Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.034%

Price spread now: 01 Exchange against Orderly−0.002%7-day average +0.018% · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.106%−$11 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.002%, 7d avg +0.018%

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

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,740.6	0.0100	pay 0.0100% / 8h	6h 26m	$2.4M	$9.0M	100x
Short	01 Exchange BTCUSD	85,738.5	−0.0064	pay 0.0008% / 1h	26m 51s	$364K	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.002%Rate

Funding earned: −$34.44
Price spread: −0.002% → +0.018%: −$2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$49.44
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: live order book, 2 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 01 Exchange live order book, 2 min ago	0.01 bp	5.2 bp −$5	9.1 bp −$91	doesn't fit	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	85,735	−0.007%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,780	+0.046%	$8K	$3K	50x	as long as short
01 Exchange BTCUSDshort	−0.0064%	1h	85,738.5	−0.002%	$364K	$2.4M	50x
Perpl BTC	0.0000%	43m	85,792.2	+0.060%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	+0.013%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,754.9	+0.017%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.058%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,726.5	−0.016%	$903.2M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,727.2	−0.016%	$509.5M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,774.5	+0.040%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,736.1	−0.005%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,744.4	+0.004%	$6.7M	$146.2M	40x	as long as short
Nado BTC-PERP	+0.0059%	1h	85,764.9	+0.028%	$22.6M	$228.5M	50x	as long as short
HTX BTC-USDT	+0.0064%	8h	85,731	−0.011%	$2.27B	$947.9M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,717.3	−0.027%	$2.94B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	+0.014%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,732	−0.010%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,725.7	−0.017%	$5.07B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,739.8	−0.001%	$9.34B	$24.37B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,737.6	−0.003%	$170.3M	$989.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,737.4	−0.004%	$23.6M	$146.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,751	+0.012%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,725	−0.018%	$204K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,723.8	−0.020%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,793	+0.061%	$3.76B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,792.6	+0.061%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,755	+0.017%	$5.30B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,756.1	+0.018%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	+0.034%	$3.9M	$18.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,730.2	−0.012%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,735.8	−0.006%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,724.9	−0.018%	$35.3M	$164.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.117%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.023%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.034%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	−0.011%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,803.6	+0.073%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,749	+0.010%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,752	+0.013%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,740.6	long leg	$2.4M	$9.0M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,766.7	+0.030%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,740.2	0.000%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,726.4	−0.017%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,736	−0.005%	$60.0M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,730.6	−0.012%	$153.6M	$480.4M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.179%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,696.4	−0.052%	$44.0M	$228.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.2	+0.044%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,765.4	+0.029%	$131.1M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	+0.041%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,748.7	+0.009%	$188.8M	$964.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,773.6	+0.038%	$894.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,708.8	−0.037%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,758.7	+0.021%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,777	+0.042%	$10.1M	$770.1M	6.4x	as long as short