Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC−0.0347%/8h= −37.9% APRpaid last 24h +0.050%

Price spread now: Orderly against Perpl−0.026%55s7-day average −0.013% · you buy dearer than you sell

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

Long on Perpl Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 4 days (all we have)−0.139%−$14 · spread now −0.026%, 7d avg −0.013%

Together, before fees−0.399%+ Points / potential airdropPerpl: Active · farm board−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl BTC	85,825	0.0447	pay 0.0040% / 43m	3m 34s	$509K	$19.3M	6.7x
Short	Orderly PERP_BTC_USDC	85,803.1	0.0100	get 0.0100% / 8h	5h 15m	$2.4M	$8.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Perpl. 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 PerplbpFee OrderlybpOrdersPrice spread, now −0.026%Rate

Funding earned: −$72.77
Price spread: −0.026% → −0.013%: −$1.28
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$93.84
Costs to cover: 0.198%
Break-even: never at this rate

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

Perpl and 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	−0.0785%	1h	85,850.8	+0.030%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,753	−0.084%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,815	−0.012%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,789.3	−0.042%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.064%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	−0.032%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,760.5	−0.075%	$918.5M	$751.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,825.7	+0.001%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.044%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,775.8	−0.057%	$516.8M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0056%	8h	85,785.7	−0.046%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,790.9	−0.040%	$2.96B	$5.01B	150x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,801.5	−0.027%	$148.8M	$479.8M	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,782.3	−0.050%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.021%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,803.8	−0.025%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,771.4	−0.062%	$5.05B	$5.64B	500x	as long as short
HTX BTC-USDT	+0.0087%	8h	85,805.5	−0.023%	$2.27B	$935.8M	200x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,786.2	−0.045%	$9.36B	$23.87B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,786.9	−0.044%	$170.2M	$995.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,790.6	−0.040%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.043%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	85,817	−0.009%	$60.1M	$336.1M	40x	as long as short
SunX BTC-USDT	+0.0098%	8h	85,769.7	−0.064%	$2.9M	$6.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,815.4	−0.011%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,758	−0.078%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,871	+0.054%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,808.4	−0.019%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,798.1	−0.031%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,806.3	−0.022%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.064%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,755.2	−0.081%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,788.9	−0.042%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,794.9	−0.035%	$35.2M	$172.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	−0.021%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,742.6	−0.096%	$280.1M	$921.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,770.9	−0.063%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,773.2	−0.060%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,781	−0.051%	$30.3M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,839.2	+0.017%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,787	−0.044%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,814	−0.013%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,803.1	−0.026%	$2.4M	$8.8M	100x
Derive BTC-PERP	+0.0100%	1h	85,810.6	−0.017%	$30.1M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.167%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,762	−0.073%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,787.3	−0.044%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.6	+0.039%	$129.4M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,811.9	−0.015%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,841.2	+0.019%	$189.0M	$951.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,858.8	+0.039%	$891.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,776.7	−0.056%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,832.7	+0.009%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,820.5	−0.005%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,821	−0.005%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTClong	+0.0447%	43m	85,825	long leg	$509K	$19.3M	6.7x