Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.003%

Price spread now: RISEx against Orderly+0.040%7-day average +0.020% · you sell dearer than you buy

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

Long on Orderly Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.040%, 7d avg +0.020%

Together, before fees−0.015%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. RISEx is 0.020% dearer against Orderly than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.020%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 3 days (−0.013% in total) that is about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,371	0.0100	pay 0.0100% / 8h	1h 29m	$2.4M	$8.6M	100x
Short	RISEx BTC/USDC	86,405.3	0.0006	get 0.0001% / 1h	29m 29s	$8.5M	$43.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$19.7
Price spread: +0.040% → +0.020%: $2.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$29.67
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; RISEx: 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 RISEx live order book, 5 min ago	0.66 bp	3.7 bp −$4	3.7 bp −$37	11.7 bp −$1,173	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
Bluefin BTC-PERP	−0.0469%	1h	86,381.1	+0.012%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	+0.020%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.035%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0076%	1h	86,495.5	+0.144%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,382.8	+0.014%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	+0.052%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,384.4	+0.015%	$850.7M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,411.2	+0.047%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,395.4	+0.028%	$921.6M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,364.7	−0.007%	$16.9M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.2	+0.064%	$36.8M	—	200x	as long as short
RISEx BTC/USDCshort	+0.0006%	1h	86,405.3	+0.040%	$8.5M	$43.2M	25x
Reya BTCRUSDPERP	+0.0022%	1h	86,392.3	+0.025%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.218%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,370.4	−0.001%	$149.2M	$476.1M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,407.9	+0.043%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,396.3	+0.029%	$2.94B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,390.4	+0.022%	$720K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,401.6	+0.035%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,397.8	+0.031%	$9.41B	$24.37B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,347.6	−0.027%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,399.9	+0.033%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,389.2	+0.021%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,365	−0.007%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,388.9	+0.021%	$171.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,397.6	+0.031%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	+0.034%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,386	+0.017%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	+0.054%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.6	+0.010%	$21.9M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,464.5	+0.108%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	+0.060%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,391.4	+0.024%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,402	+0.036%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.115%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.031%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.027%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.075%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.150%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.077%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.171%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.071%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,429.9	+0.068%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	+0.028%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,407	+0.042%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,371	long leg	$2.4M	$8.6M	100x
Derive BTC-PERP	+0.0100%	1h	86,364.3	−0.008%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.010%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,348	−0.027%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,390.7	+0.023%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,357.1	−0.016%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,414.3	+0.050%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,396.6	+0.030%	$191.5M	$942.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.039%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0213%	1h	86,377.9	+0.008%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,379	+0.009%	$9.7M	$730.3M	6.4x	as long as short