Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.023%

Price spread now: Orderly against GMX+0.005%7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.005%, 7d avg −0.038%

Together, before fees−0.109%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.043% dearer against GMX than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.038%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	85,340.4	L +0.0174% / S −0.0149%	pay 0.0022% / 1h	59m 00s	$13.0M	—	200x
Short	Orderly PERP_BTC_USDC	85,344.5	0.0100	get 0.0100% / 8h	7h 59m	$2.6M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.005%Rate

Funding earned: −$15.54
Price spread: +0.005% → −0.038%: $4.27
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.27
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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 55 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
Hotstuff BTC-PERP	−0.0080%	1h	85,351	+0.012%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,341	+0.001%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,343.9	+0.004%	$421.7M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,364	+0.028%	$311K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,335.5	−0.006%	$345K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,370.8	+0.036%	$929.9M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,345	+0.005%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,376.5	+0.042%	$502.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,321.7	−0.022%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,350.5	+0.012%	$186.2M	$954.5M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0069%	8h	85,396	+0.065%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUAL	+0.0081%	1h	85,370.6	+0.035%	$829.4M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,378.5	+0.045%	$169.6M	$935.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,353.5	+0.015%	$23.6M	$133.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,331	−0.011%	$8.4M	$57.8M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,333.4	−0.008%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,273.7	−0.078%	$138.0M	$312.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,358.3	+0.021%	$5.7M	$9.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,299.9	−0.047%	$24.0M	$219.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.9	+0.023%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,385.1	+0.052%	$9.41B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,401.4	+0.072%	$5.09B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,406.5	+0.078%	$2.61B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,338	−0.003%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,369	+0.034%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.099%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,377.9	+0.044%	$5.46B	$9.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,382.6	+0.050%	$5.03B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,381.9	+0.049%	$2.98B	$5.19B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,362.9	+0.026%	$36.9M	$191.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.087%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.085%	$282.8M	$959.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,283.5	−0.067%	$214.0M	$159.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.082%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,403.9	+0.075%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,315	−0.030%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,346.3	+0.007%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,344.5	+0.005%	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,383.4	+0.050%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,339	−0.002%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,338	−0.003%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,336	−0.005%	$2.26B	$976.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,365.2	+0.029%	$159.3M	$516.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,359.2	+0.022%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,306.1	−0.040%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,381.3	+0.048%	$111.8M	$5.47B	50x	as long as short
Derive BTC-PERP	+0.0133%	1h	85,433.6	+0.109%	$28.8M	$46.9M	15x	as long as short
Reya BTCRUSDPERP	+0.0145%	1h	85,330.6	−0.011%	$6.6M	$140.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,355	+0.017%	$11.9M	$737.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0174% / S −0.0149%	1h	85,340.4	long leg	$13.0M	—	200x
RISEx BTC/USDC	+0.0194%	1h	85,376.1	+0.042%	$8.9M	$42.9M	25x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,298.8	−0.049%	$81K	$249K	20x	as long as short
Hyperliquid BTC	+0.0292%	1h	85,456	+0.136%	$3.79B	$5.11B	40x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,302.6	−0.044%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,378.6	+0.045%	$464K	$18.4M	6.7x	as long as short