Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h +0.010%

Price spread now: Orderly against Kraken Futures−0.015%7-day average −0.017% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.015%, 7d avg −0.017%

Together, before fees+0.045%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,842.7	0.0116	pay 0.0015% / 1h	24m 20s	$188.8M	$932.9M	100x
Short	Orderly PERP_BTC_USDC	86,829.6	0.0100	get 0.0100% / 8h	2h 24m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.015%Rate

Funding earned: −$3.41
Price spread: −0.015% → −0.017%: $0.18
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$19.23
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: 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 Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	7.3 bp −$726	9.4 bp −$4,719
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	−0.0236%	1h	86,700	−0.164%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,815.1	−0.032%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.299%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,781	−0.071%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0071%	1h	86,784.5	−0.067%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,822.9	−0.023%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,844.3	+0.002%	$934.6M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,773.9	−0.079%	$849.3M	$706.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,831	−0.013%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,790.8	−0.060%	$506.9M	$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	86,799.1	−0.050%	$6.8M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,754	−0.102%	$150.3M	$471.5M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,802.8	−0.046%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,809	−0.039%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.235%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0056%	8h	86,802.8	−0.046%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,811.2	−0.036%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,810.2	−0.037%	$9.45B	$24.34B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,802.1	−0.047%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,813.4	−0.034%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0080%	8h	86,819.9	−0.026%	$2.56B	$12.75B	100x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,815	−0.032%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,806.9	−0.041%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,812.2	−0.035%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,790	−0.061%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.133%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,780	−0.072%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,838	−0.005%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,799.9	−0.049%	$21.8M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,864	+0.025%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,822.1	−0.024%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,791	−0.059%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,861.5	+0.022%	$7.6M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.305%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,766.3	−0.088%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.217%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.191%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.179%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.130%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,835.8	−0.008%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,800	−0.049%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,811	−0.036%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,829.6	−0.015%	$2.5M	$8.5M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,841.9	−0.001%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,818.2	−0.028%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,790.9	−0.060%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,810	−0.038%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,750	−0.107%	$2.30B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,803.5	−0.045%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,820.2	−0.026%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0116%	1h	86,842.7	long leg	$188.8M	$932.9M	100x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,861.3	+0.021%	$132.2M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,788	−0.063%	$9.6M	$726.0M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.105%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,826.4	−0.019%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.069%	$618K	$7.1M	30x	as long as short