Funding arb · Price arb /

ORCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0437%/8h= +47.8% APRpaid last 24h +0.120%

Price spread now: Phoenix against Orderly−0.054%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 Phoenix

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

Funding pays, the price is against you. Phoenix is 0.054% cheaper against Orderly than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 10 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ORCL_USDC_mythos	148.78	0.0100	pay 0.0100% / 8h	7h 38m	$189	—	10x
Short	Phoenix ORCL	148.70	0.0537	get 0.0067% / 1h	38m 28s	$152K	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.054%Rate

Funding earned: $91.77
Price spread: −0.054% → 0.000%: −$5.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $73.39
Costs to cover: 0.130%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 53 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 Phoenix live order book, 53 min ago	3.35 bp	11.5 bp −$11	24.8 bp −$248	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.

ORCL on 28 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
edgeX ORCLUSDC	−0.0994%	4h	148.72	−0.038%	$28K	$214K	10x	as long as short
Aster ORCLUSDT	0.0000%	8h	148.86	+0.054%	$97K	$20K	20x	as long as short
Bitget ORCLUSDT	0.0000%	8h	148.87	+0.060%	$7.7M	$2.6M	20x	as long as short
GRVT ORCL_USDT_Perp	0.0000%	8h	148.76	−0.013%	$1K	$152K	10x	as long as short
SunX ORCL-USDT	0.0000%	8h	149.12	+0.229%	$3K	$2.6M	10x	as long as short
HTX ORCL-USDT	0.0000%	8h	148.74	−0.027%	$52K	$25K	20x	as long as short
Lighter ORCL	+0.0032%	1h	148.77	−0.007%	$475K	$59K	10x	as long as short
Lighter RH ORCL	+0.0032%	1h	148.73	−0.034%	$603K	$315K	10x	as long as short
Injective ORCL/USDC PERP	+0.0033%	1h	149.06	+0.188%	$20K	$9K	12x	as long as short
Arcus ORCL-USD	+0.0040%	1h	148.71	−0.047%	$86K	$79K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest ORCL-USD-PERP	+0.0046%	1h	148.76	−0.013%	—	$67K	25x	as long as short
Polymarket Perps ORCL-USD	+0.0050%	1h	148.58	−0.134%	$130K	$80K	10x	as long as short
SoDEX ORCL-USD	+0.0050%	1h	148.81	+0.020%	$30K	$3K	10x	as long as short
Ondo Perps ORCL-USD.P	+0.0050%	1h	148.58	−0.134%	$708K	$870K	10x	as long as short
tradeXYZ xyz:ORCL	+0.0053%	1h	148.64	−0.094%	$21.7M	$6.9M	10x	as long as short
Nado ORCL-PERP	+0.0054%	1h	148.57	−0.142%	$88K	$22K	10x	as long as short
QFEX ORCL-USD	+0.0065%	1h	148.78	0.000%	$1.1M	$1.9M	10x	as long as short
KuCoin ORCLUSDTM	+0.0100%	8h	148.86	+0.054%	$240K	$308K	20x	as long as short
ApeX Omni ORACLEUSDT	+0.0100%	1h	148.65	−0.087%	$22K	$263K	50x	as long as short
Orderly PERP_ORCL_USDC_mythoslong	+0.0100%	8h	148.78	long leg	$189	—	10x
Variational Omni ORCL	+0.0161%	8h	148.74	−0.030%	$1.2M	$428K	—	as long as short
Gate ORCL_USDT	+0.0184%	8h	148.87	+0.060%	$2.3M	$2.9M	25x	as long as short
OKX ORCL-USDT-SWAP	+0.0211%	8h	148.78	0.000%	$4.9M	$5.9M	20x	as long as short
Binance ORCLUSDT	+0.0247%	8h	148.80	+0.013%	$25.1M	$36.3M	20x	as long as short
Extended ORCL_24_5-USD	+0.0248%	1h	148.74	−0.026%	$390K	$2.1M	10x	as long as short
Phoenix ORCLshort	+0.0537%	1h	148.70	−0.054%	$152K	$73K	10x
Bybit ORCLUSDT	+0.0620%	8h	148.79	+0.007%	$4.1M	$1.9M	50x	as long as short
BloFin ORCL-USDT	+0.0622%	8h	148.73	−0.034%	$47K	$45K	20x	as long as short