Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.100%

Price spread now: Extended against Orderly+0.002%7-day average −0.078% · you sell dearer than you buy

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.680%+$68 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now +0.002%, 7d avg −0.078%

Together, before fees+0.773%+ Points / potential airdropExtended: Active · farm board+$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Extended is 0.080% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.078%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.03916	0.0031	pay 0.0015% / 4h	31m 36s	$100K	$340K	10x
Short	Extended S-USD	0.03916	0.0104	get 0.0013% / 1h	31m 36s	$220K	$877K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.002%Rate

Funding earned: $15.42
Price spread: +0.002% → −0.078%: $7.95
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $12.38
Costs to cover: 0.110%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 47 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 Extended live order book, 47 min ago	5.13 bp	37.6 bp −$38	273.0 bp −$2,730	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.

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
01 Exchange SUSD	−0.6168%	1h	0.03850	−1.685%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2130%	1h	0.03916	+0.006%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.298%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1003%	4h	0.03900	−0.407%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0202% / S +0.0194%	1h	0.03919	+0.072%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03915	−0.018%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03919	+0.085%	$604	—	150x	as long as short
Orderly PERP_S_USDClong	+0.0031%	4h	0.03916	long leg	$100K	$340K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.699%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03921	+0.128%	$164K	$217K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03918	+0.059%	$982K	$695K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03928	+0.310%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03918	+0.046%	$5.4M	$17.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03913	−0.077%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03916	0.000%	$980K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.077%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	+0.051%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03917	+0.026%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03920	+0.102%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03916	0.000%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.153%	$25K	$454K	50x	as long as short
Extended S-USDshort	+0.0104%	1h	0.03916	+0.002%	$220K	$877K	10x
Backpack S_USDC_PERP	+0.0173%	1h	0.03920	+0.102%	$114K	$312K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03910	−0.153%	$267K	$125K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0515%	1h	0.03922	+0.153%	$66K	$10K	10x	as long as short