Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.037%

Price spread now: Orderly against Hibachi+0.035%7-day average −0.043% · you sell dearer than you buy

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

Long on Hibachi Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 3 days (all we have)−0.099%−$10 · spread now +0.035%, 7d avg −0.043%

Together, before fees−0.382%+ Points / potential airdropHibachi: Active · farm board−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.078% dearer against Hibachi than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.043%. Mind the row above: over the last 7 days funding on this pair cost −0.284%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,390.4	0.0056	pay 0.0007% / 1h	29m 20s	$720K	$8.2M	30x
Short	Orderly PERP_BTC_USDC	86,420.3	0.0100	get 0.0100% / 8h	1h 29m	$2.4M	$8.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hibachi. 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 HibachibpFee OrderlybpOrdersPrice spread, now +0.035%Rate

Funding earned: $9.24
Price spread: +0.035% → −0.043%: $7.78
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.02
Costs to cover: 0.150%
Break-even: 5.5 days

Slippage unknown: Hibachi: live order book, 5 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 Hibachi live order book, 5 min ago	0.01 bp	4.9 bp −$5	5.0 bp −$50	64.2 bp −$6,420	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
Bluefin BTC-PERP	−0.0438%	1h	86,428.9	+0.045%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	−0.003%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.057%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0076%	1h	86,495.5	+0.122%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,403.8	+0.016%	$504.2M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	+0.029%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,384.4	−0.007%	$850.7M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,411.2	+0.024%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,444.5	+0.063%	$921.5M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.030%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.2	+0.041%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,405.3	+0.017%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,392.3	+0.002%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.195%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,412.1	+0.025%	$149.1M	$476.2M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,396.7	+0.007%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,412	+0.025%	$2.95B	$5.09B	150x	as long as short
Hibachi BTC/USDT-Plong	+0.0056%	1h	86,390.4	long leg	$720K	$8.2M	30x
Aevo BTC-PERP	+0.0056%	1h	86,403.2	+0.015%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,401.6	+0.013%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,409.2	+0.022%	$9.41B	$24.37B	150x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,403.6	+0.015%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,414.3	+0.028%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0094%	1h	86,413	+0.026%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,420	+0.034%	$171.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,431.2	+0.047%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	+0.011%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,386	−0.005%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	+0.031%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.6	−0.012%	$21.9M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,464.5	+0.086%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	+0.037%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,411	+0.024%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,402	+0.013%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.093%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.054%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.049%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.052%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.127%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.055%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.148%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.048%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,429.9	+0.046%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	+0.005%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,407	+0.019%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,420.3	+0.035%	$2.4M	$8.6M	100x
Derive BTC-PERP	+0.0100%	1h	86,410.7	+0.023%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,409.1	+0.022%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,391.9	+0.002%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,396.2	+0.007%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,399	+0.010%	—	$98.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,456.7	+0.077%	$131.9M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,441.1	+0.059%	$191.5M	$942.8M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,415	+0.028%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,421.5	+0.036%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,416	+0.030%	$9.7M	$730.7M	6.4x	as long as short