Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0973%/8h= −106.5% APRpaid last 24h −0.246%

Price spread now: OKX against Coinbase International−0.710%55s7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and OKX is 0.710% cheaper against Coinbase International than usual: you would sell low and buy high (−$71 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	Coinbase International CHIP-PERP-INTX	0.04636	0.0824	pay 0.0103% / 1h	19m 24s	$45K	$40K	50x
Short	OKX CHIP-USDT-SWAP	0.04603	−0.0149	pay 0.0074% / 4h	1h 19m	$1.9M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. 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 Coinbase InternationalbpFee OKXbpOrdersPrice spread, now −0.710%Rate

Funding earned: −$204.25
Price spread: −0.710% → 0.000%: −$70.97
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$295.22
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 4 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	1.08 bp	23.6 bp −$24	180.2 bp −$1,802	doesn't fit	doesn't fit

Coinbase International: 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.

CHIP on 23 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
Backpack CHIP_USDC_PERP	−0.1269%	1h	0.04600	−0.774%	$16K	$234K	5x	as long as short
Phoenix CHIP	−0.0352%	1h	0.04607	−0.623%	$3K	$143K	5x	as long as short
OKX CHIP-USDT-SWAPshort	−0.0149%	4h	0.04603	−0.710%	$1.9M	$9.2M	20x
Aftermath Perps CHIPUSD	−0.0139%	1h	0.04603	−0.703%	$71	$39K	5x	as long as short
Nado CHIP-PERP	−0.0112%	1h	0.04602	−0.720%	$230K	$18K	5x	as long as short
Extended CHIP-USD	−0.0056%	1h	0.04602	−0.729%	$210K	$1.3M	5x	as long as short
MEXC CHIP_USDT	−0.0052%	4h	0.04602	−0.731%	$1.8M	$1.2M	50x	as long as short
Binance CHIPUSDT	−0.0050%	4h	0.04603	−0.712%	$13.8M	$26.0M	50x	as long as short
BloFin CHIP-USDT	−0.0027%	4h	0.04605	−0.667%	$543K	$67K	50x	as long as short
ApeX Omni CHIPUSDT	−0.0006%	1h	0.04607	−0.623%	$14K	$247K	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit CHIP_USDC-PERPETUAL	0.0000%	1h	0.04609	−0.589%	$10K	$25K	10x	as long as short
Bybit CHIPUSDT	+0.0073%	4h	0.04605	−0.667%	$10.7M	$8.9M	20x	as long as short
Lighter CHIP	+0.0096%	1h	0.04604	−0.688%	$85K	$109K	3x	as long as short
Hyperliquid CHIP	+0.0100%	1h	0.04611	−0.544%	$14.5M	$6.8M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04606	−0.651%	$48K	$230K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04605	−0.675%	$13K	$628	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04605	−0.667%	$680K	$910K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04603	−0.710%	$980K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04605	−0.667%	$2.0M	$3.1M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04604	−0.688%	—	$1.9M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04608	−0.603%	$849K	$455K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04602	−0.731%	$769	$1.1M	10x	as long as short
Coinbase International CHIP-PERP-INTXlong	+0.0824%	1h	0.04636	long leg	$45K	$40K	50x