Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.021%

Price spread now: OKX against gTrade (Gains Network)+0.012%53s7-day average −0.012% · you sell dearer than you buy

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−$180.180% of the position

Long on gTrade (Gains Network)Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.085%+$8 on $10k

Price spread, last 3 days (all we have)−0.034%−$3 · spread now +0.012%, 7d avg −0.012%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.024% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.012%. The two prices were read 53 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	gTrade (Gains Network) BTC/USD	85,673.6	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	16m 32s	$36.7M	—	200x
Short	OKX BTC-USDT-SWAP	85,683.8	0.0100	get 0.0100% / 8h	6h 16m	$2.54B	$12.34B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OKXbpOrdersPrice spread, now +0.012%Rate

Funding earned: $20.06
Price spread: +0.012% → −0.012%: $2.4
Slippage, 4 orders: −$1.05
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $4.41
Costs to cover: 0.180%
Break-even: 5.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182
Sell OKX live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$603	8.0 bp −$4,024

BTC on 55 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
Phoenix BTC	−0.0144%	1h	85,785	+0.130%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,681	+0.009%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,668.9	−0.005%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,692.4	+0.022%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,673.6	long leg	$36.7M	—	200x
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.020%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	85,667.4	−0.007%	$900.7M	$753.8M	125x	as long as short
Aster BTCUSDT	+0.0032%	8h	85,673.7	0.000%	$516.1M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,690.6	+0.020%	$8.2M	$42.1M	25x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,663.2	−0.012%	$22.6M	$227.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,649.4	−0.028%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0059%	1h	85,635.1	−0.045%	$6.7M	$146.3M	40x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,652.2	−0.025%	$2.27B	$947.6M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,655.6	−0.021%	$2.95B	$5.08B	150x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,678	+0.005%	$9.33B	$24.28B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,657	−0.019%	$5.08B	$5.75B	500x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,637.3	−0.042%	$140.0M	$318.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,676.9	+0.004%	$170.5M	$992.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,705.4	+0.037%	$23.5M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,674	0.000%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,655.3	−0.021%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,637	−0.043%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,636.5	−0.043%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,758	+0.099%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,703	+0.034%	$40.8M	$571.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,690.4	+0.020%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	85,683.8	+0.012%	$2.54B	$12.34B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,661	−0.015%	$3.9M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,647.2	−0.031%	$7.2M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,681.6	+0.009%	$5.59B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,650.5	−0.027%	$35.3M	$165.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,688	+0.017%	$156.6M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,614.3	−0.069%	$278.4M	$941.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,656.6	−0.020%	$214.9M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,640	−0.039%	$30.3M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,702.1	+0.033%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,655	−0.022%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,663	−0.012%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,656.2	−0.020%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,701.5	+0.033%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,661.5	−0.014%	$30.0M	$56.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,628.8	−0.052%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.016%	$60.0M	$337.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,668	−0.007%	$153.3M	$480.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,673.6	0.000%	$597.8M	$234.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,645.4	−0.033%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,652.6	−0.024%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704	+0.035%	$131.2M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	85,671.4	−0.003%	$694K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,692.5	+0.022%	$187.9M	$963.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0171%	1h	85,703	+0.034%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,670.8	−0.003%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,676	+0.003%	$10.3M	$770.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0219%	1h	85,710.9	+0.043%	$894.7M	$1.54B	50x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	−0.009%	$513K	$20.5M	6.7x	as long as short