Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1596%/8h= −174.8% APRpaid last 24h −0.556%

Price spread now: Coinbase International against Orderly−2.398%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 −$48 a day on $10k at the current rate, and Coinbase International is 2.398% cheaper against Orderly than usual: you would sell low and buy high (−$240 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	Orderly PERP_S_USDC	0.03920	0.0020	pay 0.0010% / 4h	1h 54m	$100K	$349K	10x
Short	Coinbase International S-PERP-INTX	0.03826	−0.1576	pay 0.0197% / 1h	54m 02s	$47K	$5K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −2.398%Rate

Funding earned: −$335.19
Price spread: −2.398% → 0.000%: −$239.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$590.98
Costs to cover: 0.160%
Break-even: never at this rate

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

Orderly and Coinbase International: 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	−0.1596%	1h	0.03917	−0.085%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTXshort	−0.1576%	1h	0.03826	−2.398%	$47K	$5K	25x
Variational Omni S	−0.0793%	4h	0.03918	−0.047%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0187%	1h	0.03924	+0.105%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0192%	1h	0.03920	0.000%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03920	−0.007%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03922	+0.051%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03925	+0.137%	$605	—	150x	as long as short
Orderly PERP_S_USDClong	+0.0020%	4h	0.03920	long leg	$100K	$349K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.592%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0043%	4h	0.03921	+0.026%	$43K	$212K	10x	as long as short
Hyperliquid S	+0.0049%	1h	0.03912	−0.212%	$982K	$787K	5x	as long as short
Lighter S	+0.0096%	1h	0.03923	+0.077%	$164K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03913	−0.185%	$5.3M	$22.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03908	−0.306%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03913	−0.179%	$976K	$6.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.179%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03916	−0.102%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03918	−0.051%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03918	−0.051%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03913	−0.179%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	0.000%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	−0.087%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.051%	$268K	$132K	75x	as long as short
Backpack S_USDC_PERP	+0.0363%	1h	0.03920	0.000%	$114K	$298K	5x	as long as short