Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h −0.026%

Price spread now: Orderly against Deribit−0.055%7-day average −0.050% · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now −0.055%, 7d avg −0.050%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.050%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,823	0.0147	pay 0.0018% / 1h	42m 48s	$892.8M	$1.54B	50x
Short	Orderly PERP_BTC_USDC	85,775.4	0.0100	get 0.0100% / 8h	6h 42m	$2.4M	$9.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.055%Rate

Funding earned: −$9.95
Price spread: −0.055% → −0.050%: −$0.51
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$23.46
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: 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 Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	5.9 bp −$592	10.9 bp −$5,444
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	−0.0144%	1h	85,767	−0.065%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,829	+0.007%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.035%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,822	−0.001%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,738.2	−0.099%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,824.3	+0.002%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,811.1	−0.014%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.015%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0039%	8h	85,720.2	−0.120%	$497.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,709.4	−0.132%	$893.8M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,827.1	+0.005%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,708.8	−0.133%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,794.7	−0.033%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,700.1	−0.143%	$2.95B	$5.14B	150x	as long as short
Nado BTC-PERP	+0.0073%	1h	85,821.5	−0.002%	$22.8M	$229.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	−0.017%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,775	−0.056%	$2.27B	$969.5M	200x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,693.2	−0.151%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,774.4	−0.057%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,701.2	−0.142%	$9.33B	$24.59B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.4	−0.139%	$169.4M	$980.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,705.6	−0.137%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,830	+0.008%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0096%	8h	85,710.1	−0.132%	$5.65B	$10.39B	200x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,764.6	−0.068%	$154.2M	$480.0M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,799	−0.028%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,738.7	−0.098%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,769	−0.063%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,731	−0.107%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,709.9	−0.132%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,699.1	−0.144%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,803	−0.023%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,804.5	−0.022%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,752.8	−0.082%	$35.2M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	−0.046%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	−0.042%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	−0.096%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,768.8	−0.063%	$30.3M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,852.5	+0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,803	−0.023%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810.2	−0.015%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,775.4	−0.055%	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,820.1	−0.003%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,795.8	−0.032%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757.9	−0.076%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,777	−0.054%	$60.1M	$337.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.021%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,680.3	−0.166%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,834	+0.013%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,814.2	−0.010%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.077%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,799	−0.028%	$188.9M	$970.5M	100x	as long as short
Deribit BTC-PERPETUALlong	+0.0147%	1h	85,823	long leg	$892.8M	$1.54B	50x
Aftermath Perps BTCUSD	+0.0151%	1h	85,820.7	−0.003%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.2	−0.013%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,831	+0.009%	$9.9M	$769.9M	6.4x	as long as short