Funding you earn now, next payment 00:00 UTC+0.2013%/8h= +220.5% APRnext payment +$10.07 per $10,000 · paid last 24h +0.083%
Price spread now: Bybit against BingX−0.186%7-day average +0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs−$79as in the Funding arb table
Net, price: spread back to 7d avg − costs−$110as in the Price arb table
costs, in and out, $10k−$900.904% of the position
Funding, last 7 days+0.117%+$12 on $10k
+Price spread, last 7 days+0.220%+$22 · spread now −0.186%, 7d avg +0.015%
=Funding pays, the price is against you. Bybit is 0.200% cheaper against BingX than usual: you would sell low and buy high (spread −0.186% now, against its 7-day average of +0.015%). If the spread goes back, that is −$20 on $10k: about 8 hours of funding at the current rate (+$60 a day). At the pace of the last 7 days (+0.117% in total) that is about 12 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$10.07 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 | BingX ORCA-USDT | 1.5080 | 0.0070 | pay 0.0035% / 4h | 2h 17m | — | $6.6M | — |
| Short | Bybit ORCAUSDT | 1.5052 | 0.2083 | get 0.1042% / 4h | 2h 17m | $2.1M | $1.3M | 25x |
BingX ORCA-USDT
Bybit ORCAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against BingX. 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
- $422.81
- Price spread: −0.186% → +0.015%
- −$20.04
- Slippage, 4 orders
- −$69.36
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $312.41
- Costs to cover
- 0.904%
- Break-even
- 1.8 days
Slippage from BingX: live order book, 5 min ago; Bybit: live order book, 5 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 BingX live order book, 5 min ago | 6.63 bp | 18.5 bp −$18 | 65.9 bp −$659 | 741.1 bp −$74.1K | 1282.4 bp −$641.2K |
| Sell Bybit live order book, 5 min ago | 3.32 bp | 25.8 bp −$26 | 170.6 bp −$1,706 | 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 | −0.0791% | 1h | 1.5083 | +0.019% | $9K | $15K | 10x | as long as short |
| BloFin ORCA-USDT | +0.0060% | 4h | 1.5070 | −0.066% | $232K | $58K | 50x | as long as short |
| BingX ORCA-USDTlong | +0.0070% | 4h | 1.5080 | long leg | — | $6.6M | — | |
| Aster ORCAUSDT | +0.0100% | 4h | 1.5094 | +0.091% | $44K | $44K | 5x | as long as short |
| Binance ORCAUSDT | +0.0100% | 4h | 1.5080 | 0.000% | $3.5M | $5.3M | 50x | as long as short |
| Gate ORCA_USDT | +0.0100% | 4h | 1.5096 | +0.106% | $127K | $47K | 25x | as long as short |
| MEXC ORCA_USDT | +0.0100% | 4h | 1.5070 | −0.066% | $692K | $147K | 20x | as long as short |
| KuCoin ORCAUSDTM | +0.0100% | 4h | 1.5095 | +0.099% | $577K | $204K | 30x | as long as short |
| Bitget ORCAUSDT | +0.0100% | 4h | 1.5080 | 0.000% | $705K | $506K | 25x | as long as short |
| Extended ORCA-USD | +0.0104% | 1h | 1.5078 | −0.012% | $3K | $155K | 5x | as long as short |
Kraken Futures PF_ORCAUSD
BloFin ORCA-USDT
Aster ORCAUSDT
Binance 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 | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni ORCA | +0.2010% | 4h | 1.5078 | −0.015% | $29K | $11K | — | as long as short |
| Bybit ORCAUSDTshort | +0.2083% | 4h | 1.5052 | −0.186% | $2.1M | $1.3M | 25x |
Variational Omni ORCA