Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Orderly against Derive+0.080%117s7-day average +0.001% · you sell dearer than you buy

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.080%, 7d avg +0.001%

Together, before fees+0.039%+$4 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 0.079% dearer against Derive than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.001%. The two prices were read 117 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	Derive BTC-PERP	85,139.1	0.0100	pay 0.0013% / 1h	20m 10s	$29.5M	$45.3M	15x
Short	Orderly PERP_BTC_USDC	85,207.5	0.0100	get 0.0100% / 8h	20m 10s	$2.6M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Derive. 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 DerivebpFee OrderlybpOrdersPrice spread, now +0.080%Rate

Funding earned: $0
Price spread: +0.080% → +0.001%: $7.94
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$4.06
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and 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
Hotstuff BTC-PERP	−0.0080%	1h	85,160	+0.025%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,189	+0.059%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,150.1	+0.013%	$421.9M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0016%	8h	85,191.5	+0.062%	$927.7M	$777.8M	125x	as long as short
Aster BTCUSDT	0.0000%	8h	85,221.4	+0.097%	$509.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,208.9	+0.082%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,226.6	+0.103%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0007%	1h	85,179.3	+0.047%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,226.5	+0.103%	$185.7M	$955.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0058%	1h	85,166	+0.032%	$139.5M	$312.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0064%	8h	85,200.9	+0.073%	—	$17.4M	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,181	+0.049%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,213	+0.087%	$5.11B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0086%	1h	85,173.5	+0.040%	$24.0M	$220.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,232.1	+0.109%	$168.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,230.9	+0.108%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,213	+0.087%	$8.4M	$57.7M	100x	as long as short
Bitget BTCUSDT	+0.0096%	8h	85,220.9	+0.096%	$2.97B	$5.21B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,199.2	+0.071%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,172	+0.039%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,213.9	+0.088%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,284	+0.170%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,197.2	+0.068%	$40.3M	$606.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,223.5	+0.099%	$9.38B	$25.15B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,225.1	+0.101%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,187	+0.056%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,201.4	+0.073%	$4.7M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.4	+0.182%	$693.5M	$241.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,206.5	+0.079%	$5.48B	$11.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,224	+0.100%	$5.03B	$5.76B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,216.9	+0.091%	$36.7M	$188.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,136.5	−0.003%	$156.2M	$549.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,142.9	+0.004%	$282.3M	$957.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	+0.053%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,160.1	+0.025%	$30.0M	$212.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,253.1	+0.134%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,204	+0.076%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,206	+0.079%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,207.5	+0.080%	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,241.4	+0.120%	$194K	$796K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,139.1	long leg	$29.5M	$45.3M	15x
SunX BTC-USDT	+0.0100%	8h	85,176.7	+0.044%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,211	+0.084%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,200.6	+0.072%	$2.25B	$973.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,212	+0.086%	$159.0M	$516.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,180.6	+0.049%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,207.7	+0.081%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,242	+0.121%	$111.7M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,184.1	+0.053%	$6.6M	$143.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,246.4	+0.126%	$840.2M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,202	+0.074%	$12.2M	$737.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,213.1	+0.087%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,225.7	+0.102%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,205.5	+0.078%	$678K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,228.7	+0.105%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,208.5	+0.081%	$459K	$18.4M	6.7x	as long as short