Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.7621%/8h= −834.5% APRpaid last 24h −2.168%

Price spread now: 01 Exchange against Orderly−2.087%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

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

Both sides work against this trade now: funding costs −$229 a day on $10k at the current rate, and 01 Exchange is 2.087% cheaper against Orderly than usual: you would sell low and buy high (−$209 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	Orderly PERP_S_USDC	0.04024	0.0085	pay 0.0043% / 4h	1h 00m	$100K	$585K	10x
Short	01 Exchange SUSD	0.03940	−0.7536	pay 0.0942% / 1h	0m 03s	$24K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −2.087%Rate

Funding earned: −$1,600.49
Price spread: −2.087% → 0.000%: −$208.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$1,822.24
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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 SUSDshort	−0.7536%	1h	0.03940	−2.087%	$24K	$2K	5x
Kraken Futures PF_SUSD	−0.2396%	1h	0.04024	−0.004%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−1.566%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04027	+0.070%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04022	−0.041%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04026	+0.048%	$620	—	150x	as long as short
Variational Omni S	+0.0027%	4h	0.04018	−0.142%	$625K	$19K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.889%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0085%	4h	0.04024	long leg	$100K	$585K	10x
Lighter S	+0.0096%	1h	0.04027	+0.075%	$172K	$139K	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	0.04024	−0.005%	$1.0M	$579K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04023	−0.018%	$47K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04022	−0.050%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04018	−0.149%	$5.7M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04021	−0.075%	$1.0M	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04024	0.000%	$327K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04022	−0.050%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04022	−0.050%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04023	−0.025%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04022	−0.050%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04030	+0.149%	$23K	$487K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04022	−0.058%	$229K	$729K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04029	+0.124%	$278K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0495%	1h	0.04028	+0.099%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1749%	1h	0.04030	+0.149%	$117K	$426K	5x	as long as short