Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0051%/8h= +5.5% APRpaid last 24h +0.024%

Price spread now: Orderly against Injective−0.166%7-day average −0.018% · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 3 days (all we have)+0.204%+$20 · spread now −0.166%, 7d avg −0.018%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.149% cheaper against Injective than usual: you would sell low and buy high (spread −0.166% now, against its 7-day average of −0.018%). If the spread goes back, that is −$15 on $10k: about 9.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,732	0.0049	pay 0.0006% / 1h	44m 40s	$315K	$26.8M	52x
Short	Orderly PERP_BTC_USDC	86,587.9	0.0100	get 0.0100% / 8h	2h 44m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.166%Rate

Funding earned: $10.63
Price spread: −0.166% → −0.018%: −$14.86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.25
Costs to cover: 0.060%
Break-even: 13.8 days

Slippage unknown: Injective: 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 Injective live order book, 5 min ago	3.41 bp	3.7 bp −$4	13.2 bp −$132	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	86,600.4	−0.152%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0213%	1h	86,645	−0.100%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0109%	1h	86,607.2	−0.144%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	−0.163%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	−0.199%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,559.4	−0.199%	$845.6M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,593.4	−0.160%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,603.3	−0.148%	$938.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,593	−0.160%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,543.9	−0.217%	$505.2M	$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	86,565.3	−0.192%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,560.1	−0.198%	—	$1.60B	—	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,568	−0.189%	$149.4M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,554.4	−0.205%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,558.1	−0.201%	$5.18B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,567.1	−0.190%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,558.1	−0.201%	$9.43B	$24.28B	150x	as long as short
Injective BTC/USDC PERPlong	+0.0049%	1h	86,732	long leg	$315K	$26.8M	52x
RISEx BTC/USDC	+0.0063%	1h	86,577.9	−0.178%	$9.2M	$42.1M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0063%	8h	86,567.9	−0.189%	$2.57B	$12.69B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,563.3	−0.194%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,558	−0.201%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	−0.131%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,570.3	−0.186%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.4	−0.171%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	−0.199%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	−0.143%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,587.9	−0.166%	$2.5M	$8.5M	100x
Paradex BTC-USD-PERP	+0.0100%	8h	86,602.6	−0.149%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,558	−0.201%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	−0.192%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638	−0.108%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,595.3	−0.158%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,558	−0.201%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,637.7	−0.109%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	−0.077%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.8	−0.190%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	−0.146%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	−0.153%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	−0.144%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	−0.109%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	−0.186%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.4	−0.190%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,593.8	−0.159%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.1	−0.181%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.5	−0.195%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	−0.190%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,565.8	−0.192%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,548.6	−0.211%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,592.8	−0.160%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,603	−0.149%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,594.9	−0.158%	$190.9M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,615.6	−0.134%	$131.8M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	−0.190%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,588.8	−0.165%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	−0.100%	$600K	$7.2M	30x	as long as short