Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.039%

Price spread now: gTrade (Gains Network) against Orderly+0.051%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on gTrade (Gains Network)

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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.051% dearer against Orderly than usual: you sell high and buy low (spread +0.051% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04434	0.0087	pay 0.0044% / 4h	0m 30s	$110K	$608K	10x
Short	gTrade (Gains Network) S/USD	0.04436	L +0.0001% / S +0.0006%	pay 0.0001% / 1h	0m 30s	$684	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.051%Rate

Funding earned: −$19.57
Price spread: +0.051% → 0.000%: $5.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$30.45
Costs to cover: 0.160%
Break-even: never at this rate

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

Orderly and gTrade (Gains Network): 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	−0.8216%	1h	0.04500	+1.488%	$28K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1782%	1h	0.04433	−0.016%	$36K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04342	−2.075%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04432	−0.045%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04405	−0.656%	$4	—	15x	as long as short
Variational Omni S	−0.0079%	4h	0.04433	−0.013%	$684K	$7K	—	as long as short
gTrade (Gains Network) S/USDshort	L +0.0001% / S +0.0006%	1h	0.04436	+0.051%	$684	—	150x
Injective S/USDC PERP	+0.0033%	1h	0.04100	−7.533%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0087%	4h	0.04434	long leg	$110K	$608K	10x
Lighter S	+0.0096%	1h	0.04437	+0.068%	$191K	$143K	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	0.04440	+0.144%	$1.1M	$652K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04425	−0.204%	$48K	$172K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04416	−0.406%	$6.5M	$15.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04409	−0.564%	$6.4M	$4.6M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04408	−0.586%	$1.3M	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04420	−0.316%	$355K	$214K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04436	+0.045%	$4.6M	$2.1M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04438	+0.090%	$2.1M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04409	−0.564%	$1.3M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04420	−0.316%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04390	−0.992%	$26K	$505K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04415	−0.424%	$245K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04433	−0.023%	$308K	$123K	75x	as long as short
Backpack S_USDC_PERP	+0.0884%	1h	0.04460	+0.586%	$107K	$470K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.1326%	1h	0.04449	+0.338%	$75K	$10K	10x	as long as short