Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h +0.018%

Price spread now: GMX against Orderly+0.005%7-day average +0.040% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.005%, 7d avg +0.040%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.035% cheaper against Orderly than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.040%). If the spread goes back, that is −$4 on $10k: about 23 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.053% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,344.9	0.0100	pay 0.0100% / 8h	7h 13m	$2.4M	$9.1M	100x
Short	GMX BTC/USD [WBTC.b-USDC]	86,349.4	L +0.0207% / S −0.0222%	get 0.0028% / 1h	13m 44s	$14.5M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.005%Rate

Funding earned: $25.7
Price spread: +0.005% → +0.040%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $4.2
Costs to cover: 0.180%
Break-even: 5.9 days

Slippage unknown: Orderly: no order-book sample; GMX: 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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	−0.0129%	1h	86,239	−0.123%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,332	−0.015%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,328.2	−0.019%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0031%	1h	86,381.2	+0.042%	$145K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,320	−0.029%	$538K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,358.7	+0.016%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.015%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,318.1	−0.031%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,322	−0.026%	$500.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,294.9	−0.058%	$831.4M	$717.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,332.7	−0.014%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,283.8	−0.071%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,336.9	−0.009%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,269.6	−0.087%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,332.4	−0.015%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,343	−0.002%	$60.5M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,277.8	−0.078%	$5.10B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,282	−0.073%	$9.40B	$24.31B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.009%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.7	−0.052%	$170.4M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,306.9	−0.044%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,331	−0.016%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,302	−0.050%	$196K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,298.1	−0.054%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,313.9	−0.036%	$22.0M	$226.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362	+0.020%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,317.9	−0.031%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,285.6	−0.069%	$5.25B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,280.1	−0.075%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,277	−0.079%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,293.7	−0.059%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.231%	$580.3M	$59.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,311.6	−0.039%	$5.77B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,360	+0.017%	$35.6M	$160.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.138%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.2	−0.168%	$278.4M	$953.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,212.1	−0.154%	$216.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,240.1	−0.121%	$141.3M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,233.9	−0.129%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,365.5	+0.024%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.006%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,340.7	−0.005%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,344.9	long leg	$2.4M	$9.1M	100x
Derive BTC-PERP	+0.0100%	1h	86,360.5	+0.018%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,296.4	−0.056%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	−0.023%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,257.3	−0.101%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,319.8	−0.029%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,391.2	+0.054%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,381.6	+0.043%	$191.5M	$946.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	−0.032%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,320.9	−0.028%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.055%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.011%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0207% / S −0.0222%	1h	86,349.4	+0.005%	$14.5M	—	200x
Deribit BTC-PERPETUAL	+0.0232%	1h	86,397.4	+0.061%	$902.3M	$1.51B	50x	as long as short