Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.7826%/8h= −856.9% APRpaid last 24h −2.112%

Price spread now: 01 Exchange against Orderly−3.099%46s7-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 01 Exchange

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 −$235 a day on $10k at the current rate, and 01 Exchange is 3.099% cheaper against Orderly than usual: you would sell low and buy high (−$310 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04066	0.0042	pay 0.0021% / 4h	2h 28m	$102K	$334K	10x
Short	01 Exchange SUSD	0.03940	−0.7784	pay 0.0973% / 1h	28m 35s	$24K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −3.099%Rate

Funding earned: −$1,643.43
Price spread: −3.099% → 0.000%: −$309.89
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$1,966.31
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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 SUSDshort	−0.7784%	1h	0.03940	−3.099%	$24K	$2K	5x
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.082%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1245%	1h	0.04069	+0.068%	$35K	$16K	10x	as long as short
Variational Omni S	−0.0504%	4h	0.04066	−0.003%	$633K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04067	+0.027%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04066	−0.003%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04068	+0.061%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.836%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0042%	4h	0.04066	long leg	$102K	$334K	10x
Lighter S	+0.0096%	1h	0.04077	+0.271%	$168K	$166K	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	0.04077	+0.263%	$1.0M	$572K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04074	+0.204%	$45K	$135K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04067	+0.030%	$5.6M	$14.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04062	−0.098%	$5.8M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04067	+0.025%	$1.0M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04069	+0.074%	$337K	$203K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04073	+0.172%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04070	+0.098%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04072	+0.148%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04070	+0.098%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04080	+0.344%	$26K	$442K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04071	+0.115%	$231K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0487%	1h	0.04072	+0.148%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1048%	1h	0.04080	+0.344%	$119K	$348K	5x	as long as short