Funding you earn now, next payment 00:00 UTC+0.1206%/8h= +132.0% APRnext payment +$6.03 per $10,000 · paid last 24h +0.251%
Price spread now: Bybit against Binance−0.371%7-day average +0.045% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$129as in the Price arb table
costs, in and out, $10k−$870.872% of the position
Funding, last 7 days+0.312%+$31 on $10k
+Price spread, last 7 days+0.389%+$39 · spread now −0.371%, 7d avg +0.045%
=Funding pays, the price is against you. Bybit is 0.416% cheaper against Binance than usual: you would sell low and buy high (spread −0.371% now, against its 7-day average of +0.045%). If the spread goes back, that is −$42 on $10k: about 28 hours of funding at the current rate (+$36 a day). At the pace of the last 7 days (+0.312% in total) that is about 9.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.312% in total (about 16.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$6.03 per $10,000. 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 | Binance ORCAUSDT | 1.5085 | 0.0100 | pay 0.0050% / 4h | 34m 52s | $3.5M | $5.5M | 50x |
| Short | Bybit ORCAUSDT | 1.5029 | 0.1306 | get 0.0653% / 4h | 34m 52s | $2.1M | $1.4M | 25x |
Binance ORCAUSDT
Bybit ORCAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $253.19
- Price spread: −0.371% → +0.045%
- −$41.55
- Slippage, 4 orders
- −$66.25
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $124.39
- Costs to cover
- 0.872%
- Break-even
- 3.6 days
Slippage from Binance: live order book, 3 min ago; Bybit: live order book, 2 min ago.
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 Binance live order book, 3 min ago | 3.31 bp | 18.0 bp −$18 | 70.6 bp −$706 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 4.98 bp | 23.6 bp −$24 | 143.2 bp −$1,432 | doesn't fit | doesn't fit |
ORCA on 12 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_ORCAUSD | −0.0442% | 1h | 1.5091 | +0.040% | $9K | $14K | 10x | as long as short |
| BingX ORCA-USDT | +0.0070% | 4h | 1.5100 | +0.100% | — | $6.6M | — | as long as short |
| BloFin ORCA-USDT | +0.0092% | 4h | 1.5110 | +0.166% | $229K | $60K | 50x | as long as short |
| Aster ORCAUSDT | +0.0100% | 4h | 1.5122 | +0.245% | $44K | $44K | 5x | as long as short |
| Binance ORCAUSDTlong | +0.0100% | 4h | 1.5085 | long leg | $3.5M | $5.5M | 50x | |
| Gate ORCA_USDT | +0.0100% | 4h | 1.5115 | +0.199% | $127K | $46K | 25x | as long as short |
| MEXC ORCA_USDT | +0.0100% | 4h | 1.5080 | −0.033% | $703K | $139K | 20x | as long as short |
| KuCoin ORCAUSDTM | +0.0100% | 4h | 1.5139 | +0.358% | $581K | $207K | 30x | as long as short |
| Bitget ORCAUSDT | +0.0100% | 4h | 1.5120 | +0.232% | $701K | $556K | 25x | as long as short |
| Extended ORCA-USD | +0.0104% | 1h | 1.5087 | +0.015% | $3K | $155K | 5x | as long as short |
Kraken Futures PF_ORCAUSD
BingX ORCA-USDT
BloFin ORCA-USDT
Aster ORCAUSDT
Gate ORCA_USDT
MEXC ORCA_USDT
KuCoin ORCAUSDTM
Bitget ORCAUSDT
Extended ORCA-USDShow all 12 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ORCAUSDTshort | +0.1306% | 4h | 1.5029 | −0.371% | $2.1M | $1.4M | 25x | |
| Variational Omni ORCA | +0.1572% | 4h | 1.5070 | −0.101% | $28K | $12K | — | as long as short |
Variational Omni ORCA