Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.035%

Price spread now: Extended against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Extended is 0.028% cheaper against Orderly than usual: you would sell low and buy high (−$3 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	Orderly PERP_BASED_USDC	0.06796	0.0238	pay 0.0119% / 4h	32m 08s	$3K	$664	10x
Short	Extended BASED-USD	0.06794	0.0104	get 0.0013% / 1h	32m 08s	$1K	$199K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$28.22
Price spread: −0.028% → 0.000%: −$2.83
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$42.04
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 24 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 24 min ago	1.54 bp	50.9 bp −$51	288.0 bp −$2,880	doesn't fit	doesn't fit

Orderly: 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.

BASED on 15 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
BloFin BASED-USDT	+0.0043%	4h	0.06767	−0.427%	$257K	$47K	25x	as long as short
Aster BASEDUSDT	+0.0100%	4h	0.06789	−0.100%	$29K	$6K	5x	as long as short
Binance BASEDUSDT	+0.0100%	4h	0.06798	+0.022%	$4.2M	$3.1M	25x	as long as short
Bybit BASEDUSDT	+0.0100%	4h	0.06781	−0.221%	$2.1M	$700K	25x	as long as short
OKX BASED-USDT-SWAP	+0.0100%	4h	0.06797	+0.015%	$2.7M	$3.8M	20x	as long as short
Gate BASED_USDT	+0.0100%	4h	0.06786	−0.147%	$533K	$591K	50x	as long as short
MEXC BASED_USDT	+0.0100%	4h	0.06799	+0.044%	$4.8M	$592K	50x	as long as short
KuCoin BASEDUSDTM	+0.0100%	4h	0.06791	−0.074%	$576K	$74K	20x	as long as short
Bitget BASEDUSDT	+0.0100%	4h	0.06800	+0.059%	$1.3M	$363K	25x	as long as short
BingX BASED-USDT	+0.0100%	4h	0.06788	−0.118%	—	$1.7M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BASED	+0.0100%	4h	0.06745	−0.753%	$93K	$15K	—	as long as short
GRVT BASED_USDT_Perp	+0.0100%	4h	0.06777	−0.286%	$94K	$371K	10x	as long as short
SunX BASED-USDT	+0.0100%	4h	0.06794	−0.029%	$1K	$890K	20x	as long as short
Extended BASED-USDshort	+0.0104%	1h	0.06794	−0.028%	$1K	$199K	5x
Orderly PERP_BASED_USDClong	+0.0238%	4h	0.06796	long leg	$3K	$664	10x