Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h 0.000%

Price spread now: Aevo against OKX−0.028%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on OKX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now −0.028%, 7d avg −0.017%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BTC-USDT-SWAP	85,840.4	0.0100	pay 0.0100% / 8h	6h 44m	$2.55B	$12.54B	100x
Short	Aevo BTC-PERP	85,816	0.0088	get 0.0011% / 1h	44m 01s	$2.5M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo 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 AevobpOrdersPrice spread, now −0.028%Rate

Funding earned: −$2.52
Price spread: −0.028% → −0.017%: −$1.14
Slippage, 4 orders: −$4.73
Fee OKX: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$34.39
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Aevo: 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 OKX live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$513	6.2 bp −$3,112
Sell Aevo live order book, 5 min ago	1.55 bp	9.6 bp −$10	12.0 bp −$120	20.8 bp −$2,081	doesn't fit

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
Phoenix BTC	−0.0144%	1h	85,767	−0.086%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	−0.074%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.015%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	−0.080%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	−0.077%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,776.8	−0.074%	$512K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,814.8	−0.030%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.035%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,818.8	−0.025%	$497.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,807.1	−0.039%	$894.8M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	−0.081%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,804.2	−0.042%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.100%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,820.5	−0.023%	$2.95B	$5.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	−0.037%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,806.3	−0.040%	$2.28B	$969.3M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	−0.082%	$22.8M	$229.3M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,825	−0.018%	$9.34B	$24.59B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,822.1	−0.021%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERPshort	+0.0088%	1h	85,816	−0.028%	$2.5M	$1.8M	20x
Gate BTC_USDT	+0.0094%	8h	85,820.9	−0.023%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,834.9	−0.006%	$169.6M	$979.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,836.9	−0.004%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	−0.073%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.106%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	−0.086%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,889	+0.057%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	−0.075%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,836.3	−0.005%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,840.4	long leg	$2.55B	$12.54B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.096%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.111%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,817.8	−0.026%	$35.2M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.067%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.062%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.020%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.105%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	−0.027%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,769	−0.083%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,791	−0.058%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,820.3	−0.023%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,863.3	+0.027%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,833.1	−0.009%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757	−0.097%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,822	−0.021%	$60.1M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,820.8	−0.023%	$154.3M	$479.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.041%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,800.3	−0.047%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,754.4	−0.100%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.2	+0.021%	$131.8M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.097%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,848.5	+0.009%	$189.1M	$970.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,809.7	−0.036%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,862.6	+0.026%	$895.7M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,794.6	−0.053%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,788	−0.061%	$10.0M	$769.6M	6.4x	as long as short