Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0022%/8h= −2.5% APRpaid last 24h −0.029%

Price spread now: Orderly against Deribit−0.178%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.178% cheaper against Deribit than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.03940	0.0004	pay 0.0000% / 1h	47m 49s	$66K	$10K	10x
Short	Orderly PERP_S_USDC	0.03933	−0.0019	pay 0.0009% / 4h	2h 47m	$101K	$340K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.178%Rate

Funding earned: −$4.71
Price spread: −0.178% → 0.000%: −$17.77
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$35.48
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Orderly: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit and 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.

S on 25 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_SUSD	−0.1452%	1h	0.03931	−0.229%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.893%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1204%	4h	0.03923	−0.431%	$610K	$38K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03938	−0.063%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03931	−0.226%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0056%	1h	0.03930	−0.254%	$24K	$3K	5x	as long as short
Aster SUSDT	−0.0034%	4h	0.03937	−0.077%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDCshort	−0.0019%	4h	0.03933	−0.178%	$101K	$340K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03937	−0.079%	$607	—	150x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0004%	1h	0.03940	long leg	$66K	$10K	10x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.061%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0088%	4h	0.03933	−0.178%	$978K	$7.8M	20x	as long as short
Lighter S	+0.0096%	1h	0.03937	−0.076%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03934	−0.145%	$992K	$928K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03933	−0.172%	$5.4M	$24.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03929	−0.279%	$5.6M	$6.6M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−0.305%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03933	−0.178%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03933	−0.178%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03935	−0.127%	$1.2M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03930	−0.254%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.254%	$23K	$474K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03933	−0.187%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERP	+0.0299%	1h	0.03940	0.000%	$115K	$285K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03928	−0.305%	$274K	$179K	75x	as long as short