Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Ondo Perps against Orderly−0.020%7-day average +0.004% · you buy dearer than you sell

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

Long on Orderly Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.020%, 7d avg +0.004%

Together, before fees+0.043%+ Points / potential airdropOndo Perps: Active · farm board+$4 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: Ondo Perps is 0.024% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,543.2	0.0100	pay 0.0100% / 8h	1h 48m	$2.4M	$8.6M	100x
Short	Ondo Perps BTC-USD.P	86,526	0.0100	get 0.0013% / 1h	48m 37s	$3.9M	$18.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.004%: −$2.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$13.39
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—

Orderly and Ondo Perps: 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
Aftermath Perps BTCUSD	−0.0196%	1h	86,588.8	+0.053%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.067%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,529	−0.016%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0020%	1h	86,542.1	−0.001%	$17.5M	$20.2M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,542	−0.001%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,509.2	−0.039%	$505.0M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,550.1	+0.008%	$420K	$24.1M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,508.5	−0.040%	$850.5M	$709.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,559	+0.018%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,527.9	−0.018%	$8.6M	$43.3M	25x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi BTC/USDT-P	+0.0016%	1h	86,573.2	+0.035%	$731K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,522.9	−0.023%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.018%	$315K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0025%	1h	86,582	+0.045%	$925.7M	$1.47B	50x	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,543.5	0.000%	$149.8M	$472.7M	150x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,515.1	−0.032%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0039%	8h	86,515.6	−0.032%	$2.95B	$5.08B	150x	as long as short
SoDEX BTC-USD	+0.0055%	1h	86,543	0.000%	$60.5M	$336.8M	40x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,524.1	−0.022%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,523.1	−0.023%	$5.18B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,514.3	−0.033%	$9.42B	$24.35B	150x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,510.9	−0.037%	$5.85B	$10.62B	200x	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,516	−0.031%	$8.5M	$52.2M	100x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,524.2	−0.022%	$5.27B	$9.71B	150x	as long as short
Nado BTC-PERP	+0.0095%	1h	86,508.6	−0.040%	$21.7M	$233.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,537.5	−0.007%	$172.2M	$998.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,547.2	+0.005%	$24.0M	$151.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,509	−0.040%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,561.5	+0.021%	$4.7M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,595	+0.060%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,562.6	+0.022%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,527.5	−0.018%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,526	−0.020%	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,592.6	+0.057%	$7.4M	$93.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.018%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,548.8	+0.006%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,521.5	−0.025%	$156.7M	$571.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,522.6	−0.024%	$279.4M	$942.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,535.2	−0.009%	$217.1M	$182.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,588.3	+0.052%	$141.5M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	+0.015%	$30.7M	$203.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,584.1	+0.047%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,540	−0.004%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,533	−0.012%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,543.2	long leg	$2.4M	$8.6M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,556	+0.015%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,532	−0.013%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,531.4	−0.014%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,538.5	−0.005%	$2.30B	$958.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,502.6	−0.047%	$46.5M	$225.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,556.2	+0.015%	—	$98.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,586.8	+0.050%	$131.8M	$5.76B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,585.5	+0.049%	$191.3M	$937.0M	100x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,543.4	0.000%	$415.3M	$654.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,549.4	+0.007%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	86,562	+0.022%	$9.6M	$726.1M	6.4x	as long as short