Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.047%

Price spread now: Deribit against Orderly+0.046%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Deribit is 0.046% dearer against Orderly than usual: you sell high and buy low (spread +0.046% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04304	0.0071	pay 0.0036% / 4h	3h 33m	$107K	$631K	10x
Short	Deribit S_USDC-PERPETUAL	0.04306	0	get 0.0000% / 1h	33m 05s	$72K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$14.93
Price spread: +0.046% → 0.000%: $4.65
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$23.28
Costs to cover: 0.130%
Break-even: never at this rate

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

Orderly and Deribit: 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
Kraken Futures PF_SUSD	−0.2657%	1h	0.04271	−0.777%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	+0.093%	$53K	$18K	25x	as long as short
01 Exchange SUSD	−0.0936%	1h	0.04170	−3.113%	$25K	$3K	5x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04311	+0.165%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04320	+0.373%	$4	—	15x	as long as short
Variational Omni S	−0.0056%	4h	0.04316	+0.285%	$670K	$7K	—	as long as short
Deribit S_USDC-PERPETUALshort	0.0000%	1h	0.04306	+0.046%	$72K	$11K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04304	+0.011%	$664	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.740%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0071%	4h	0.04304	long leg	$107K	$631K	10x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04303	−0.023%	$184K	$100K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04299	−0.123%	$1.1M	$719K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04302	−0.040%	$47K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04299	−0.113%	$6.3M	$16.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04294	−0.232%	$6.1M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04295	−0.209%	$1.2M	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04300	−0.093%	$360K	$220K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04300	−0.093%	$4.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04298	−0.139%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04298	−0.139%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04299	−0.116%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04340	+0.836%	$25K	$512K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04299	−0.107%	$239K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04306	+0.046%	$304K	$122K	75x	as long as short
Backpack S_USDC_PERP	+0.0361%	1h	0.04300	−0.093%	$101K	$473K	5x	as long as short