Funding you earn now, next payment 04:00 UTC+0.0468%/8h= +51.3% APRpaid last 24h +0.170%
Price spread now: Orderly against Bluefin−0.036%7-day average +0.017% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.327%+$33 on $10k
+Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.036%, 7d avg +0.017%
=Funding pays, the price is against you. Orderly is 0.054% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.017%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.327% in total) that is about 28 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.327% in total (about 17.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bluefin BTC-PERP | 85,515.6 | −0.0368 | get 0.0046% / 1h | 40m 06s | $207K | $738K | 40x |
| Short | Orderly PERP_BTC_USDC | 85,484.6 | 0.0100 | get 0.0100% / 8h | 4h 40m | $2.3M | $8.8M | 100x |
Bluefin BTC-PERP
Orderly PERP_BTC_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Bluefin. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $98.3
- Price spread: −0.036% → +0.017%
- −$5.37
- Slippage, 4 orders
- no order book: not counted
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- $79.93
- Costs to cover
- 0.130%
- Break-even
- 1.3 days
Slippage unknown: Bluefin: live order book, 19 min ago; 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 Bluefin live order book, 19 min ago | 2.16 bp | 7.7 bp −$8 | 12.2 bp −$122 | doesn't fit | 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 56 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERPlong | −0.0368% | 1h | 85,515.6 | long leg | $207K | $738K | 40x | |
| Phoenix BTC | −0.0179% | 1h | 85,385 | −0.153% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,511 | −0.005% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,501.5 | −0.016% | $366K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,454.3 | −0.072% | $416.4M | $665.7M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0008% | 8h | 85,461.3 | −0.063% | $919.2M | $750.3M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,485.8 | −0.035% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0011% | 8h | 85,472.9 | −0.050% | $515.1M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0020% | 1h | 85,483.8 | −0.037% | $16.7M | $21.2M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,490.8 | −0.029% | $6.9M | $97.2M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0058% | 1h | 85,490.1 | −0.030% | $22.8M | $219.0M | 50x | as long as short |
| BingX BTC-USDT | +0.0060% | 8h | 85,445.6 | −0.082% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0076% | 8h | 85,435.8 | −0.093% | $2.96B | $5.03B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0079% | 1h | 85,484.7 | −0.036% | $6.7M | $146.7M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,474.4 | −0.048% | $2.4M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,443.5 | −0.084% | $5.04B | $5.59B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,453.5 | −0.073% | $9.35B | $24.05B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,451 | −0.076% | $173.0M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,467 | −0.057% | $23.8M | $148.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,512 | −0.004% | $8.4M | $52.7M | 100x | as long as short |
| Phemex BTCUSDT | +0.0098% | 8h | 85,453.8 | −0.072% | $149.6M | $484.3M | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,482 | −0.039% | $226K | $8.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,547.1 | +0.037% | $4.2M | $8.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,520 | +0.005% | $3.74B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,532.6 | +0.020% | $40.0M | $575.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,441.9 | −0.086% | $5.24B | $9.69B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,448.2 | −0.079% | $2.58B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,513 | −0.003% | $3.9M | $18.0M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,446.3 | −0.081% | $5.53B | $10.62B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,438.4 | −0.090% | $35.7M | $176.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453.7 | −0.072% | $153.6M | $563.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,527.2 | +0.014% | $279.4M | $916.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,511.2 | −0.005% | $214.7M | $168.5M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,522.5 | +0.008% | $139.9M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,450 | −0.077% | $30.2M | $207.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,542.3 | +0.031% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,492 | −0.028% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,496.7 | −0.022% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDCshort | +0.0100% | 8h | 85,484.6 | −0.036% | $2.3M | $8.8M | 100x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,475.7 | −0.047% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,474.2 | −0.048% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,465 | −0.059% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,450 | −0.077% | $2.26B | $940.4M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,513.6 | −0.002% | $649.6M | $594.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,457.8 | −0.068% | $44.5M | $226.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,521 | +0.006% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,504.6 | −0.013% | $117.0M | $5.16B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,539 | +0.027% | $340K | $26.9M | 52x | as long as short |
| Deribit BTC-PERPETUAL | +0.0163% | 1h | 85,511.2 | −0.005% | $894.0M | $1.53B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,470.5 | −0.053% | $188.3M | $954.2M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,496.3 | −0.023% | $13.3M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,530.2 | +0.017% | $8.3M | $42.4M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,496.4 | −0.022% | $693K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,522.7 | +0.008% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,517 | +0.002% | $10.3M | $758.8M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,519.8 | +0.005% | $497K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Phemex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC