OKX vs Risex Funding Arbitrage
25 shared markets · net of estimated fees · updated every few minutesOKX and Risex both quote 25 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is DRAM — long Risex / short OKX at 176.6% net APR — but the median across all shared markets is 11.6%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 10 markets go long on OKX and 15 on Risex. 18 markets clear 5% net APR, 14 clear 10%.
How this pair behaves
OKX pays funding every 8h on 204 markets and every 4h on 136 markets; Risex pays every 1h on 43 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. OKX quotes 341 perpetual markets in total and Risex quotes 43; the 25 they share are what this page ranks. Across its own book OKX runs a median funding rate of 0.0% and Risex 0.0%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 25 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| KORU | Risex | OKX | 322.9% | 326.3% | -10.1% | $131K |
| DRAM | Risex | OKX | 176.6% | 179.0% | +1.3% | $1.1M |
| MU | Risex | OKX | 107.5% | 109.3% | -5.8% | $785K |
| CL | OKX | Risex | 37.0% | 39.3% | +7.9% | $2.0M |
| ZRO | OKX | Risex | 35.1% | 37.1% | +25.0% | $624K |
| STRK | OKX | Risex | 32.4% | 35.1% | +25.7% | $175K |
| INTC | Risex | OKX | 32.2% | 34.2% | +5.3% | $321K |
| SKHYNIX | Risex | OKX | 29.6% | 31.6% | -4.2% | $1.2M |
| ARB | OKX | Risex | 29.5% | 31.7% | +4.4% | $243K |
| WLD | OKX | Risex | 20.4% | 22.9% | +1.4% | $787K |
| BZ | OKX | Risex | 17.4% | 19.4% | -11.2% | $1.2M |
| ZEC | Risex | OKX | 15.4% | 17.1% | +9.8% | $1.9M |
| XAU | Risex | OKX | 11.6% | 13.3% | +2.6% | $11.4M |
| ETH | OKX | Risex | 10.9% | 12.5% | -5.1% | $9.8M |
| ENA | Risex | OKX | 7.9% | 10.2% | +5.1% | $148K |
| SOL | Risex | OKX | 7.9% | 9.7% | +7.3% | $1.3M |
| NEAR | OKX | Risex | 5.9% | 8.2% | +2.5% | $1.9M |
| AAVE | Risex | OKX | 5.5% | 7.6% | +3.2% | $126K |
| PUMP | Risex | OKX | 4.8% | 6.9% | -4.2% | $616K |
| AERO | OKX | Risex | 3.3% | 5.5% | -16.6% | $361K |
| MSTR | Risex | OKX | 2.8% | 5.1% | +1.3% | $524K |
| ONDO | Risex | OKX | 2.5% | 4.8% | -2.0% | $160K |
| BNB | Risex | OKX | 2.4% | 4.4% | -3.1% | $897K |
| MON | OKX | Risex | 1.1% | 4.4% | +10.3% | $198K |
| TAO | Risex | OKX | 0.9% | 3.3% | +7.9% | $198K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
OKX vs Risex — FAQ
How many markets can you arbitrage between OKX and Risex?
25 perpetual markets are quoted on both OKX and Risex right now. 18 of them show a net spread of at least 5% APR after estimated fees, and 9 have at least $1M of 24h volume on the smaller leg.
What is the best OKX / Risex funding spread right now?
DRAM: long Risex and short OKX for about 176.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 25 shared markets is 11.6%, so the top of the list is not typical.
Which side pays on the OKX / Risex pair?
It varies by market: OKX is the long (funding-receiving) leg in 10 of the shared markets and Risex in the other 15. The direction is set per market by which venue currently prices funding lower.
Trading the OKX / Risex spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: OKX funding rates · Risex funding rates; the full calculation is in the methodology.