Funding you earn now, next payment 22:00 UTC−0.0591%/8h= −64.7% APRpaid last 24h −0.127%
Price spread now: Orderly against Backpack−0.124%46s7-day average −0.061% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.394%−$39 on $10k
+Price spread, last 3 days (all we have)+1.486%+$149 · spread now −0.124%, 7d avg −0.061%
=Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Orderly is 0.063% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.061%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.394% in total (about -20.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ARB_USDC_PERP | 0.2254 | 0.0577 | pay 0.0072% / 1h | 27m 21s | $1.1M | $2.7M | 20x |
| Short | Orderly PERP_ARB_USDC | 0.2251 | −0.0015 | pay 0.0015% / 8h | 2h 27m | $10K | $387K | 10x |
Backpack ARB_USDC_PERP
Orderly PERP_ARB_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$124.17
- Price spread: −0.124% → −0.061%
- −$6.29
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$146.46
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Backpack: 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 Backpack live order book, 2 min ago | 1.33 bp | 9.0 bp −$9 | doesn't fit | doesn't fit | 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.
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1675% | 1h | 0.2239 | −0.657% | $40K | $197K | 12x | as long as short |
| 01 Exchange ARBUSD | −0.0288% | 1h | 0.2249 | −0.231% | $7K | $2K | 10x | as long as short |
| Bybit ARBUSDT | −0.0179% | 8h | 0.2251 | −0.142% | $56.7M | $136.1M | 50x | as long as short |
| Variational Omni ARB | −0.0172% | 8h | 0.2249 | −0.206% | $1.9M | $2.8M | — | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0150% | 1h | 0.2252 | −0.098% | $38K | $20K | 25x | as long as short |
| OKX ARB-USDT-SWAP | −0.0090% | 8h | 0.2250 | −0.155% | $22.4M | $166.3M | 50x | as long as short |
| MEXC ARB_USDT | −0.0088% | 8h | 0.2250 | −0.186% | $37.8M | $63.6M | 200x | as long as short |
| SoDEX ARB-USD | −0.0083% | 1h | 0.2251 | −0.146% | $4K | $2.9M | 5x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0053% | 1h | 0.2250 | −0.171% | $1.1M | $5.3M | 50x | as long as short |
| Orderly PERP_ARB_USDCshort | −0.0015% | 8h | 0.2251 | −0.124% | $10K | $387K | 10x |
Injective ARB/USDC PERP
01 Exchange ARBUSD
Bybit ARBUSDT
Variational Omni ARB
Deribit ARB_USDC-PERPETUAL
OKX ARB-USDT-SWAP
MEXC ARB_USDT
SoDEX ARB-USD
Kraken Futures PF_ARBUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps ARB-USD | −0.0002% | 1h | 0.2250 | −0.177% | $78K | $2.2M | 10x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2251 | −0.115% | $67K | $4K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2252 | −0.090% | $60K | — | 150x | as long as short |
| Extended ARB-USD | +0.0008% | 1h | 0.2249 | −0.233% | $358K | $2.4M | 25x | as long as short |
| Binance ARBUSDT | +0.0008% | 8h | 0.2251 | −0.142% | $64.0M | $325.0M | 75x | as long as short |
| Gate ARB_USDT | +0.0013% | 8h | 0.2251 | −0.124% | $5.5M | $21.6M | 60x | as long as short |
| BloFin ARB-USDT | +0.0043% | 8h | 0.2247 | −0.284% | $3.0M | $3.3M | 75x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2252 | −0.083% | $147K | $12K | 3x | as long as short |
| Bitget ARBUSDT | +0.0085% | 8h | 0.2250 | −0.169% | $21.1M | $38.5M | 50x | as long as short |
| BingX ARB-USDT | +0.0085% | 8h | 0.2250 | −0.160% | — | $54.0M | — | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2252 | −0.093% | $1.3M | $7.7M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2252 | −0.071% | $40.3M | $53.2M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2250 | −0.183% | $700K | $1.8M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2251 | −0.102% | $47K | $200K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2251 | −0.129% | $20.8M | $17.0M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2249 | −0.226% | $36K | $453K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2249 | −0.208% | $480K | $4.1M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2248 | −0.257% | $122K | $297K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2251 | −0.124% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2247 | −0.306% | $276K | $1.2M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2249 | −0.213% | $5.3M | $13.8M | 50x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0154% / S −0.0018% | 1h | 0.2252 | −0.078% | $853K | — | 150x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0288% | 1h | 0.2252 | −0.062% | $502K | $2.5M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0291% | 1h | 0.2249 | −0.192% | $2K | $695 | 20x | as long as short |
| RISEx ARB/USDC | +0.0546% | 1h | 0.2252 | −0.099% | $495K | $2.9M | 10x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0577% | 1h | 0.2254 | long leg | $1.1M | $2.7M | 20x |
Polymarket Perps ARB-USD
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Extended ARB-USD
Binance ARBUSDT
Gate ARB_USDT
BloFin ARB-USDT
Aevo ARB-PERP
Bitget ARBUSDT
BingX ARB-USDT
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
GMX ARB/USD [ARB-USDC]
Coinbase International ARB-PERP-INTX
Reya ARBRUSDPERP
RISEx ARB/USDC