Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.176%

Price spread now: Bluefin against Orderly+0.019%7-day average −0.020% · you sell dearer than you buy

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

Long on Orderly Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now +0.019%, 7d avg −0.020%

Together, before fees−0.355%−$36 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: Bluefin is 0.039% dearer against Orderly than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,341.4	0.0100	pay 0.0100% / 8h	7h 48m	$2.5M	$9.1M	100x
Short	Bluefin BTC-PERP	86,357.8	0.0100	get 0.0013% / 1h	48m 47s	$140K	$663K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Orderly. 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 OrderlybpFee BluefinbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0
Price spread: +0.019% → −0.020%: $3.89
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$9.11
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bluefin: live order book, 25 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Bluefin live order book, 25 min ago	1.72 bp	5.7 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit

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	−0.0129%	1h	86,441	+0.115%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,309	−0.038%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,338.3	−0.004%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,342.4	+0.001%	$481K	$22.0M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,345	+0.004%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	86,337	−0.005%	$500.7M	$1.15B	200x	as long as short
dYdX BTC-USD	+0.0016%	1h	86,346.1	+0.005%	$16.9M	$20.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.318%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0031%	8h	86,339.8	−0.002%	$829.8M	$723.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0041%	1h	86,329.9	−0.013%	$6.7M	$145.7M	40x	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	+0.0047%	8h	86,315.4	−0.030%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,334.4	−0.008%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0060%	8h	86,319.4	−0.025%	$2.97B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,531.4	+0.220%	$2.5M	$1.5M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,331.8	−0.011%	$5.12B	$5.67B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0076%	1h	86,388.5	+0.055%	$903.0M	$1.51B	50x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,330.5	−0.013%	$9.41B	$24.50B	150x	as long as short
SoDEX BTC-USD	+0.0083%	1h	86,345	+0.004%	$60.4M	$338.2M	40x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	86,304.8	−0.042%	$141.4M	$323.2M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,352.3	+0.013%	$170.1M	$981.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,355.5	+0.016%	$23.7M	$148.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.105%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,333	−0.010%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,296	−0.053%	$205K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,371.3	+0.035%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,296.4	−0.052%	$22.0M	$232.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,411	+0.081%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,364.5	+0.027%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,332.3	−0.011%	$5.26B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,340.7	−0.001%	$2.56B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,330	−0.013%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,347.9	+0.008%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.211%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,337.1	−0.005%	$5.81B	$10.49B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,344.1	+0.003%	$37.5M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.037%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.090%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,317.3	−0.028%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,363.7	+0.026%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,324	−0.020%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,332.5	−0.010%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,341.4	long leg	$2.5M	$9.1M	100x
Bluefin BTC-PERPshort	+0.0100%	1h	86,357.8	+0.019%	$140K	$663K	40x
Derive BTC-PERP	+0.0100%	1h	86,371	+0.034%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,317.2	−0.028%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,338.8	−0.003%	$2.29B	$968.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,355.6	+0.016%	$153.3M	$478.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,306.3	−0.041%	$45.9M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,330.9	−0.012%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,382.5	+0.048%	$132.5M	$5.56B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,387	+0.053%	$192.0M	$951.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,366.2	+0.029%	$711K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,405.3	+0.074%	$77K	$221K	20x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,345.4	+0.005%	$414.9M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0215%	1h	86,343.6	+0.003%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,344	+0.003%	$9.7M	$760.8M	6.4x	as long as short