Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0026%/8hpaid last 24h +0.004%

Price spread now: Orderly against Bulk+0.064%7-day average −0.004% · you sell dearer than you buy

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.064%, 7d avg −0.004%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.068% dearer against Bulk than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,467	0.0062	pay 0.0008% / 1h	7m 12s	$570.2M	$47.0M	40x
Short	Orderly PERP_BTC_USDC	86,522.4	0.0089	get 0.0089% / 8h	4h 07m	$2.3M	$7.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BulkbpFee OrderlybpOrdersPrice spread, now +0.064%Rate

Funding earned: $5.56
Price spread: +0.064% → −0.004%: $6.81
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.63
Costs to cover: 0.130%
Break-even: 7.8 days

Slippage unknown: Bulk: live order book, 1 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 Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.4 bp −$2,225
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
Perpl BTC	−0.0223%	43m	86,518	+0.059%	$406K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0132%	1h	86,513	+0.053%	$2.1M	$11.1M	40x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	+0.043%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,482	+0.017%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,533.5	+0.077%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSD	−0.0030%	1h	86,539	+0.083%	$184.7M	$860.0M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,517.2	+0.058%	$302K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	+0.058%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,492.6	+0.030%	$823.0M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	+0.088%	$8.8M	$694.0M	6.4x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	0.0000%	1h	86,572	+0.121%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0003%	1h	86,521.1	+0.063%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,541.8	+0.087%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,495.6	+0.033%	—	$1.46B	—	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,497.5	+0.035%	$2.97B	$4.90B	150x	as long as short
SoDEX BTC-USD	+0.0010%	1h	86,493	+0.030%	$61.1M	$311.5M	40x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,495	+0.032%	$506.4M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,509.8	+0.050%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,509.6	+0.049%	$153.6M	$444.1M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,495.4	+0.033%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,495.6	+0.033%	$9.54B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,489.9	+0.026%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,506.4	+0.046%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	+0.014%	$140.5M	$320.6M	100x	as long as short
Bluefin BTC-PERP	+0.0062%	1h	86,533.3	+0.077%	$141K	$505K	40x	as long as short
Bulk BTC-USDlong	+0.0062%	1h	86,467	long leg	$570.2M	$47.0M	40x
HTX BTC-USDT	+0.0066%	8h	86,502.7	+0.041%	$2.30B	$896.1M	200x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,507.4	+0.047%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,499.9	+0.038%	$5.29B	$9.19B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,491	+0.028%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDCshort	+0.0089%	8h	86,522.4	+0.064%	$2.3M	$7.7M	100x
Variational Omni BTC	+0.0089%	8h	86,459	−0.009%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,513.8	+0.054%	$173.0M	$980.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,515.3	+0.056%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,551.3	+0.098%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	+0.005%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,516.2	+0.057%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,495	+0.032%	$213K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,482.5	+0.018%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,505	+0.044%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,507	+0.046%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,546	+0.091%	$7.1M	$91.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,507.3	+0.047%	$37.4M	$140.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	+0.007%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	+0.045%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581.8	+0.133%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,526	+0.068%	$10.9M	$13.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,519.5	+0.061%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,507.7	+0.047%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	+0.016%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,497.8	+0.036%	$47.9M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	+0.061%	—	$87.2M	500x	as long as short
Hyperliquid BTC	+0.0152%	1h	86,610	+0.165%	$3.99B	$4.75B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,556.4	+0.103%	$131.6M	$5.90B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0203%	1h	86,539.1	+0.083%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0212%	1h	86,569.8	+0.119%	$932.5M	$1.22B	50x	as long as short