Funding you earn now, next payment 00:00 UTC−0.0842%/8h= −92.2% APRpaid last 24h −0.217%
Price spread now: Bybit against Orderly−0.250%50s7-day average −0.223% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.846%−$85 on $10k
+Price spread, last 3 days (all we have)−0.084%−$8 · spread now −0.250%, 7d avg −0.223%
=Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Bybit is 0.027% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.223%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_ORDER_USDC | 0.04004 | 0.0942 | pay 0.0471% / 4h | 34m 38s | $189K | $216K | 10x |
| Short | Bybit ORDERUSDT | 0.03994 | 0.0100 | get 0.0100% / 8h | 34m 38s | $1.3M | $581K | 20x |
Orderly PERP_ORDER_USDC
Bybit ORDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Orderly. 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
- −$176.74
- Price spread: −0.250% → −0.223%
- −$2.7
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$196.44
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 1 min ago. 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 1 min ago | 6.26 bp | 64.3 bp −$64 | 339.3 bp −$3,393 | doesn't fit | doesn't fit |
Orderly: 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.
ORDER on 11 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 | |
|---|---|---|---|---|---|---|---|---|
| Binance ORDERUSDT | +0.0100% | 4h | 0.04005 | +0.025% | $1.4M | $1.5M | 50x | as long as short |
| Bybit ORDERUSDTshort | +0.0100% | 8h | 0.03994 | −0.250% | $1.3M | $581K | 20x | |
| OKX ORDER-USDT-SWAP | +0.0100% | 4h | 0.03999 | −0.125% | $162K | $281K | 20x | as long as short |
| Gate ORDER_USDT | +0.0100% | 4h | 0.04003 | −0.025% | $74K | $74K | 20x | as long as short |
| MEXC ORDER_USDT | +0.0100% | 4h | 0.04005 | +0.025% | $270K | $101K | 20x | as long as short |
| KuCoin ORDERUSDTM | +0.0100% | 4h | 0.04004 | 0.000% | $221K | $82K | 30x | as long as short |
| Bitget ORDERUSDT | +0.0100% | 4h | 0.04005 | +0.025% | $476K | $198K | 20x | as long as short |
| Variational Omni ORDER | +0.0100% | 8h | 0.03995 | −0.224% | $10K | $2K | — | as long as short |
| BloFin ORDER-USDT | +0.0128% | 8h | 0.03998 | −0.150% | $66K | $7K | 16x | as long as short |
| BingX ORDER-USDT | +0.0200% | 4h | 0.04002 | −0.050% | — | $1.3M | — | as long as short |
Binance ORDERUSDT
OKX ORDER-USDT-SWAP
Gate ORDER_USDT
MEXC ORDER_USDT
KuCoin ORDERUSDTM
Bitget ORDERUSDT
Variational Omni ORDER
BloFin ORDER-USDT
BingX ORDER-USDTShow all 11 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ORDER_USDClong | +0.0942% | 4h | 0.04004 | long leg | $189K | $216K | 10x |