Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.1880%/8h= +205.8% APRpaid last 24h +0.470%

Price spread now: Orderly against Coinbase International+10.925%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$56 a day on $10k at the current rate, and Orderly is 10.925% dearer against Coinbase International than usual: you sell high and buy low: +$1,093 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International S-PERP-INTX	0.04128	−0.1904	get 0.0238% / 1h	56m 43s	$50K	$18K	25x
Short	Orderly PERP_S_USDC	0.04579	−0.0024	pay 0.0012% / 4h	1h 56m	$114K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now +10.925%Rate

Funding earned: $394.74
Price spread: +10.925% → 0.000%: $1,092.54
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1,471.28
Costs to cover: 0.160%
Break-even: from the start

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

Coinbase International and 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.

S on 25 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
01 Exchange SUSD	−1.1064%	1h	0.04440	+7.558%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4588%	1h	0.04574	+10.815%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTXlong	−0.1904%	1h	0.04128	long leg	$50K	$18K	25x
Variational Omni S	−0.0647%	4h	0.04544	+10.076%	$704K	$7K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0336% / S +0.0211%	1h	0.04586	+11.097%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04575	+10.831%	$5	—	15x	as long as short
Orderly PERP_S_USDCshort	−0.0024%	4h	0.04579	+10.925%	$114K	$646K	10x
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04583	+11.022%	$77K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04586	+11.100%	$706	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04578	+10.901%	$159K	$141K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04581	+10.976%	$1.2M	$860K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04580	+10.950%	$48K	$154K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04580	+10.950%	$6.8M	$20.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04572	+10.756%	$6.5M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04579	+10.925%	$1.4M	$6.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04574	+10.804%	$386K	$227K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04576	+10.853%	$4.4M	$3.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04573	+10.780%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04580	+10.950%	$1.4M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04574	+10.804%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04610	+11.676%	$26K	$523K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04575	+10.835%	$243K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	+11.434%	$2K	$2	12x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04585	+11.071%	$333K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.0831%	1h	0.04580	+10.950%	$109K	$463K	5x	as long as short