Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.019%

Price spread now: Orderly against GMX−0.016%7-day average −0.040% · you buy dearer than you sell

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.061%−$6 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now −0.016%, 7d avg −0.040%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.025% dearer against GMX than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.040%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,441.1	L +0.0205% / S −0.0220%	pay 0.0026% / 1h	27m 05s	$14.5M	—	200x
Short	Orderly PERP_BTC_USDC	86,427.6	0.0100	get 0.0100% / 8h	7h 27m	$2.4M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: −$22.09
Price spread: −0.016% → −0.040%: $2.47
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$37.62
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX 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
Bluefin BTC-PERP	−0.0317%	1h	86,462.6	+0.025%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.044%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,406	−0.041%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,450.2	+0.011%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,418.4	−0.026%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,444	+0.003%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.096%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,430.6	−0.012%	$501.2M	$1.13B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	−0.006%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0040%	8h	86,426.7	−0.017%	$154.6M	$473.5M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,429.9	−0.013%	$832.2M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,441.9	+0.001%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,421.4	−0.023%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,431.8	−0.011%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,430.4	−0.012%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	86,466.7	+0.030%	$902.4M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,426.2	−0.017%	$5.14B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,417.7	−0.027%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0080%	8h	86,430.6	−0.012%	$9.42B	$24.26B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,426	−0.017%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,441	0.000%	$170.7M	$986.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,441.7	+0.001%	$23.7M	$149.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,430	−0.013%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,401	−0.046%	$201K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,420	−0.024%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,414.3	−0.031%	$22.0M	$227.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,499	+0.067%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,431.2	−0.011%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,433.1	−0.009%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,438.8	−0.003%	$2.56B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,421	−0.023%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,446.2	+0.006%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,434.5	−0.008%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,423.1	−0.021%	$37.4M	$158.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	−0.074%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.093%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.047%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.088%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.013%	$30.7M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,474.4	+0.039%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,448	+0.008%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,436	−0.006%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	86,427.6	−0.016%	$2.4M	$8.9M	100x
Derive BTC-PERP	+0.0100%	1h	86,453.2	+0.014%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.053%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,413.7	−0.032%	$2.29B	$962.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.035%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,405.5	−0.041%	$45.9M	$221.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,464	+0.027%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,466	+0.029%	$132.3M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,453.2	+0.014%	$192.4M	$941.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,418.9	−0.026%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	−0.001%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.021%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0205% / S −0.0220%	1h	86,441.1	long leg	$14.5M	—	200x
Kalshi KXBTCPERP	+0.0209%	8h	86,452	+0.013%	$10.3M	$763.3M	6.4x	as long as short