Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0948%/8h= −103.8% APRpaid last 24h −0.029%

Price spread now: Orderly against Deribit−0.124%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$28 a day on $10k at the current rate, and Orderly is 0.124% cheaper against Deribit than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.04043	0.0988	pay 0.0124% / 1h	44m 22s	$68K	$10K	10x
Short	Orderly PERP_S_USDC	0.04038	0.0040	get 0.0020% / 4h	2h 44m	$102K	$326K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.124%Rate

Funding earned: −$199.13
Price spread: −0.124% → 0.000%: −$12.37
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$224.5
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit 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 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
01 Exchange SUSD	−0.8584%	1h	0.03840	−5.021%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−2.399%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1255%	1h	0.04036	−0.170%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0553%	4h	0.04015	−0.683%	$624K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04037	−0.156%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04036	−0.170%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04037	−0.148%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.410%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0040%	4h	0.04038	−0.124%	$102K	$326K	10x
Lighter S	+0.0096%	1h	0.04035	−0.198%	$166K	$165K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04038	−0.134%	$1.0M	$611K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04035	−0.204%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04039	−0.099%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04033	−0.247%	$5.8M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04038	−0.124%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04033	−0.247%	$332K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04039	−0.099%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04037	−0.148%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04039	−0.099%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04035	−0.198%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.569%	$26K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04038	−0.130%	$226K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	−0.470%	$272K	$122K	75x	as long as short
Backpack S_USDC_PERP	+0.0953%	1h	0.04030	−0.322%	$118K	$334K	5x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0988%	1h	0.04043	long leg	$68K	$10K	10x