Funding arb · Price arb /

HOOD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.045%

Price spread now: Coinbase International against OKX−0.816%55s7-day average −0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.409% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.795%+$80 · spread now −0.816%, 7d avg −0.155%

Together, before fees+0.839%+$84 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.661% cheaper against OKX than usual: you would sell low and buy high (spread −0.816% now, against its 7-day average of −0.155%). If the spread goes back, that is −$66 on $10k: about 12 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.044% in total) that is about 4 months. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	OKX HOOD-USDT-SWAP	121.33	0	get 0.0000% / 8h	2h 10m	$2.7M	$6.2M	20x
Short	Coinbase International HOOD-PERP-INTX	120.34	0.0184	get 0.0023% / 1h	10m 25s	$192K	$1.8M	10x

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 −0.816%Rate

Funding earned: $38.64
Price spread: −0.816% → −0.155%: −$66.08
Slippage, 4 orders: −$20.9
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$68.33
Costs to cover: 0.409%
Break-even: 19.4 days

Slippage from OKX: live order book, 2 min ago; Coinbase International: live order book, 3 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, 2 min ago	3.30 bp	11.9 bp −$12	24.1 bp −$241	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	2.48 bp	10.1 bp −$10	16.7 bp −$167	doesn't fit	doesn't fit

HOOD on 30 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
Injective HOOD/USDC PERP	−0.0440%	1h	120.56	−0.635%	$57K	$57K	30x	as long as short
Bitget HOODUSDT	−0.0212%	8h	121.32	−0.008%	$5.5M	$9.9M	20x	as long as short
Gate HOOD_USDT	−0.0167%	8h	121.32	−0.008%	$605K	$7.7M	50x	as long as short
Aster HOODUSDT	0.0000%	8h	121.21	−0.096%	$106K	$281K	20x	as long as short
Extended HOOD_24_5-USD	0.0000%	1h	121.29	−0.036%	$358K	$1.3M	10x	as long as short
Binance HOODUSDT	0.0000%	8h	121.32	−0.008%	$20.8M	$92.1M	20x	as long as short
Bybit HOODUSDT	0.0000%	8h	121.31	−0.016%	$3.7M	$8.9M	25x	as long as short
OKX HOOD-USDT-SWAPlong	0.0000%	8h	121.33	long leg	$2.7M	$6.2M	20x
Variational Omni HOOD	0.0000%	8h	121.31	−0.017%	$2.3M	$1.0M	—	as long as short
GRVT HOOD_USDT_Perp	0.0000%	8h	120.98	−0.290%	$856K	$2.0M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HOODUSDT	0.0000%	8h	121.28	−0.041%	$992K	$9K	10x	as long as short
Polymarket Perps HOOD-USD	+0.0006%	1h	121.10	−0.190%	$251K	$344K	10x	as long as short
Vest HOOD-USD-PERP	+0.0010%	1h	121.04	−0.239%	—	$63K	25x	as long as short
Lighter HOOD	+0.0032%	1h	121.25	−0.068%	$2.8M	$3.2M	10x	as long as short
Arcus HOOD-USD	+0.0040%	1h	121.02	−0.256%	$1.1M	$1.7M	10x	as long as short
tradeXYZ xyz:HOOD	+0.0050%	1h	121.20	−0.107%	$51.4M	$28.1M	10x	as long as short
SoDEX HOOD-USD	+0.0050%	1h	121.22	−0.091%	$724	$4K	10x	as long as short
Ondo Perps HOOD-USD.P	+0.0050%	1h	121.00	−0.272%	$1.2M	$1.4M	15x	as long as short
QFEX HOOD-USD	+0.0053%	1h	121.28	−0.041%	$1.3M	$3.0M	10x	as long as short
Pacifica HOOD	+0.0100%	1h	121.26	−0.059%	$68K	$105K	10x	as long as short
KuCoin HOODUSDTM	+0.0100%	8h	121.16	−0.140%	$1.3M	$1.3M	20x	as long as short
ApeX Omni HOODUSDT	+0.0100%	1h	120.88	−0.371%	$5K	$41K	50x	as long as short
Orderly PERP_HOOD_USDC_mythos	+0.0100%	8h	121.35	+0.016%	$2K	$2K	10x	as long as short
Aevo HOOD-PERP	+0.0104%	1h	121.27	−0.050%	$16K	—	10x	as long as short
RISEx HOOD/USDC	+0.0109%	1h	121.33	+0.003%	$379K	$1.5M	10x	as long as short
BloFin HOOD-USDT	+0.0120%	8h	121.35	+0.016%	$174K	$159K	20x	as long as short
Phoenix HOOD	+0.0132%	1h	120.95	−0.313%	$28K	$238K	10x	as long as short
Coinbase International HOOD-PERP-INTXshort	+0.0184%	1h	120.34	−0.816%	$192K	$1.8M	10x
edgeX HOODUSDC	+0.0989%	4h	121.02	−0.257%	$364K	$303K	10x	as long as short
Deribit HOOD_USDC-PERPETUAL	+0.1071%	1h	121.29	−0.033%	$6K	$55K	10x	as long as short