Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0344%/8h= −37.7% APRpaid last 24h −0.023%

Price spread now: OKX against Deribit−0.116%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 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 −$10 a day on $10k at the current rate, and OKX is 0.116% cheaper against Deribit than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.04324	0.0444	pay 0.0056% / 1h	30m 46s	$73K	$11K	10x
Short	OKX S-USDT-SWAP	0.04319	0.0100	get 0.0050% / 4h	3h 30m	$1.2M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$72.3
Price spread: −0.116% → 0.000%: −$11.56
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$100.86
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	3.48 bp	39.9 bp −$40	doesn't fit	doesn't fit	doesn't fit

Deribit: 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.

S on 25 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
Kraken Futures PF_SUSD	−0.2631%	1h	0.04313	−0.259%	$35K	$21K	10x	as long as short
01 Exchange SUSD	−0.1576%	1h	0.04170	−3.562%	$25K	$3K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−0.370%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04321	−0.065%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04317	−0.154%	$4	—	15x	as long as short
Variational Omni S	−0.0096%	4h	0.04314	−0.236%	$668K	$7K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04323	−0.025%	$666	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−5.180%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0070%	4h	0.04319	−0.116%	$107K	$634K	10x	as long as short
Lighter S	+0.0096%	1h	0.04323	−0.023%	$185K	$100K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04320	−0.097%	$1.1M	$720K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04317	−0.155%	$47K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04319	−0.116%	$6.3M	$16.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04317	−0.162%	$6.2M	$4.9M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.04319	−0.116%	$1.2M	$4.9M	20x
Gate S_USDT	+0.0100%	4h	0.04311	−0.301%	$364K	$225K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04315	−0.208%	$4.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04316	−0.185%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04323	−0.023%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04312	−0.278%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04300	−0.555%	$25K	$511K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04312	−0.275%	$239K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04326	+0.046%	$305K	$123K	75x	as long as short
Backpack S_USDC_PERP	+0.0376%	1h	0.04330	+0.139%	$102K	$473K	5x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0444%	1h	0.04324	long leg	$73K	$11K	10x