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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Orderly against Gate+0.038%7-day average +0.003% · you sell dearer than you buy

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

Long on Gate Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now +0.038%, 7d avg +0.003%

Together, before fees+0.061%+$6 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 0.035% dearer against Gate than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	85,560.1	0.0100	pay 0.0100% / 8h	6h 01m	$5.58B	$10.61B	200x
Short	Orderly PERP_BTC_USDC	85,592.6	0.0100	get 0.0100% / 8h	6h 01m	$2.4M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Gate. 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 GatebpFee OrderlybpOrdersPrice spread, now +0.038%Rate

Funding earned: $0
Price spread: +0.038% → +0.003%: $3.48
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.52
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 3 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	7.8 bp −$78	9.4 bp −$944	16.3 bp −$8,149
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 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	85,616	+0.065%	$2.1M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,601	+0.048%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,553.7	−0.007%	$362K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,582.9	+0.027%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,605.6	+0.053%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,661	+0.118%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,579.1	+0.022%	$516.0M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	85,550.3	−0.011%	$901.8M	$748.9M	125x	as long as short
Nado BTC-PERP	+0.0031%	1h	85,601.9	+0.049%	$22.6M	$225.6M	50x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,585	+0.029%	$8.4M	$42.2M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,556.5	−0.004%	—	$1.55B	—	as long as short
HTX BTC-USDT	+0.0059%	8h	85,587.6	+0.032%	$2.27B	$933.7M	200x	as long as short
Reya BTCRUSDPERP	+0.0062%	1h	85,594.9	+0.041%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,550	−0.012%	$2.94B	$5.03B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,583.1	+0.027%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0082%	8h	85,587.4	+0.032%	$2.9M	$6.5M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,556.6	−0.004%	$5.07B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,556.8	−0.004%	$9.33B	$23.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,558.4	−0.002%	$170.2M	$997.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,567.8	+0.009%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,553	−0.008%	$8.4M	$51.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,611.5	+0.060%	$140.0M	$317.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,603.7	+0.051%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,534	−0.031%	$204K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,621	+0.071%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,589.5	+0.034%	$40.2M	$569.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,560.1	0.000%	$5.32B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,554.4	−0.007%	$2.56B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,569	+0.010%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,530.7	−0.034%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,560.1	long leg	$5.58B	$10.61B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,582.7	+0.026%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,602.8	+0.050%	$154.0M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,613.3	+0.062%	$278.5M	$939.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.075%	$214.9M	$162.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,627.7	+0.079%	$30.3M	$210.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,656	+0.112%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,592	+0.037%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,595.6	+0.041%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,592.6	+0.038%	$2.4M	$8.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,631.4	+0.083%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,589.7	+0.035%	$30.0M	$52.7M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,588	+0.033%	$59.9M	$336.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,586.5	+0.031%	$150.4M	$480.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.039%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,533.8	−0.031%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,605	+0.053%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,625	+0.076%	$130.7M	$5.09B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,608.7	+0.057%	$187.0M	$952.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	85,669.3	+0.128%	$682K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0182%	1h	85,626.4	+0.078%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0190%	1h	85,635.8	+0.088%	$894.9M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,601.1	+0.048%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,623	+0.074%	$10.2M	$765.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,619.1	+0.069%	$511K	$19.9M	6.7x	as long as short