Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.009%

Price spread now: Orderly against Coinbase International−0.038%7-day average −0.043% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.038%, 7d avg −0.043%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,389.1	0.0112	pay 0.0014% / 1h	11m 31s	$131.3M	$5.69B	50x
Short	Orderly PERP_BTC_USDC	86,356.2	0.0100	get 0.0100% / 8h	1h 11m	$2.4M	$8.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.038%Rate

Funding earned: −$2.52
Price spread: −0.038% → −0.043%: $0.53
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.99
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 3 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 Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$540	11.0 bp −$5,485
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
Bluefin BTC-PERP	−0.0656%	1h	86,373.6	−0.018%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	−0.038%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,328	−0.071%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,332.1	−0.066%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,320.9	−0.079%	$503.0M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,384.7	−0.005%	$917.8M	$1.49B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,327	−0.072%	$850.6M	$712.2M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,371.6	−0.020%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	−0.041%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,333.3	−0.065%	$8.4M	$42.8M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,314	−0.087%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.034%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,336	−0.061%	—	$1.59B	—	as long as short
Aftermath Perps BTCUSD	+0.0038%	1h	86,428	+0.045%	$81K	$218K	20x	as long as short
Phemex BTCUSDT	+0.0041%	8h	86,357.1	−0.037%	$150.1M	$476.7M	150x	as long as short
Bitget BTCUSDT	+0.0046%	8h	86,320	−0.080%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,331.1	−0.067%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,324.5	−0.075%	$9.41B	$24.44B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,345	−0.051%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,335.5	−0.062%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,328	−0.071%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,344	−0.052%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,350.3	−0.045%	$24.1M	$152.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,326	−0.073%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,309	−0.093%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,370.3	−0.022%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,338	−0.059%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,399	+0.011%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,367.9	−0.025%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,334.6	−0.063%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,342	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,384.7	−0.005%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.127%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,337.9	−0.059%	$37.8M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	+0.007%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	−0.045%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	−0.036%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	−0.041%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	−0.011%	$30.7M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,372.2	−0.020%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,332	−0.066%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,357	−0.037%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,356.2	−0.038%	$2.4M	$8.7M	100x
Derive BTC-PERP	+0.0100%	1h	86,366.6	−0.026%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,349.3	−0.046%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,350	−0.045%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,346.3	−0.050%	$2.29B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,315.3	−0.085%	$45.6M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,371.2	−0.021%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,372.8	−0.019%	$421K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	86,389.1	long leg	$131.3M	$5.69B	50x
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	+0.002%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,372.4	−0.019%	$191.1M	$944.0M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,353.7	−0.041%	$414.2M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0213%	1h	86,365.2	−0.028%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,386	−0.004%	$9.8M	$734.6M	6.4x	as long as short