.060%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9955	+0.057%	$448K	$279K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9983	+0.345%	$46K	$294K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9971	+0.220%	$297K	$823K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9970	+0.211%	$30K	$194K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9954	+0.052%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9930	−0.191%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9940	−0.090%	$488	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9938	−0.111%	$628K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9940	−0.090%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0116%	8h	0.9956	+0.070%	$2.7M	$605K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0570% / S −0.0639%	1h	0.9949	+0.001%	$197K	—	100x	as long as short