ORCA

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.1148%/8h= +125.7% APRnext payment +$5.74 per $10,000 · paid last 24h +0.311%

Price spread now: Bybit against Bitget0.000%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$940.936% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.348%+$35 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now 0.000%, 7d avg +0.021%

Together, before fees+0.403%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.021% cheaper against Bitget than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.021%). If the spread goes back, that is −$2 on $10k: about 1 hour of funding at the current rate (+$34 a day). At the pace of the last 7 days (+0.348% in total) that is about 10 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.348% in total (about 18.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$5.74 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	Bitget ORCAUSDT	1.4940	0.0100	pay 0.0050% / 4h	3h 23m	$667K	$674K	25x
Short	Bybit ORCAUSDT	1.4940	0.1248	get 0.0624% / 4h	3h 23m	$2.0M	$1.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $241.03
Price spread: 0.000% → +0.021%: −$2.06
Slippage, 4 orders: −$70.56
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $145.4
Costs to cover: 0.936%
Break-even: 2.8 days

Slippage from Bitget: live order book, 7 min ago; Bybit: live order book, 3 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 Bitget live order book, 7 min ago	6.72 bp	26.8 bp −$27	129.7 bp −$1,297	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.35 bp	22.8 bp −$23	105.3 bp −$1,053	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	−0.0600%	1h	1.4961	+0.141%	$9K	$8K	10x	as long as short
BingX ORCA-USDT	+0.0070%	4h	1.4950	+0.067%	—	$6.6M	—	as long as short
Binance ORCAUSDT	+0.0100%	4h	1.4957	+0.116%	$3.5M	$5.4M	50x	as long as short
Gate ORCA_USDT	+0.0100%	4h	1.4921	−0.127%	$125K	$36K	25x	as long as short
MEXC ORCA_USDT	+0.0100%	4h	1.4950	+0.067%	$689K	$123K	20x	as long as short
Bitget ORCAUSDTlong	+0.0100%	4h	1.4940	long leg	$667K	$674K	25x
Extended ORCA-USD	+0.0104%	1h	1.4952	+0.083%	$4K	$209K	5x	as long as short
BloFin ORCA-USDT	+0.0123%	4h	1.4930	−0.067%	$223K	$58K	50x	as long as short
Aster ORCAUSDT	+0.0132%	4h	1.4940	0.000%	$44K	$34K	5x	as long as short
KuCoin ORCAUSDTM	+0.0188%	4h	1.4958	+0.120%	$546K	$201K	30x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ORCA	+0.1010%	4h	1.4863	−0.518%	$32K	$13K	—	as long as short
Bybit ORCAUSDTshort	+0.1248%	4h	1.4940	0.000%	$2.0M	$1.6M	25x