Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Hyperliquid against Orderly+0.071%7-day average +0.076% · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.071%, 7d avg +0.076%

Together, before fees+0.007%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,575.3	0.0100	pay 0.0100% / 8h	6h 33m	$2.4M	$9.1M	100x
Short	Hyperliquid BTC	85,636	0.0100	get 0.0013% / 1h	33m 13s	$3.76B	$5.00B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.071%Rate

Funding earned: $0
Price spread: +0.071% → +0.076%: −$0.51
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.2 bp −$523	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 55 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	−0.0144%	1h	85,641	+0.077%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,666	+0.106%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,541.1	−0.040%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,578.4	+0.004%	$516K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,611.9	+0.043%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,563.6	−0.014%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.135%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,580.8	+0.006%	$496.2M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	85,553.4	−0.026%	$900.8M	$756.4M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	+0.023%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,571.3	−0.005%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,553.9	−0.025%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,566	−0.011%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,534.2	−0.048%	$2.27B	$954.7M	200x	as long as short
Nado BTC-PERP	+0.0068%	1h	85,580.9	+0.006%	$22.6M	$229.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,565.1	−0.012%	$2.94B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,563.3	−0.014%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,575.2	0.000%	$5.61B	$10.50B	200x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,573.7	−0.002%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,560.8	−0.017%	$9.31B	$24.50B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,558	−0.020%	$169.3M	$985.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,564.6	−0.013%	$23.2M	$146.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,563	−0.014%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.059%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,560.1	−0.018%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,636	+0.071%	$3.76B	$5.00B	40x
Pacifica BTC	+0.0100%	1h	85,604	+0.034%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,575.3	0.000%	$5.29B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,575.3	0.000%	$2.53B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,556	−0.023%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,538.2	−0.043%	$7.2M	$98.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,650.7	+0.088%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	+0.051%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	+0.006%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,597.4	+0.026%	$214.9M	$168.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,582.3	+0.008%	$30.3M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,643.5	+0.080%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,569	−0.007%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,574.4	−0.001%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,575.3	long leg	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,608.7	+0.039%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,571.7	−0.004%	$29.9M	$57.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.063%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,569	−0.007%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,553.1	−0.026%	$153.1M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	+0.014%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,542.6	−0.038%	$44.0M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,595.7	+0.024%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,587.3	+0.014%	$130.7M	$5.21B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,594.4	+0.022%	$894.0M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,673.6	+0.115%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,569.5	−0.007%	$188.5M	$966.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	85,637.1	+0.072%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,579.1	+0.004%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	85,610	+0.041%	$10.0M	$771.1M	6.4x	as long as short