Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h −0.021%

Price spread now: Orderly against Aftermath Perps−0.052%7-day average −0.024% · you buy dearer than you sell

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

Long on Aftermath Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now −0.052%, 7d avg −0.024%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.028% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of −0.024%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.038% in total (about -4.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,860.1	−0.0185	get 0.0023% / 1h	54m 33s	$85K	$188K	20x
Short	Orderly PERP_BTC_USDC	86,814.9	0.0097	get 0.0097% / 8h	2h 54m	$2.5M	$8.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aftermath Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Aftermath PerpsbpFee OrderlybpOrdersPrice spread, now −0.052%Rate

Funding earned: $59.32
Price spread: −0.052% → −0.024%: −$2.81
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $41.51
Costs to cover: 0.150%
Break-even: 2.1 days

Slippage unknown: Aftermath Perps: live order book, 34 min ago; Orderly: no order-book sample. 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 Aftermath Perps live order book, 34 min ago	0.00 bp	15.8 bp −$16	28.2 bp −$282	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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.

BTC on 56 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
Perpl BTC	−0.0335%	43m	86,699.6	−0.185%	$425K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSDlong	−0.0185%	1h	86,860.1	long leg	$85K	$188K	20x
Phoenix BTC	−0.0123%	1h	86,795	−0.075%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0094%	1h	86,758.8	−0.117%	$18.1M	$19.9M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,667	−0.222%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,676.7	−0.211%	$843.6M	$704.8M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,688.9	−0.197%	$362K	$2.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,799	−0.070%	$8.9M	$724.7M	6.4x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,840.4	−0.023%	$922.7M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,822	−0.044%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0008%	1h	86,782	−0.090%	$160K	$575K	40x	as long as short
Phemex BTCUSDT	+0.0016%	8h	86,792.7	−0.078%	$149.5M	$468.6M	150x	as long as short
Aster BTCUSDT	+0.0017%	8h	86,690.7	−0.195%	$506.1M	$1.16B	200x	as long as short
BingX BTC-USDT	+0.0019%	8h	86,663.7	−0.226%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,669.3	−0.220%	$6.8M	$143.8M	40x	as long as short
Bitget BTCUSDT	+0.0025%	8h	86,678.6	−0.209%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,687.9	−0.198%	$5.20B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0046%	8h	86,663	−0.227%	$9.45B	$24.34B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,794.6	−0.075%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.143%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0055%	8h	86,660	−0.230%	$2.58B	$12.72B	100x	as long as short
Gate BTC_USDT	+0.0062%	8h	86,660.2	−0.230%	$5.85B	$10.53B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,682.2	−0.205%	$9.2M	$41.9M	25x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,662.7	−0.227%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	−0.077%	$161.2M	$563.4M	—	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,800	−0.069%	$60.6M	$336.5M	40x	as long as short
GRVT BTC_USDT_Perp	+0.0094%	8h	86,810.6	−0.057%	$218.0M	$191.1M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,731.5	−0.148%	$172.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,723.4	−0.157%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,663	−0.227%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDCshort	+0.0097%	8h	86,814.9	−0.052%	$2.5M	$8.4M	100x
Paradex BTC-USD-PERP	+0.0100%	8h	86,724.3	−0.156%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,659	−0.231%	$194K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,713.7	−0.169%	$22.0M	$237.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,735	−0.144%	$3.85B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,729.7	−0.150%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,673	−0.215%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,740.6	−0.138%	$7.5M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,919.5	+0.068%	$573.8M	$23.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,807.6	−0.060%	$38.4M	$147.9M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,804.8	−0.064%	$280.4M	$944.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,805.9	−0.062%	$142.0M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,756.7	−0.119%	$30.9M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,746.4	−0.131%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,668	−0.221%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,680.9	−0.206%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,802.3	−0.066%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,802.8	−0.066%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,793.2	−0.077%	$2.31B	$954.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,639.3	−0.254%	$46.3M	$228.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,766.6	−0.108%	—	$97.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,839.4	−0.024%	$193.2M	$926.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,847	−0.015%	$132.3M	$5.94B	50x	as long as short
BloFin BTC-USDT	+0.0166%	8h	86,801	−0.068%	$420.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,817.3	−0.049%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,798.4	−0.071%	$752K	$7.0M	30x	as long as short