Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.074%

Price spread now: Orderly against gTrade (Gains Network)−0.084%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)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 0.084% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$8 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	gTrade (Gains Network) S/USD	0.03903	L +0.0001% / S +0.0006%	pay 0.0000% / 1h	30m 45s	$602	—	150x
Short	Orderly PERP_S_USDC	0.03900	−0.0016	pay 0.0008% / 4h	2h 30m	$100K	$338K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.084%Rate

Funding earned: −$3.55
Price spread: −0.084% → 0.000%: −$8.4
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$27.95
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) 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	−0.1463%	1h	0.03901	−0.066%	$33K	$32K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−1.980%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1122%	4h	0.03894	−0.228%	$606K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0189% / S +0.0183%	1h	0.03904	+0.006%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03900	−0.094%	$4	—	15x	as long as short
Aster SUSDT	−0.0019%	4h	0.03903	+0.004%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDCshort	−0.0016%	4h	0.03900	−0.084%	$100K	$338K	10x
gTrade (Gains Network) S/USDlong	L +0.0001% / S +0.0006%	1h	0.03903	long leg	$602	—	150x
Deribit S_USDC-PERPETUAL	+0.0006%	1h	0.03905	+0.044%	$66K	$10K	10x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	−0.084%	$24K	$3K	5x	as long as short

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	+5.040%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03903	−0.007%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03900	−0.089%	$984K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03898	−0.125%	$5.3M	$23.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03895	−0.212%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03900	−0.084%	$970K	$7.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03896	−0.187%	$319K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03899	−0.110%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03897	−0.161%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03902	−0.033%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03899	−0.110%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.172%	$19K	$470K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03898	−0.128%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03899	−0.110%	$268K	$177K	75x	as long as short
Backpack S_USDC_PERP	+0.0493%	1h	0.03910	+0.172%	$114K	$288K	5x	as long as short