Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.026%

Price spread now: GMX against Orderly+0.027%7-day average +0.035% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.027%, 7d avg +0.035%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.035%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,936.7	0.0100	pay 0.0100% / 8h	4h 30m	$2.6M	$8.7M	100x
Short	GMX BTC/USD [WBTC.b-USDC]	85,960.2	L +0.0212% / S −0.0259%	get 0.0032% / 1h	30m 40s	$15.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.027%Rate

Funding earned: $33.37
Price spread: +0.027% → +0.035%: −$0.81
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $14.56
Costs to cover: 0.180%
Break-even: 3.9 days

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

Orderly and GMX: 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 exchanges

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	−0.0150%	1h	86,005	+0.079%	$2.1M	$7.7M	40x	as long as short
Perpl BTC	−0.0112%	43m	85,970.7	+0.040%	$470K	$13.4M	6.7x	as long as short
BloFin BTC-USDT	−0.0051%	8h	85,939.8	+0.004%	$420.7M	$552.7M	150x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,900.3	−0.042%	$371K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0045%	1h	85,943	+0.007%	$65.9M	$186.8M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	85,936.9	0.000%	$16.9M	$13.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	85,959	+0.026%	$311K	$30.0M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,960.6	+0.028%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	85,890.3	−0.054%	$509.3M	$826.8M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0019%	1h	85,956.9	+0.024%	$192.8M	$736.5M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex BTCUSDT	+0.0024%	1h	85,886	−0.059%	$8.6M	$45.8M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,895.1	−0.048%	$950.1M	$633.9M	125x	as long as short
BingX BTC-USDC	+0.0052%	8h	85,867.5	−0.081%	—	$16.1M	—	as long as short
Phemex BTCUSDT	+0.0054%	8h	85,942	+0.006%	$172.5M	$473.6M	150x	as long as short
Bybit BTCUSDT	+0.0062%	8h	85,881.3	−0.064%	$5.15B	$7.97B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	85,923.7	−0.015%	$2.4M	$6.8M	20x	as long as short
Binance BTCUSDT	+0.0066%	8h	85,877.4	−0.069%	$9.40B	$19.97B	150x	as long as short
MEXC BTC_USDT	+0.0067%	8h	85,877.4	−0.069%	$5.16B	$4.73B	500x	as long as short
Gate BTC_USDT	+0.0073%	8h	85,884.1	−0.061%	$5.51B	$8.81B	200x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,948.1	+0.013%	$2.27B	$752.6M	200x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,877.5	−0.069%	$2.99B	$3.83B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,945.2	+0.010%	$23.8M	$189.3M	50x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,949.2	+0.015%	$223K	$3.1M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,901.4	−0.041%	$173.9M	$844.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,891.8	−0.052%	$23.9M	$117.9M	50x	as long as short
Variational Omni BTC	+0.0099%	8h	85,921.3	−0.018%	$157.0M	$473.5M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,859	−0.090%	$222K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,897.3	−0.046%	$5.7M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,932.1	−0.005%	$40.1M	$567.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,888.8	−0.056%	$2.63B	$9.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,899	−0.044%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,896.4	−0.047%	$4.7M	$90.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,017.7	+0.094%	$716.4M	$72.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,917.8	−0.022%	$38.8M	$197.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,978.8	+0.049%	$290.0M	$728.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,015.9	+0.092%	$216.1M	$134.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,012.2	+0.088%	$138.1M	$285.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,021.3	+0.098%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,043.3	+0.124%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,948	+0.013%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,936.7	long leg	$2.6M	$8.7M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,951.3	+0.017%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,999.6	+0.073%	$29.1M	$44.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,955	+0.021%	$3.3M	$6.8M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,847	−0.104%	$47.4M	$186.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,980.2	+0.051%	—	$76.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	85,981	+0.052%	$112.3M	$4.96B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	85,975	+0.045%	$13.3M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	85,915.2	−0.025%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0175%	1h	85,927.7	−0.010%	$6.6M	$122.5M	40x	as long as short
Hyperliquid BTC	+0.0177%	1h	86,003	+0.077%	$3.97B	$4.18B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	85,998.5	+0.072%	$819.1M	$1.48B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0212% / S −0.0259%	1h	85,960.2	+0.027%	$15.8M	—	200x
Hibachi BTC/USDT-P	+0.0288%	1h	86,065.2	+0.150%	$698K	$6.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	86,006.7	+0.081%	$79K	$224K	20x	as long as short