Funding arb · Price arb /

W

all W markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.138%

Price spread now: OKX against Deribit−0.092%46s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit 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

Funding pays, the price is against you. OKX is 0.092% cheaper against Deribit than usual: you would sell low and buy high (spread −0.092% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 17 hours of funding at the current rate (+$13 a day). The two prices were read 46 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	Deribit W_USDC-PERPETUAL	0.01194	−0.0336	get 0.0042% / 1h	25m 27s	$16K	$2K	10x
Short	OKX W-USDT-SWAP	0.01193	0.0100	get 0.0050% / 4h	3h 25m	$1.3M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.092%Rate

Funding earned: $91.51
Price spread: −0.092% → 0.000%: −$9.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $65.3
Costs to cover: 0.170%
Break-even: 2.0 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 1 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	1.26 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit

Deribit: 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.

W on 17 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 W_USDC-PERPETUALlong	−0.0336%	1h	0.01194	long leg	$16K	$2K	10x
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.231%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01194	−0.025%	$2.0M	$412K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01195	+0.050%	$3.0M	$6.7M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01193	−0.109%	$4.2M	$1.9M	50x	as long as short
OKX W-USDT-SWAPshort	+0.0100%	4h	0.01193	−0.092%	$1.3M	$2.0M	20x
Gate W_USDT	+0.0100%	4h	0.01190	−0.360%	$449K	$284K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01194	−0.042%	$12.9M	$1.5M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01195	+0.059%	$459K	$217K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01194	−0.025%	$1.3M	$568K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01194	−0.050%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01192	−0.192%	$72K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01190	−0.319%	$125K	$375K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01194	−0.011%	$60K	$308K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0280%	1h	0.01192	−0.218%	$14K	$16K	50x	as long as short
Kraken Futures PF_WUSD	+0.1314%	1h	0.01197	+0.220%	$148K	$181K	20x	as long as short
Backpack W_USDC_PERP	+0.1364%	1h	0.01196	+0.184%	$44K	$44K	15x	as long as short