Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Orderly against Vest−0.074%7-day average −0.017% · you buy dearer than you sell

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

Long on Vest Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.074%, 7d avg −0.017%

Together, before fees+0.124%+ Points / potential airdropVest: Active · farm board+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.057% cheaper against Vest than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest BTC-PERP	85,320.1	0.0100	pay 0.0013% / 1h	36m 43s	—	$10.9M	50x
Short	Orderly PERP_BTC_USDC	85,256.9	0.0100	get 0.0100% / 8h	1h 36m	$2.6M	$9.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Vest. 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 VestbpFee OrderlybpOrdersPrice spread, now −0.074%Rate

Funding earned: $0
Price spread: −0.074% → −0.017%: −$5.71
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.71
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Vest: 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 Vest no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Vest 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
Phoenix BTC	−0.0082%	1h	85,242	−0.091%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,268	−0.061%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0047%	8h	85,222.5	−0.114%	$927.0M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,236.1	−0.098%	$421.0M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,225	−0.111%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,277	−0.050%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,280.2	−0.047%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,256.6	−0.074%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,255.4	−0.076%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,249.9	−0.082%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0049%	1h	85,297.3	−0.027%	$139.5M	$314.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.086%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,235.5	−0.099%	—	$1.55B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,233.6	−0.101%	$2.96B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,262.9	−0.067%	$186.1M	$957.4M	100x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,228.7	−0.107%	$9.42B	$24.97B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,232.8	−0.102%	$5.00B	$5.75B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,241.7	−0.092%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,242.9	−0.090%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,261	−0.069%	$8.4M	$56.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,249.7	−0.082%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,250	−0.082%	$59.7M	$336.9M	40x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,227.5	−0.108%	$5.13B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,241	−0.093%	$237K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,316.7	−0.004%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,311.6	−0.010%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,285.2	−0.041%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,230.6	−0.105%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,259	−0.072%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,268.9	−0.060%	$5.2M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	−0.048%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,235	−0.100%	$5.49B	$10.99B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,229.1	−0.107%	$37.0M	$178.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,253.8	−0.078%	$154.6M	$558.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,212.7	−0.126%	$279.2M	$949.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,291	−0.034%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,220.6	−0.117%	$30.0M	$204.0M	40x	as long as short
Vest BTC-PERPlong	+0.0100%	1h	85,320.1	long leg	—	$10.9M	50x
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	−0.061%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,266.7	−0.063%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,256.9	−0.074%	$2.6M	$9.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,295.3	−0.029%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,216.4	−0.122%	$29.9M	$47.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,252.5	−0.079%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,248.9	−0.083%	$2.25B	$970.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,262.4	−0.068%	$150.8M	$509.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,212.7	−0.126%	$44.8M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,263.1	−0.067%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,291.6	−0.033%	$117.1M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,294.6	−0.030%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,256.2	−0.075%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,270.3	−0.058%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,280	−0.047%	$11.7M	$742.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,288.5	−0.037%	$8.7M	$43.0M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,271.1	−0.057%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0265%	1h	85,286.4	−0.039%	$79K	$229K	20x	as long as short