Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.146%

Price spread now: OKX against Deribit−0.095%46s7-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 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

Funding pays, the price is against you. OKX is 0.095% cheaper against Deribit than usual: you would sell low and buy high (spread −0.095% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 39 hours of funding at the current rate (+$6 a day). The two prices were read 46 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	Deribit W_USDC-PERPETUAL	0.01164	−0.0094	get 0.0012% / 1h	27m 33s	$14K	$3K	10x
Short	OKX W-USDT-SWAP	0.01163	0.0100	get 0.0050% / 4h	2h 27m	$1.3M	$1.6M	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 −0.095%Rate

Funding earned: $40.66
Price spread: −0.095% → 0.000%: −$9.45
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $14.21
Costs to cover: 0.170%
Break-even: 4.6 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	3.44 bp	29.2 bp −$29	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.

W on 17 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
Deribit W_USDC-PERPETUALlong	−0.0094%	1h	0.01164	long leg	$14K	$3K	10x
Injective W/USDC PERP	+0.0033%	1h	0.01209	+3.893%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01165	+0.112%	$2.0M	$282K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01164	+0.061%	$2.9M	$5.3M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01162	−0.180%	$4.1M	$1.6M	50x	as long as short
OKX W-USDT-SWAPshort	+0.0100%	4h	0.01163	−0.095%	$1.3M	$1.6M	20x
Gate W_USDT	+0.0100%	4h	0.01160	−0.318%	$423K	$241K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01165	+0.077%	$12.2M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01162	−0.146%	$387K	$191K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01165	+0.112%	$1.3M	$550K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01163	−0.052%	—	$6.7M	—	as long as short
Backpack W_USDC_PERP	+0.0100%	1h	0.01166	+0.232%	$43K	$42K	15x	as long as short
Variational Omni W	+0.0100%	4h	0.01163	−0.067%	$71K	$40K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01166	+0.198%	$123K	$362K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01164	+0.035%	$60K	$147K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0400%	1h	0.01178	+1.186%	$14K	$13K	50x	as long as short
Kraken Futures PF_WUSD	+0.1752%	1h	0.01166	+0.216%	$144K	$185K	20x	as long as short