Funding you earn now, next payment 00:00 UTC−0.1460%/8h= −159.9% APRnext payment −$7.30 per $10,000 · paid last 24h −0.251%
Price spread now: Binance against Bybit+0.146%7-day average −0.046% · you sell dearer than you buy
Net, funding: paid 7d − costs−$114as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$830.830% of the position
Funding, last 7 days−0.312%−$31 on $10k
+Price spread, last 7 days−0.184%−$18 · spread now +0.146%, 7d avg −0.046%
=The price spread pays, funding is against you. Binance is 0.193% dearer against Bybit than usual: you sell high and buy low (spread +0.146% now, against its 7-day average of −0.046%): +$19 on $10k if it goes back. Holding the pair costs −$44 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.312% in total) that is about 4.3 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 −$7.30 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 | Bybit ORCAUSDT | 1.5038 | 0.1560 | pay 0.0780% / 4h | 1h 17m | $2.1M | $1.4M | 25x |
| Short | Binance ORCAUSDT | 1.5060 | 0.0100 | get 0.0050% / 4h | 1h 17m | $3.5M | $5.5M | 50x |
Bybit ORCAUSDT
Binance ORCAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Bybit. 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
- −$306.65
- Price spread: +0.146% → −0.046%
- $19.27
- Slippage, 4 orders
- −$61.99
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$370.36
- Costs to cover
- 0.830%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 4 min ago; Binance: live order book, 6 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 Bybit live order book, 4 min ago | 4.31 bp | 28.0 bp −$28 | 167.4 bp −$1,674 | doesn't fit | doesn't fit |
| Sell Binance live order book, 6 min ago | 3.30 bp | 18.8 bp −$19 | 65.0 bp −$650 | 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 | −0.0177% | 1h | 1.5060 | +0.143% | $9K | $14K | 10x | as long as short |
| BingX ORCA-USDT | +0.0070% | 4h | 1.5060 | +0.146% | — | $6.6M | — | as long as short |
| BloFin ORCA-USDT | +0.0075% | 4h | 1.5060 | +0.146% | $231K | $58K | 50x | as long as short |
| Aster ORCAUSDT | +0.0100% | 4h | 1.5078 | +0.269% | $44K | $44K | 5x | as long as short |
| Binance ORCAUSDTshort | +0.0100% | 4h | 1.5060 | +0.146% | $3.5M | $5.5M | 50x | |
| Gate ORCA_USDT | +0.0100% | 4h | 1.5073 | +0.233% | $126K | $47K | 25x | as long as short |
| MEXC ORCA_USDT | +0.0100% | 4h | 1.5050 | +0.080% | $701K | $146K | 20x | as long as short |
| KuCoin ORCAUSDTM | +0.0100% | 4h | 1.5083 | +0.299% | $576K | $207K | 30x | as long as short |
| Bitget ORCAUSDT | +0.0100% | 4h | 1.5060 | +0.146% | $701K | $554K | 25x | as long as short |
| Extended ORCA-USD | +0.0104% | 1h | 1.5057 | +0.126% | $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 ORCAUSDTlong | +0.1560% | 4h | 1.5038 | long leg | $2.1M | $1.4M | 25x | |
| Variational Omni ORCA | +0.1803% | 4h | 1.5093 | +0.363% | $28K | $12K | — | as long as short |
Variational Omni ORCA