Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.032%

Price spread now: Bybit against OKX−0.025%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1361.359% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days−0.093%−$9 · spread now −0.025%, 7d avg −0.068%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.042% dearer against OKX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX W-USDT-SWAP	0.01181	0.0100	pay 0.0050% / 4h	42m 27s	$1.3M	$1.9M	20x
Short	Bybit WUSDT	0.01181	0.0100	get 0.0050% / 4h	42m 27s	$4.1M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → −0.068%: $4.24
Slippage, 4 orders: −$114.94
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$131.7
Costs to cover: 1.359%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Bybit: 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, 4 min ago	2.97 bp	29.3 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	5.52 bp	35.5 bp −$36	137.2 bp −$1,372	doesn't fit	doesn't fit

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-PERPETUAL	−0.0173%	1h	0.01181	+0.025%	$16K	$2K	10x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.371%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01183	+0.169%	$2.0M	$345K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01182	+0.085%	$2.9M	$6.5M	50x	as long as short
Bybit WUSDTshort	+0.0100%	4h	0.01181	−0.025%	$4.1M	$1.9M	50x
OKX W-USDT-SWAPlong	+0.0100%	4h	0.01181	long leg	$1.3M	$1.9M	20x
Gate W_USDT	+0.0100%	4h	0.01180	−0.076%	$447K	$229K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01182	+0.093%	$12.8M	$1.4M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01180	−0.085%	$379K	$212K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01182	+0.085%	$1.3M	$582K	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	0.01181	+0.025%	—	$6.8M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01179	−0.175%	$71K	$41K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01180	−0.127%	$128K	$410K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01182	+0.067%	$59K	$231K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0360%	1h	0.01186	+0.423%	$14K	$15K	50x	as long as short
Backpack W_USDC_PERP	+0.0508%	1h	0.01183	+0.135%	$44K	$44K	15x	as long as short
Kraken Futures PF_WUSD	+0.1689%	1h	0.01183	+0.197%	$147K	$183K	20x	as long as short