Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Orderly against Polymarket Perps−0.065%53s7-day average −0.002% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.065%, 7d avg −0.002%

Together, before fees+0.028%+$3 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: Orderly is 0.063% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	85,450	0.0100	pay 0.0013% / 1h	17m 31s	$11.1M	$14.3M	50x
Short	Orderly PERP_BTC_USDC	85,394.2	0.0100	get 0.0100% / 8h	4h 17m	$2.4M	$8.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Polymarket Perps. 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 Polymarket PerpsbpFee OrderlybpOrdersPrice spread, now −0.065%Rate

Funding earned: $0
Price spread: −0.065% → −0.002%: −$6.29
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.29
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 2 min ago; 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 Polymarket Perps live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.8 bp −$48	7.6 bp −$760	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0179%	1h	85,530	+0.094%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,421	−0.034%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,440.6	−0.011%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,423	−0.032%	$918.9M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,447.7	−0.003%	$416.2M	$667.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,409	−0.048%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	85,427.9	−0.026%	$515.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,459.5	+0.011%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,441.4	−0.010%	$25.3M	$221.8M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,442.3	−0.009%	$4.6M	$98.3M	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-USDT	+0.0062%	8h	85,460.4	+0.012%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,448.2	−0.002%	$2.94B	$5.08B	150x	as long as short
Phemex BTCUSDT	+0.0081%	8h	85,400.1	−0.058%	$147.4M	$488.1M	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,452.5	+0.003%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,454.5	+0.005%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,459.9	+0.012%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,461	+0.013%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,392.7	−0.067%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,454	+0.005%	$5.06B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,461.1	+0.013%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,422	−0.033%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,513.1	+0.074%	$5.0M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,528	+0.091%	$3.74B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,480.3	+0.035%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,457.2	+0.008%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,467	+0.020%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,442	−0.009%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.077%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,460.2	+0.012%	$5.50B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,407.3	−0.050%	$35.6M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	−0.008%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,443.2	−0.008%	$279.1M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,460.3	+0.012%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,462.1	+0.014%	$139.7M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436.8	−0.015%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,497	+0.055%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,450	long leg	$11.1M	$14.3M	50x
Bullet BTC-USD	+0.0100%	1h	85,396	−0.063%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,394.2	−0.065%	$2.4M	$8.9M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,437.7	−0.014%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,385.5	−0.076%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,391	−0.069%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,399	−0.060%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.058%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,430.6	−0.023%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,408.9	−0.048%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.4	−0.015%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0128%	1h	85,442.4	−0.009%	$891.4M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.029%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,421.5	−0.033%	$187.5M	$955.3M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,405.2	−0.052%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,473.6	+0.028%	$8.2M	$42.5M	25x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,436	−0.016%	$10.3M	$756.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,438.9	−0.013%	$702K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,486.5	+0.043%	$78K	$219K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,417.3	−0.038%	$498K	$18.8M	6.7x	as long as short