Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.019%

Price spread now: Injective against Orderly+0.049%7-day average +0.019% · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.049%, 7d avg +0.019%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.030% dearer against Orderly than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.019%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.054% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,396.2	0.0100	pay 0.0100% / 8h	7h 31m	$2.7M	$9.8M	100x
Short	Injective BTC/USDC PERP	85,438	−0.0006	pay 0.0001% / 1h	31m 09s	$307K	$25.3M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.049%Rate

Funding earned: −$22.21
Price spread: +0.049% → +0.019%: $2.97
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$25.26
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 3 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 Injective live order book, 3 min ago	2.69 bp	2.7 bp −$3	12.2 bp −$122	662.2 bp −$66.2K	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
Bluefin BTC-PERP	−0.1305%	1h	85,436.7	+0.047%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,415	+0.022%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,401.4	+0.006%	$422.4M	$674.9M	150x	as long as short
Injective BTC/USDC PERPshort	−0.0006%	1h	85,438	+0.049%	$307K	$25.3M	52x
01 Exchange BTCUSD	0.0000%	1h	85,427.8	+0.037%	$351K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,412.6	+0.019%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0016%	8h	85,399.8	+0.004%	$936.5M	$770.4M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,400.3	+0.005%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	+0.086%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,418.5	+0.026%	$185.6M	$935.7M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.171%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,395.1	−0.001%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,419.1	+0.027%	$170.6M	$945.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,419.2	+0.027%	$23.5M	$134.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,415	+0.022%	$8.7M	$58.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,395.4	−0.001%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,411.8	+0.018%	$24.0M	$215.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,398	+0.002%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,460	+0.075%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,450.4	+0.063%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,401.6	+0.006%	$9.39B	$24.91B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,404.7	+0.010%	$5.09B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,405.8	+0.011%	$2.61B	$12.05B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,420	+0.028%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,434.2	+0.044%	$4.7M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.121%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,413.2	+0.020%	$5.50B	$9.92B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,402	+0.007%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,400	+0.004%	$2.97B	$5.10B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,396.1	0.000%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	+0.105%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,437.2	+0.048%	$285.6M	$965.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.130%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	+0.051%	$136.7M	$312.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	+0.051%	$30.1M	$218.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,494.9	+0.116%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,251	−0.170%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,415	+0.022%	$219K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,396.2	long leg	$2.7M	$9.8M	100x
SunX BTC-USDT	+0.0100%	8h	85,422.2	+0.030%	$3.0M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,399	+0.003%	$59.8M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,403.4	+0.008%	$2.26B	$970.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,415.4	+0.022%	$163.3M	$513.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,375.4	−0.024%	$45.9M	$239.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,436	+0.047%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,444	+0.056%	$111.9M	$5.41B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.202%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,398.4	+0.003%	$6.6M	$137.4M	40x	as long as short
Hyperliquid BTC	+0.0161%	1h	85,489	+0.109%	$3.84B	$5.14B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0170%	1h	85,447.9	+0.060%	$829.3M	$1.65B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,413	+0.020%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,432.8	+0.043%	$8.9M	$42.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	85,447	+0.059%	$10.7M	$736.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0326%	1h	85,476.3	+0.094%	$81K	$260K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,461.6	+0.077%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,433	+0.043%	$459K	$18.1M	6.7x	as long as short