Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: Orderly against Aevo+0.013%7-day average +0.015% · you sell dearer than you buy

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

Long on Aevo Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.013%, 7d avg +0.015%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	86,069.3	0.0096	pay 0.0012% / 1h	51m 50s	$2.4M	$6.7M	20x
Short	Orderly PERP_BTC_USDC	86,080.1	0.0100	get 0.0100% / 8h	5h 51m	$2.7M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aevo. 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 AevobpFee OrderlybpOrdersPrice spread, now +0.013%Rate

Funding earned: $0.84
Price spread: +0.013% → +0.015%: −$0.22
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.38
Costs to cover: 0.220%
Break-even: 185.1 days

Slippage unknown: Aevo: live order book, just now; Orderly: 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 Aevo live order book, just now	0.86 bp	10.1 bp −$10	11.2 bp −$112	13.1 bp −$1,310	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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.

BTC on 55 exchanges

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
Phoenix BTC	−0.0133%	1h	86,126	+0.066%	$2.0M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.148%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,076.4	+0.008%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,091.8	+0.026%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	0.0000%	1h	86,097	+0.032%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,064.4	−0.006%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	+0.045%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.049%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.168%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,065.2	−0.005%	$513.1M	$875.5M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,113.5	+0.051%	$191.3M	$770.3M	100x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,063.5	−0.007%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,066.3	−0.003%	$5.14B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.101%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,099.9	+0.036%	$943.2M	$634.7M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,094.5	+0.029%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,073	+0.004%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0088%	8h	86,088.5	+0.022%	$170.6M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,098.9	+0.034%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,103.5	+0.040%	$173.8M	$852.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,105.8	+0.042%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERPlong	+0.0096%	1h	86,069.3	long leg	$2.4M	$6.7M	20x
HTX BTC-USDT	+0.0097%	8h	86,076.7	+0.009%	$2.27B	$805.8M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,069.9	+0.001%	$9.45B	$20.58B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,048	−0.025%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,112	+0.050%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,059.5	−0.011%	$23.5M	$196.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.8	+0.038%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,068.1	−0.001%	$2.61B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,063	−0.007%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,105.1	+0.042%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.116%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,076.8	+0.009%	$5.17B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,092	+0.026%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.065%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.078%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.096%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.095%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,134.7	+0.076%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,077	+0.009%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,093.8	+0.028%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,080.1	+0.013%	$2.7M	$8.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,127.2	+0.067%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,061.2	−0.009%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,071.1	+0.002%	$47.0M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,101.5	+0.037%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,143.8	+0.087%	$112.3M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,102	+0.038%	$11.9M	$733.1M	6.4x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,191	+0.141%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,062.8	−0.008%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,098.7	+0.034%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	+0.037%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	86,143.2	+0.086%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,160	+0.105%	$727K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0450%	1h	86,144.6	+0.088%	$79K	$245K	20x	as long as short