Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.063%

Price spread now: Coinbase International against OKX+0.245%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Coinbase International

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 for this trade now. Funding pays +$9 a day on $10k at the current rate, and Coinbase International is 0.245% dearer against OKX than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX W-USDT-SWAP	0.01185	0.0100	pay 0.0050% / 4h	3h 22m	$1.3M	$1.4M	20x
Short	Coinbase International W-PERP-INTX	0.01188	0.0384	get 0.0048% / 1h	22m 07s	$13K	$13K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.245%Rate

Funding earned: $59.64
Price spread: +0.245% → 0.000%: $24.46
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $64.1
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: OKX: live order book, 5 min ago; Coinbase International: no order-book sample. 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 OKX live order book, 5 min ago	1.28 bp	31.9 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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.

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	+0.152%	$14K	$4K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+1.982%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01187	+0.127%	$2.0M	$267K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01187	+0.084%	$3.0M	$5.0M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01185	−0.008%	$4.2M	$1.5M	50x	as long as short
OKX W-USDT-SWAPlong	+0.0100%	4h	0.01185	long leg	$1.3M	$1.4M	20x
Gate W_USDT	+0.0100%	4h	0.01188	+0.211%	$434K	$217K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01187	+0.101%	$12.4M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01185	−0.042%	$389K	$190K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01187	+0.127%	$1.3M	$541K	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	0.01187	+0.110%	—	$6.7M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01171	−1.238%	$71K	$35K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01176	−0.810%	$126K	$374K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01186	+0.065%	$64K	$388K	5x	as long as short
Coinbase International W-PERP-INTXshort	+0.0384%	1h	0.01188	+0.245%	$13K	$13K	50x
Backpack W_USDC_PERP	+0.0592%	1h	0.01188	+0.236%	$44K	$52K	15x	as long as short
Kraken Futures PF_WUSD	+0.0890%	1h	0.01189	+0.296%	$148K	$48K	20x	as long as short