Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.088%

Price spread now: Orderly against Extended+0.208%7-day average +0.079% · you sell dearer than you buy

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.649%−$65 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.208%, 7d avg +0.079%

Together, before fees−0.888%+ Points / potential airdropExtended: Active · farm board−$89 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.129% dearer against Extended than usual: you sell high and buy low (spread +0.208% now, against its 7-day average of +0.079%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.2 days. At the pace of the last 7 days (−0.649% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended S-USD	0.04071	0.0104	pay 0.0013% / 1h	6m 55s	$229K	$1.1M	10x
Short	Orderly PERP_S_USDC	0.04079	0.0052	get 0.0026% / 4h	2h 06m	$101K	$332K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now +0.208%Rate

Funding earned: −$10.99
Price spread: +0.208% → +0.079%: $12.89
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$9.1
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Extended: live order book, 1 min ago; 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 Extended live order book, 1 min ago	6.13 bp	41.2 bp −$41	250.1 bp −$2,501	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 24 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
01 Exchange SUSD	−0.8920%	1h	0.03940	−3.207%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.193%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1245%	1h	0.04071	0.000%	$34K	$16K	10x	as long as short
Variational Omni S	−0.0385%	4h	0.04068	−0.055%	$633K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04079	+0.220%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04078	+0.179%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04079	+0.215%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.724%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0052%	4h	0.04079	+0.208%	$101K	$332K	10x
Lighter S	+0.0096%	1h	0.04079	+0.208%	$169K	$167K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04074	+0.073%	$1.0M	$562K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04077	+0.159%	$45K	$134K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04073	+0.060%	$5.6M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04071	+0.011%	$5.8M	$4.7M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04073	+0.060%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04074	+0.085%	$335K	$205K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04073	+0.060%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04073	+0.060%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04073	+0.060%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04074	+0.085%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04070	−0.013%	$24K	$446K	50x	as long as short
Extended S-USDlong	+0.0104%	1h	0.04071	long leg	$229K	$1.1M	10x
Deribit S_USDC-PERPETUAL	+0.0730%	1h	0.04084	+0.331%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0945%	1h	0.04080	+0.232%	$119K	$349K	5x	as long as short