Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h +0.017%

Price spread now: Orderly against Phoenix+0.042%66s7-day average −0.031% · you sell dearer than you buy

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.042%, 7d avg −0.031%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Orderly is 0.073% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.031%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.122% in total (about 6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,579	−0.0103	get 0.0013% / 1h	45m 52s	$2.2M	$12.4M	40x
Short	Orderly PERP_BTC_USDC	86,615.1	0.0099	get 0.0099% / 8h	2h 45m	$2.5M	$8.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. 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 PhoenixbpFee OrderlybpOrdersPrice spread, now +0.042%Rate

Funding earned: $42.51
Price spread: +0.042% → −0.031%: $7.27
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $36.78
Costs to cover: 0.130%
Break-even: 0.9 days

Slippage unknown: Phoenix: live order book, 3 min ago; 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 Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,193	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Perpl BTC	−0.0335%	43m	86,626.3	+0.055%	$432K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0208%	1h	86,662	+0.096%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0105%	1h	86,651.2	+0.083%	$18.0M	$20.0M	50x	as long as short
Phoenix BTClong	−0.0103%	1h	86,579	long leg	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,620	+0.047%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,573.9	−0.006%	$846.2M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,643.5	+0.074%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,626.8	+0.055%	$938.6M	$1.42B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,631	+0.060%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,573.7	−0.006%	$505.4M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,602.6	+0.027%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,572.7	−0.007%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,592.1	+0.015%	$149.4M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,561.6	−0.020%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,587	+0.009%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,596.8	+0.021%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,567.5	−0.013%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.177%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,573.1	−0.007%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,639.7	+0.070%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,584	+0.006%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,565.4	−0.016%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	+0.055%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,602.1	+0.027%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,596.6	+0.020%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,619	+0.046%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	+0.013%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDCshort	+0.0099%	8h	86,615.1	+0.042%	$2.5M	$8.5M	100x
Paradex BTC-USD-PERP	+0.0100%	8h	86,672.7	+0.108%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,608	+0.033%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,623.5	+0.051%	$21.7M	$235.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,647	+0.079%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,653.4	+0.086%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,621	+0.049%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,691.5	+0.130%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.099%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.3	−0.002%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,590.7	+0.014%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	+0.066%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	+0.040%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,671.6	+0.107%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,612	+0.038%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.9	+0.033%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,623.5	+0.051%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,602.4	+0.027%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,615.9	+0.043%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,588	+0.010%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,589	+0.012%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,567.5	−0.013%	$46.5M	$229.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,646.7	+0.078%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0113%	8h	86,648	+0.080%	$8.8M	$723.0M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,618.9	+0.046%	$191.3M	$927.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,635.6	+0.065%	$131.9M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,618.6	+0.046%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,626.3	+0.055%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,644.2	+0.075%	$600K	$7.2M	30x	as long as short