Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.009%

Price spread now: Aevo against Orderly−0.022%7-day average −0.016% · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)+0.010%+$1 · spread now −0.022%, 7d avg −0.016%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,428.5	0.0100	pay 0.0100% / 8h	57m 25s	$2.4M	$8.7M	100x
Short	Aevo BTC-PERP	86,409.7	0.0064	get 0.0008% / 1h	57m 25s	$2.4M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.022%Rate

Funding earned: −$7.56
Price spread: −0.022% → −0.016%: −$0.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$30.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aevo: live order book, 2 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo live order book, 2 min ago	0.90 bp	10.2 bp −$10	11.3 bp −$113	13.1 bp −$1,311	doesn't fit

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
Phoenix BTC	−0.0159%	1h	86,352	−0.089%	$2.2M	$11.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,425	−0.004%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.005%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,439.8	+0.013%	$8.4M	$42.8M	25x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,459.9	+0.036%	$503.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,453.6	+0.029%	$358K	$2.5M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.7	+0.065%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,430.7	+0.003%	$849.3M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0022%	1h	86,450.9	+0.026%	$916.9M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,448.4	+0.023%	$6.7M	$145.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0040%	8h	86,471.1	+0.049%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,423	−0.006%	$149.7M	$477.6M	150x	as long as short
Bitget BTCUSDT	+0.0050%	8h	86,458.6	+0.035%	$2.96B	$5.12B	150x	as long as short
Aevo BTC-PERPshort	+0.0064%	1h	86,409.7	−0.022%	$2.4M	$1.3M	20x
MEXC BTC_USDT	+0.0067%	8h	86,462.1	+0.039%	$5.12B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,473	+0.051%	$9.42B	$24.51B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,427.2	−0.002%	$5.84B	$10.68B	200x	as long as short
dYdX BTC-USD	+0.0082%	1h	86,452.4	+0.028%	$17.0M	$21.1M	50x	as long as short
Aftermath Perps BTCUSD	+0.0082%	1h	86,424.1	−0.005%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,440.5	+0.014%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,445.5	+0.020%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,443	+0.017%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,444.9	+0.019%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,417	−0.013%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,460.4	+0.037%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.3	+0.001%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,518	+0.104%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,462	+0.039%	$41.1M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,453.9	+0.029%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,441	+0.014%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,471.4	+0.050%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.053%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,424.2	−0.005%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.105%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	−0.041%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.093%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	−0.037%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432.8	+0.005%	$30.7M	$204.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,492.3	+0.074%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,451	+0.026%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,473.5	+0.052%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,428.5	long leg	$2.4M	$8.7M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,453.1	+0.028%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,454	+0.030%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,419.1	−0.011%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,414	−0.017%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,405.6	−0.026%	$2.29B	$969.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,418.6	−0.011%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,470.3	+0.048%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,438.8	+0.012%	$192.1M	$947.6M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,446.9	+0.021%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,452.9	+0.028%	$132.1M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468.3	+0.046%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0188%	8h	86,418.8	−0.011%	$414.8M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0189% / S −0.0213%	1h	86,438.9	+0.012%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,457	+0.033%	$9.7M	$737.7M	6.4x	as long as short