Funding arb · Price arb /

ORCA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0205%/8h= +22.5% APRpaid last 24h +0.358%

Price spread now: Variational Omni against Extended+0.231%7-day average — · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropExtended: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Variational Omni is 0.231% dearer against Extended than usual: you sell high and buy low: +$23 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended ORCA-USD	1.4876	0.0104	pay 0.0013% / 1h	40m 28s	$2K	$105K	5x
Short	Variational Omni ORCA	1.4911	0.0309	get 0.0155% / 4h	2h 40m	$29K	$10K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.231%Rate

Funding earned: $43.12
Price spread: +0.231% → 0.000%: $23.08
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $61.2
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 5 min ago; Variational Omni: 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 Extended live order book, 5 min ago	6.61 bp	37.3 bp −$37	261.2 bp −$2,612	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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.

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	−0.0006%	1h	1.4915	+0.257%	$9K	$11K	10x	as long as short
BloFin ORCA-USDT	+0.0041%	4h	1.4920	+0.293%	$225K	$60K	50x	as long as short
BingX ORCA-USDT	+0.0070%	4h	1.4880	+0.025%	—	$6.6M	—	as long as short
Aster ORCAUSDT	+0.0100%	4h	1.4906	+0.196%	$44K	$38K	5x	as long as short
Binance ORCAUSDT	+0.0100%	4h	1.4870	−0.043%	$3.4M	$5.6M	50x	as long as short
Gate ORCA_USDT	+0.0100%	4h	1.4906	+0.199%	$124K	$36K	25x	as long as short
MEXC ORCA_USDT	+0.0100%	4h	1.4870	−0.043%	$686K	$123K	20x	as long as short
KuCoin ORCAUSDTM	+0.0100%	4h	1.4898	+0.146%	$578K	$203K	30x	as long as short
Bitget ORCAUSDT	+0.0100%	4h	1.4860	−0.110%	$651K	$654K	25x	as long as short
Extended ORCA-USDlong	+0.0104%	1h	1.4876	long leg	$2K	$105K	5x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ORCAshort	+0.0309%	4h	1.4911	+0.231%	$29K	$10K	—
Bybit ORCAUSDT	+0.0362%	4h	1.4867	−0.063%	$2.0M	$1.5M	25x	as long as short