Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Orderly+0.021%7-day average +0.003% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.021%, 7d avg +0.003%

Together, before fees−0.012%−$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	86,221.5	0.0100	pay 0.0100% / 8h	7h 16m	$2.4M	$9.0M	100x
Short	Polymarket Perps BTC-USD	86,240	0.0100	get 0.0013% / 1h	16m 09s	$11.1M	$14.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.003%: $1.85
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$12.15
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	1.57 bp	5.9 bp −$6	7.2 bp −$72	12.4 bp −$1,235	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	−0.0129%	1h	86,239	+0.020%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,206	−0.018%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0065%	1h	86,267.2	+0.053%	$144K	$667K	40x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,245.6	+0.028%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,263.3	+0.048%	$540K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,249.2	+0.032%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,243.1	+0.025%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.158%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0030%	8h	86,245.3	+0.028%	$500.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,259.6	+0.044%	$831.2M	$718.5M	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	86,231.2	+0.011%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,234.5	+0.015%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,250.5	+0.034%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,260.5	+0.045%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,258	+0.042%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,233.6	+0.014%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,252.1	+0.035%	$5.09B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,258.3	+0.043%	$9.40B	$24.32B	150x	as long as short
Gate BTC_USDT	+0.0093%	8h	86,235.8	+0.017%	$5.76B	$10.60B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,271.6	+0.058%	$170.4M	$990.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,280.8	+0.069%	$23.6M	$151.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,239	+0.020%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,220	−0.002%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,278	+0.065%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,250	+0.033%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,313	+0.106%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,280.9	+0.069%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,261.7	+0.047%	$5.25B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,268.9	+0.055%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,234	+0.014%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,268.1	+0.054%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.088%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,200.7	−0.024%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	+0.005%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	+0.061%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	+0.064%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	+0.072%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.5	−0.020%	$30.6M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,278.4	+0.066%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,240	+0.021%	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	86,234.6	+0.015%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,221.5	long leg	$2.4M	$9.0M	100x
Derive BTC-PERP	+0.0100%	1h	86,262.1	+0.047%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,207.5	−0.016%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,239.1	+0.020%	$2.29B	$959.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,265.8	+0.051%	$155.2M	$473.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,225.6	+0.005%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,210	−0.013%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,300	+0.091%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,294.7	+0.085%	$191.3M	$947.1M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,215.3	−0.007%	$712K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,303	+0.095%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,184.8	−0.043%	$415.3M	$641.0M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,277	+0.064%	$10.5M	$765.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,247	+0.030%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0208%	1h	86,308.4	+0.101%	$902.2M	$1.51B	50x	as long as short