Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.034%

Price spread now: OKX against Extended−0.016%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.016%, 7d avg +0.007%

Together, before fees−0.053%+ Points / potential airdropExtended: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and OKX is 0.023% cheaper against Extended than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% 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	Extended IBM-USD	231.54	0.0200	pay 0.0025% / 1h	13m 21s	$54K	$202K	10x
Short	OKX IBM-USDT-SWAP	231.50	0	get 0.0000% / 8h	13m 21s	$1.4M	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$42
Price spread: −0.016% → +0.007%: −$2.28
Slippage, 4 orders: −$40.44
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$99.71
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Extended: live order book, 63 min ago; OKX: 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 Extended live order book, 63 min ago	1.51 bp	15.5 bp −$15	122.6 bp −$1,226	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.86 bp	11.6 bp −$12	138.5 bp −$1,385	doesn't fit	doesn't fit

IBM on 18 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
Aster IBMUSDT	0.0000%	8h	231.78	+0.104%	$13K	$127K	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	231.38	−0.068%	$976K	$376K	50x	as long as short
OKX IBM-USDT-SWAPshort	0.0000%	8h	231.50	−0.016%	$1.4M	$1.2M	20x
Gate IBM_USDT	0.0000%	8h	231.53	−0.003%	$797K	$1.5M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.57	+0.015%	$798K	$403K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.57	+0.015%	$256K	$15K	—	as long as short
SunX IBM-USDT	0.0000%	8h	231.31	−0.098%	$1K	$535K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	231.86	+0.140%	$5K	$34K	20x	as long as short
QFEX IBM-USD	+0.0031%	1h	231.51	−0.011%	$1.2M	$3.3M	10x	as long as short
Lighter IBM	+0.0032%	1h	231.53	−0.003%	$38K	$47K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.167%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	231.40	−0.059%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.37	−0.072%	$2.0M	$810K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.46	−0.033%	$194K	$34K	20x	as long as short
Binance IBMUSDT	+0.0196%	8h	231.58	+0.018%	$3.9M	$5.8M	20x	as long as short
BloFin IBM-USDT	+0.0197%	8h	231.58	+0.019%	$46K	$52K	20x	as long as short
Extended IBM-USDlong	+0.0200%	1h	231.54	long leg	$54K	$202K	10x
GRVT IBM_USDT_Perp	+0.0432%	8h	231.57	+0.013%	$621	$170K	10x	as long as short