Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: OKX against Arcus−0.073%47s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$150.152% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.073%, 7d avg −0.030%

Together, before fees+0.034%+$3 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: OKX is 0.042% cheaper against Arcus than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.030%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BTC-USD	85,210.6	0.0100	pay 0.0013% / 1h	28m 51s	$4.6M	$99.2M	40x
Short	OKX BTC-USDT-SWAP	85,148.8	0.0100	get 0.0100% / 8h	2h 28m	$2.58B	$12.16B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Arcus. 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 ArcusbpFee OKXbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0
Price spread: −0.073% → −0.030%: −$4.25
Slippage, 4 orders: −$0.67
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$19.42
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Arcus: live order book, 5 min ago; OKX: live order book, 5 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 Arcus live order book, 5 min ago	0.01 bp	2.4 bp −$2	2.9 bp −$29	3.2 bp −$319	doesn't fit
Sell OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$509	6.8 bp −$3,377

BTC on 56 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
Perpl BTC	−0.0112%	43m	85,184.9	−0.030%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	−0.008%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,194	−0.019%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,118.3	−0.108%	$921.0M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	−0.025%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,224.1	+0.016%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,129	−0.096%	$511.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	−0.040%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,198.4	−0.014%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.017%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0025%	1h	85,187.4	−0.027%	$24.7M	$222.8M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,168.3	−0.050%	$187.0M	$955.3M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,117.1	−0.110%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,156	−0.064%	$148.4M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,171.6	−0.046%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,137.1	−0.086%	$2.95B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,129.8	−0.095%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,139.3	−0.084%	$9.40B	$24.83B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,207.2	−0.004%	$870.9M	$1.61B	50x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,185	−0.030%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,162.9	−0.056%	$170.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,169.7	−0.048%	$23.7M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,217	+0.008%	$8.4M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,187.9	−0.027%	$116.8M	$5.35B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,197	−0.016%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,247.1	+0.043%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,224	+0.016%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,199.3	−0.013%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,134.6	−0.089%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,148.8	−0.073%	$2.58B	$12.16B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,204	−0.008%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,210.6	long leg	$4.6M	$99.2M	40x
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.031%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,133.7	−0.090%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,144.1	−0.078%	$35.9M	$174.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.116%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.090%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.084%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.100%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	−0.064%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.4	+0.061%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	−0.023%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,178.4	−0.038%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,215.9	+0.006%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,155.7	−0.064%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	−0.034%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,157	−0.063%	$59.6M	$335.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,187.2	−0.027%	$2.25B	$946.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,106.7	−0.122%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,202.2	−0.010%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,192.4	−0.021%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,189.4	−0.025%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,207	−0.004%	$11.3M	$744.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0209%	1h	85,232.8	+0.026%	$79K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,202.4	−0.010%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,233.7	+0.027%	$8.6M	$43.1M	25x	as long as short