Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h −0.001%

Price spread now: Extended against Orderly+0.050%7-day average −0.031% · you sell dearer than you buy

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.050%, 7d avg −0.031%

Together, before fees−0.014%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.081% dearer against Orderly than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,553.3	0.0100	pay 0.0100% / 8h	2h 43m	$2.5M	$8.5M	100x
Short	Extended BTC-USD	86,596.3	0.0104	get 0.0013% / 1h	43m 56s	$46.5M	$229.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0.87
Price spread: +0.050% → −0.031%: $8.09
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$2.04
Costs to cover: 0.110%
Break-even: 23.3 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 5 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 Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.8 bp −$276	8.1 bp −$4,036

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	86,584.3	+0.036%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0215%	1h	86,631.2	+0.090%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0109%	1h	86,607.2	+0.062%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	+0.044%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,559	+0.007%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,591.8	+0.044%	$845.5M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,593.4	+0.046%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,576.3	+0.027%	$937.8M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,579.7	+0.031%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,581.7	+0.033%	$505.4M	$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	86,549.4	−0.004%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,602.2	+0.056%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,604	+0.059%	$2.94B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,571.9	+0.021%	$149.4M	$470.6M	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,607	+0.062%	$5.19B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,538.9	−0.017%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,607	+0.062%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.206%	$315K	$26.8M	52x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,577.9	+0.028%	$9.2M	$42.1M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0063%	8h	86,610.8	+0.066%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,610	+0.066%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,610.9	+0.067%	$5.27B	$9.66B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.075%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,574.7	+0.025%	$172.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,569.1	+0.018%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,559	+0.007%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	+0.063%	$217.4M	$189.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,602.6	+0.057%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,558	+0.005%	$199K	$6.8M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,540	−0.015%	$60.4M	$336.5M	40x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,553.3	long leg	$2.5M	$8.5M	100x
Nado BTC-PERP	+0.0100%	1h	86,554.1	+0.001%	$21.7M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,637	+0.097%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,595.3	+0.049%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,558	+0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,637.7	+0.098%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.129%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,564.7	+0.013%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	+0.060%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	+0.053%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	+0.062%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,627.5	+0.086%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,562	+0.010%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,558.5	+0.006%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,562.1	+0.010%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,548.6	−0.005%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,558.3	+0.006%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,547.6	−0.007%	$2.30B	$956.7M	200x	as long as short
Extended BTC-USDshort	+0.0104%	1h	86,596.3	+0.050%	$46.5M	$229.1M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.5	+0.037%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,588	+0.040%	$8.9M	$723.3M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,578.5	+0.029%	$190.6M	$928.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,590.5	+0.043%	$131.7M	$5.87B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	+0.016%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,576.1	+0.026%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,604.1	+0.059%	$600K	$7.2M	30x	as long as short