BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0002%/8h= +0.3% APRnext payment +$0.02 per $10,000 · paid last 24h +0.007%

Price spread now: Orderly against Binance+0.060%49s7-day average 0.000% · you sell dearer than you buy

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

Long on Binance Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.097%−$10 · spread now +0.060%, 7d avg 0.000%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.060% dearer against Binance than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BTCUSDT	85,467.1	0.0098	pay 0.0098% / 8h	4h 21m	$9.36B	$24.14B	150x
Short	Orderly PERP_BTC_USDC	85,518.4	0.0100	get 0.0100% / 8h	4h 21m	$2.4M	$8.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Binance. 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 BinancebpFee OrderlybpOrdersPrice spread, now +0.060%Rate

Funding earned: $0.51
Price spread: +0.060% → 0.000%: $5.96
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$9.53
Costs to cover: 0.160%
Break-even: 137.7 days

Slippage unknown: Binance: live order book, 8 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 Binance live order book, 8 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$525	6.9 bp −$3,451
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.

BTC on 56 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
Phoenix BTC	−0.0179%	1h	85,530	+0.074%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,528	+0.071%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,460	−0.008%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	+0.061%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0021%	8h	85,460.6	−0.008%	$918.4M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,519.4	+0.061%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,471.4	+0.005%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,497.7	+0.036%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,448.2	−0.022%	$4.4M	$98.0M	40x	as long as short
Nado BTC-PERP	+0.0021%	1h	85,472	+0.006%	$25.4M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,463.3	−0.004%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,492.1	+0.029%	$147.6M	$487.6M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,464.4	−0.003%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,459.3	−0.009%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,482.1	+0.018%	$172.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,482.1	+0.018%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,464	−0.004%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.3	+0.054%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,472.1	+0.006%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDTlong	+0.0098%	8h	85,467.1	long leg	$9.36B	$24.14B	150x
Katana Perps BTC-USD	+0.0100%	8h	85,436	−0.036%	$209K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,539	+0.084%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,567	+0.117%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,504.9	+0.044%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,460.8	−0.007%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,471.9	+0.006%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,474	+0.008%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.057%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,472.8	+0.007%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,476.2	+0.011%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.013%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.043%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.054%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.064%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,512.1	+0.053%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,528	+0.071%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	−0.008%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.6	+0.045%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,518.4	+0.060%	$2.4M	$8.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,556.7	+0.105%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,511.9	+0.052%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,493.9	+0.031%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,506	+0.046%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511	+0.051%	$2.26B	$942.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,431	−0.042%	$44.5M	$230.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,530.3	+0.074%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,540.9	+0.086%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,548.3	+0.095%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.009%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,524.4	+0.067%	$187.6M	$955.0M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,482.9	+0.019%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0198%	1h	85,522	+0.064%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,518.9	+0.061%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,549.5	+0.096%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,538	+0.083%	$10.3M	$756.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,532.4	+0.076%	$500K	$18.8M	6.7x	as long as short