Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0048%/8h= +5.2% APRpaid last 24h +0.006%

Price spread now: Orderly against RISEx−0.047%7-day average −0.019% · you buy dearer than you sell

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

Long on RISEx Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.047%, 7d avg −0.019%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.028% cheaper against RISEx than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of −0.019%). If the spread goes back, that is −$3 on $10k: about 46 hours of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.023% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	86,199.5	0.0052	pay 0.0007% / 1h	8m 50s	$8.3M	$42.4M	25x
Short	Orderly PERP_BTC_USDC	86,159	0.0100	get 0.0100% / 8h	7h 08m	$2.4M	$9.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against RISEx. 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 RISExbpFee OrderlybpOrdersPrice spread, now −0.047%Rate

Funding earned: $10.03
Price spread: −0.047% → −0.019%: −$2.75
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$4.72
Costs to cover: 0.120%
Break-even: 10.3 days

Slippage unknown: RISEx: live order book, 5 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 RISEx live order book, 5 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	11.8 bp −$1,175	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
Phoenix BTC	−0.0129%	1h	86,215	+0.018%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,220	+0.024%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,180.3	−0.022%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,218.3	+0.022%	$571K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,184.7	−0.017%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.192%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,219	+0.023%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,117.8	−0.095%	$499.2M	$1.13B	200x	as long as short
Bluefin BTC-PERP	+0.0033%	1h	86,190.2	−0.011%	$144K	$666K	40x	as long as short
KuCoin XBTUSDTM	+0.0045%	8h	86,132.2	−0.078%	$828.9M	$714.9M	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	+0.0049%	1h	86,163.2	−0.042%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,115.7	−0.097%	—	$15.3M	—	as long as short
RISEx BTC/USDClong	+0.0052%	1h	86,199.5	long leg	$8.3M	$42.4M	25x
Bitget BTCUSDT	+0.0066%	8h	86,138.6	−0.071%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0075%	1h	86,149	−0.059%	$60.4M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,151.4	−0.056%	$2.5M	$1.8M	20x	as long as short
Phemex BTCUSDT	+0.0082%	8h	86,144.3	−0.064%	$155.7M	$473.3M	150x	as long as short
HTX BTC-USDT	+0.0083%	8h	86,112.7	−0.101%	$2.29B	$957.4M	200x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,112.1	−0.101%	$5.10B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,113.8	−0.099%	$9.38B	$24.24B	150x	as long as short
Gate BTC_USDT	+0.0085%	8h	86,121.3	−0.091%	$5.77B	$10.64B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,155.3	−0.051%	$170.1M	$993.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,162.2	−0.043%	$23.6M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,184	−0.018%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,168	−0.037%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,245.1	+0.053%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,202.9	+0.004%	$22.2M	$225.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,196	−0.004%	$3.78B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,239.3	+0.046%	$40.9M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,128.9	−0.082%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,145.4	−0.063%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,188	−0.013%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,212.8	+0.015%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.062%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,119.9	−0.092%	$35.5M	$161.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	+0.007%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.1	+0.001%	$278.4M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.077%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,239.5	+0.046%	$141.2M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,204.7	+0.006%	$30.6M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,239.4	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,185	−0.017%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,166	−0.039%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,159	−0.047%	$2.4M	$9.1M	100x
Derive BTC-PERP	+0.0100%	1h	86,180.6	−0.022%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,134.8	−0.075%	$3.3M	$5.4M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,097.1	−0.119%	$46.0M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,200.1	+0.001%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,177	−0.026%	$132.2M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,165.7	−0.039%	$191.5M	$950.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	86,241.3	+0.048%	$731K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,267.2	+0.079%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0199%	1h	86,194	−0.006%	$902.7M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,134	−0.076%	$415.3M	$640.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,202	+0.003%	$10.6M	$766.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,181.3	−0.021%	$14.5M	—	200x	as long as short