Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Orderly against Bulk−0.065%45s7-day average −0.005% · you buy dearer than you sell

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 3 days (all we have)+0.138%+$14 · spread now −0.065%, 7d avg −0.005%

Together, before fees+0.149%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.059% cheaper against Bulk than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.005%. The two prices were read 45 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	Bulk BTC-USD	85,888.3	0.0100	pay 0.0013% / 1h	48m 25s	$579.3M	$92.3M	40x
Short	Orderly PERP_BTC_USDC	85,832.7	0.0100	get 0.0100% / 8h	6h 48m	$2.4M	$9.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. 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 BulkbpFee OrderlybpOrdersPrice spread, now −0.065%Rate

Funding earned: $0
Price spread: −0.065% → −0.005%: −$5.95
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.95
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 1 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 Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.0 bp −$1,978
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
Phoenix BTC	−0.0144%	1h	85,788	−0.117%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,897	+0.010%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	−0.041%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,814.1	−0.086%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	−0.118%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.2	−0.010%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,857.1	−0.036%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,854.1	−0.040%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.091%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,856.6	−0.037%	$498.1M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	85,845	−0.050%	$894.6M	$757.1M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,836.7	−0.060%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,813.4	−0.087%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,765.5	−0.143%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0067%	8h	85,832.7	−0.065%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,786.7	−0.118%	$2.95B	$5.13B	150x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,793.4	−0.111%	$22.5M	$228.8M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,840.6	−0.056%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,842.8	−0.053%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,824.8	−0.074%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,858.8	−0.034%	$5.66B	$10.37B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,862.8	−0.030%	$170.9M	$976.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,867.7	−0.024%	$23.4M	$145.1M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.152%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	−0.064%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,801	−0.102%	$200K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,865	−0.027%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,861	−0.032%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,881.2	−0.008%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,808.1	−0.093%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,812.7	−0.088%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,842	−0.054%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,812.5	−0.088%	$7.2M	$98.0M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,888.3	long leg	$579.3M	$92.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,869.1	−0.022%	$35.2M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.123%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.233%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	−0.039%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,857.7	−0.036%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	−0.103%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,845	−0.050%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,832.7	−0.065%	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,876.1	−0.014%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,846.2	−0.049%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,807.5	−0.094%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,844	−0.052%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,861.3	−0.031%	$153.9M	$477.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,801.4	−0.101%	$44.8M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,883	−0.006%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,890.9	+0.003%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	−0.017%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,875	−0.015%	$189.4M	$969.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,841.3	−0.055%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0155%	1h	85,889.7	+0.002%	$895.0M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,890	+0.002%	$9.9M	$768.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,846	−0.049%	$13.8M	—	200x	as long as short