Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0049%/8hpaid last 24h −0.009%

Price spread now: Aevo against Orderly−0.017%7-day average −0.016% · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.017%, 7d avg −0.016%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, 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	Orderly PERP_BTC_USDC	86,611.4	0.0089	pay 0.0089% / 8h	3h 52m	$2.3M	$7.7M	100x
Short	Aevo BTC-PERP	86,596.3	0.0040	get 0.0005% / 1h	52m 24s	$2.4M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo 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 AevobpOrdersPrice spread, now −0.017%Rate

Funding earned: −$10.34
Price spread: −0.017% → −0.016%: −$0.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$32.49
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aevo: live order book, 1 min ago. 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 Aevo live order book, 1 min ago	0.98 bp	10.8 bp −$11	12.1 bp −$121	15.2 bp −$1,518	doesn't fit

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
dYdX BTC-USD	−0.0126%	1h	86,652.1	+0.047%	$18.1M	$19.5M	50x	as long as short
Phoenix BTC	−0.0123%	1h	86,639	+0.032%	$2.1M	$12.0M	40x	as long as short
Perpl BTC	−0.0112%	43m	86,632.4	+0.024%	$399K	$25.8M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,623	+0.013%	$9K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0077%	8h	86,600.1	−0.013%	$422.1M	$606.5M	150x	as long as short
Aftermath Perps BTCUSD	−0.0043%	1h	86,622.7	+0.013%	$86K	$166K	20x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,680.7	+0.080%	$304K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0007%	8h	86,634.6	+0.027%	$835.9M	$672.1M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,659	+0.055%	$8.8M	$702.1M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,627.7	+0.019%	$37.1M	—	200x	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	+0.0008%	8h	86,653.2	+0.048%	—	$1.47B	—	as long as short
Reya BTCRUSDPERP	+0.0009%	1h	86,682.2	+0.082%	$6.7M	$140.5M	40x	as long as short
Bitget BTCUSDT	+0.0010%	8h	86,665.7	+0.063%	$2.97B	$4.92B	150x	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,671.1	+0.069%	$9.0M	$39.7M	25x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,644.8	+0.039%	$507.7M	$1.12B	200x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	86,578	−0.039%	$327K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0036%	8h	86,615.5	+0.005%	$152.6M	$447.9M	150x	as long as short
OKX BTC-USDT-SWAP	+0.0037%	8h	86,649.3	+0.044%	$2.63B	$12.24B	100x	as long as short
Aevo BTC-PERPshort	+0.0040%	1h	86,596.3	−0.017%	$2.4M	$1.3M	20x
Kraken Futures PF_XBTUSD	+0.0041%	1h	86,645.7	+0.040%	$185.0M	$863.8M	100x	as long as short
MEXC BTC_USDT	+0.0042%	8h	86,648.3	+0.043%	$5.17B	$5.34B	500x	as long as short
Binance BTCUSDT	+0.0042%	8h	86,650.1	+0.045%	$9.56B	$23.42B	150x	as long as short
SoDEX BTC-USD	+0.0042%	1h	86,597	−0.017%	$61.1M	$311.5M	40x	as long as short
Gate BTC_USDT	+0.0064%	8h	86,646.1	+0.040%	$5.96B	$10.22B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,654.3	+0.050%	$5.31B	$9.25B	150x	as long as short
Bulk BTC-USD	+0.0079%	1h	86,622.3	+0.013%	$571.5M	$34.2M	40x	as long as short
HTX BTC-USDT	+0.0084%	8h	86,608.5	−0.003%	$2.31B	$899.0M	200x	as long as short
Variational Omni BTC	+0.0088%	8h	86,635.7	+0.028%	$164.1M	$538.8M	—	as long as short
Orderly PERP_BTC_USDClong	+0.0089%	8h	86,611.4	long leg	$2.3M	$7.7M	100x
ApeX Omni BTCUSDT	+0.0089%	1h	86,617.7	+0.007%	$140.7M	$320.8M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,642.4	+0.036%	$173.5M	$979.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,661.2	+0.057%	$24.3M	$145.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,650	+0.045%	$8.5M	$50.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,694.2	+0.096%	$4.6M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,656	+0.051%	$210K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,599	−0.014%	$23.3M	$230.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,670	+0.068%	$37.1M	$452.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,678	+0.077%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,724	+0.130%	$7.0M	$92.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,620.2	+0.010%	$38.1M	$141.6M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,624.3	+0.015%	$284.6M	$911.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,611.8	0.000%	$217.5M	$184.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,595.4	−0.018%	$30.8M	$206.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,724.8	+0.131%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,677	+0.076%	$11.0M	$13.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,683.8	+0.084%	$238K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,597.1	−0.017%	$150K	$527K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,606.3	−0.006%	$30.2M	$60.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,653.7	+0.049%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,642.3	+0.036%	$47.7M	$219.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,636.4	+0.029%	—	$87.7M	500x	as long as short
Hibachi BTC/USDT-P	+0.0112%	1h	86,686.2	+0.086%	$612K	$6.8M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0136%	1h	86,675.2	+0.074%	$132.2M	$5.91B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0212%	1h	86,623.7	+0.014%	$14.9M	—	200x	as long as short
Hyperliquid BTC	+0.0231%	1h	86,761	+0.173%	$4.01B	$4.79B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0231%	1h	86,670.6	+0.068%	$932.7M	$1.28B	50x	as long as short