Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.043%

Price spread now: Perpl against OKX−0.002%7-day average +0.015% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 7 days+0.133%+$13 · spread now −0.002%, 7d avg +0.015%

Together, before fees+0.449%+ Points / potential airdropPerpl: Active · farm board+$45 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: +$10 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	85,514.1	0.0100	pay 0.0100% / 8h	5h 57m	$2.56B	$12.10B	100x
Short	Perpl BTC	85,512.5	0.0447	get 0.0040% / 43m	2m 00s	$509K	$19.7M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.002%Rate

Funding earned: $72.77
Price spread: −0.002% → +0.015%: −$1.69
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $47.28
Costs to cover: 0.238%
Break-even: 2.5 days

Slippage unknown: OKX: live order book, 2 min ago; Perpl: no order-book sample. Net counts fees only.

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, 2 min ago	0.01 bp	5.0 bp −$5	5.4 bp −$54	6.0 bp −$604	7.1 bp −$3,541
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,498	−0.019%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.110%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,462.3	−0.061%	$363K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,531.5	+0.020%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,488.5	−0.030%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,505.8	−0.010%	$515.4M	$1.12B	200x	as long as short
Nado BTC-PERP	+0.0019%	1h	85,477.1	−0.043%	$22.5M	$224.4M	50x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,454	−0.070%	$900.6M	$747.9M	125x	as long as short
SoDEX BTC-USD	+0.0030%	1h	85,464	−0.059%	$59.8M	$336.4M	40x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,479	−0.041%	—	$17.0M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0055%	8h	85,473.5	−0.047%	$2.27B	$930.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,457.5	−0.066%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,515.8	+0.002%	$2.94B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,463	−0.060%	$8.3M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.070%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.120%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	−0.053%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,501.1	−0.015%	$9.33B	$23.90B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,488.6	−0.030%	$5.08B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,474.4	−0.046%	$169.3M	$981.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,491.8	−0.026%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,513.3	−0.001%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.087%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,539	+0.029%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,512	−0.002%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,510.7	−0.004%	$5.32B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAPlong	+0.0100%	8h	85,514.1	long leg	$2.56B	$12.10B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	85,473	−0.048%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,446	−0.080%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,494.1	−0.023%	$5.57B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	−0.046%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.036%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.046%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.079%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.094%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.029%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,538.5	+0.029%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	−0.059%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,474.3	−0.047%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	−0.058%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,506.1	−0.009%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469.3	−0.052%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,481.9	−0.038%	$149.6M	$478.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.093%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,480.1	−0.040%	$44.2M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	+0.049%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515	+0.001%	$130.4M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,498	−0.019%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,492.3	−0.026%	$186.9M	$951.6M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	+0.003%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0188%	1h	85,583.9	+0.082%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.075%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,485.2	−0.034%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	−0.006%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,512.5	−0.002%	$509K	$19.7M	6.7x