Funding arb · Price arb /

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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 +0.030%

Price spread now: Bybit against OKX+0.017%7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1291.295% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 7 days−0.132%−$13 · spread now +0.017%, 7d avg −0.068%

Together, before fees−0.063%−$6 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 0.085% dearer against OKX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX W-USDT-SWAP	0.01186	0.0100	pay 0.0050% / 4h	3h 28m	$1.3M	$1.8M	20x
Short	Bybit WUSDT	0.01186	0.0100	get 0.0050% / 4h	3h 28m	$4.2M	$1.7M	50x

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 +0.017%Rate

Funding earned: $0
Price spread: +0.017% → −0.068%: $8.47
Slippage, 4 orders: −$108.48
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$121.01
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	1.26 bp	33.2 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.11 bp	36.5 bp −$36	132.8 bp −$1,328	doesn't fit	doesn't fit

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-PERPETUAL	−0.0171%	1h	0.01187	+0.067%	$15K	$3K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.931%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01188	+0.160%	$2.0M	$323K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01188	+0.139%	$3.0M	$5.9M	50x	as long as short
Bybit WUSDTshort	+0.0100%	4h	0.01186	+0.017%	$4.2M	$1.7M	50x
OKX W-USDT-SWAPlong	+0.0100%	4h	0.01186	long leg	$1.3M	$1.8M	20x
Gate W_USDT	+0.0100%	4h	0.01188	+0.185%	$449K	$211K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01188	+0.152%	$12.8M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01187	+0.076%	$381K	$205K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01187	+0.076%	$1.3M	$556K	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	0.01188	+0.143%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01188	+0.202%	$72K	$39K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01189	+0.249%	$128K	$402K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01188	+0.128%	$61K	$235K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0440%	1h	0.01195	+0.784%	$14K	$14K	50x	as long as short
Backpack W_USDC_PERP	+0.1682%	1h	0.01190	+0.304%	$44K	$42K	15x	as long as short
Kraken Futures PF_WUSD	+0.1760%	1h	0.01190	+0.294%	$147K	$185K	20x	as long as short