Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.188%

Price spread now: Orderly against Bluefin−0.013%7-day average +0.022% · you buy dearer than you sell

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

Long on Bluefin Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.325%+$33 on $10k

Price spread, last 3 days (all we have)+0.025%+$3 · spread now −0.013%, 7d avg +0.022%

Together, before fees+0.350%+$35 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: Orderly is 0.034% cheaper against Bluefin than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,653.2	0.0100	pay 0.0013% / 1h	28m 11s	$141K	$619K	40x
Short	Orderly PERP_BTC_USDC	86,642.3	0.0100	get 0.0100% / 8h	2h 28m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bluefin. 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 BluefinbpFee OrderlybpOrdersPrice spread, now −0.013%Rate

Funding earned: $0
Price spread: −0.013% → +0.022%: −$3.42
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$16.42
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 61 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 Bluefin live order book, 61 min ago	1.02 bp	7.2 bp −$7	12.9 bp −$129	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
Aftermath Perps BTCUSD	−0.0235%	1h	86,626.7	−0.031%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,651.2	−0.002%	$428K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.081%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	−0.029%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	−0.031%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,655.1	+0.002%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,658.9	+0.007%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,618.9	−0.040%	$844.0M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,647.7	−0.006%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,644.8	−0.010%	$506.1M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,625.4	−0.032%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,642.3	−0.013%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,636.9	−0.019%	$149.9M	$471.4M	150x	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,634.6	−0.021%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.016%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,620.6	−0.038%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,649.8	−0.004%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,626.8	−0.031%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,649.7	−0.004%	$9.1M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,645.8	−0.009%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0076%	8h	86,672.3	+0.022%	$2.56B	$12.71B	100x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,664.3	+0.013%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.045%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,635.2	−0.021%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,639.7	−0.016%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	−0.016%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,632	−0.024%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,690.7	+0.043%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,638.1	−0.017%	$21.7M	$235.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,712	+0.068%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.7	+0.020%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,647	−0.007%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,710.7	+0.066%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.087%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.7	−0.024%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.076%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.036%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	−0.031%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	−0.054%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,686.9	+0.039%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,642	−0.013%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,627	−0.030%	$196K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,642.3	−0.013%	$2.5M	$8.5M	100x
Bluefin BTC-PERPlong	+0.0100%	1h	86,653.2	long leg	$141K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,636.1	−0.020%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,643.8	−0.011%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,619	−0.039%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,626.4	−0.031%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,610.9	−0.049%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,660.6	+0.009%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,651.4	−0.002%	$188.7M	$931.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,664.1	+0.013%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0126%	8h	86,660	+0.008%	$8.9M	$723.6M	6.4x	as long as short
BloFin BTC-USDT	+0.0174%	8h	86,596.5	−0.065%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,641.1	−0.014%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,636.4	−0.019%	$614K	$7.1M	30x	as long as short