Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0376%/8hpaid last 24h −0.029%

Price spread now: OKX against tradeXYZ−0.102%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$650.651% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.256%−$26 on $10k

Price spread, last 3 days (all we have)+0.148%+$15 · spread now −0.102%, 7d avg +0.018%

Together, before fees−0.108%+ Points / potential airdroptradeXYZ: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and OKX is 0.120% cheaper against tradeXYZ than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.256% in total (about -13.4% 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	tradeXYZ xyz:NOW	137.88	0.0376	pay 0.0047% / 1h	56m 48s	$2.1M	$196K	10x
Short	OKX NOW-USDT-SWAP	137.74	0	get 0.0000% / 8h	3h 56m	$481K	$209K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against tradeXYZ. 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 tradeXYZbpFee OKXbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$79.04
Price spread: −0.102% → +0.018%: −$12
Slippage, 4 orders: −$37.12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$156.17
Costs to cover: 0.651%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 5 min ago; OKX: live order book, 33 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 tradeXYZ live order book, 5 min ago	1.81 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 33 min ago	5.82 bp	15.8 bp −$16	797.6 bp −$7,976	doesn't fit	doesn't fit

NOW on 16 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
BloFin NOW-USDT	−0.0021%	8h	137.78	−0.073%	$46K	$17K	20x	as long as short
Aster NOWUSDT	0.0000%	8h	137.76	−0.085%	$41K	$995	20x	as long as short
Binance NOWUSDT	0.0000%	8h	137.92	+0.029%	$1.6M	$1.3M	20x	as long as short
Bybit NOWUSDT	0.0000%	8h	137.93	+0.036%	$1.5M	$5.8M	25x	as long as short
OKX NOW-USDT-SWAPshort	0.0000%	8h	137.74	−0.102%	$481K	$209K	20x
QFEX NOW-USD	0.0000%	1h	137.77	−0.080%	$1.1M	$2.0M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	137.80	−0.058%	$249K	$407K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	137.76	−0.087%	$758K	$276K	20x	as long as short
GRVT NOW_USDT_Perp	0.0000%	8h	137.73	−0.111%	$891	$168K	10x	as long as short
SunX NOW-USDT	0.0000%	8h	137.81	−0.051%	$809	$468K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NOW-USDT	0.0000%	8h	137.69	−0.138%	$5K	$23K	20x	as long as short
Lighter NOW	+0.0032%	1h	137.85	−0.022%	$5K	$262	5x	as long as short
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.393%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	137.77	−0.080%	—	—	25x	as long as short
KuCoin NOWUSDTM	+0.0100%	8h	137.59	−0.210%	$318K	$791K	20x	as long as short
tradeXYZ xyz:NOWlong	+0.0376%	1h	137.88	long leg	$2.1M	$196K	10x