Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.131%

Price spread now: Bluefin against Orderly+0.044%7-day average −0.015% · you sell dearer than you buy

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

Long on Orderly Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.044%, 7d avg −0.015%

Together, before fees−0.474%−$47 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: Bluefin is 0.059% dearer against Orderly than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,331.2	0.0100	pay 0.0100% / 8h	51m 49s	$2.6M	$9.8M	100x
Short	Bluefin BTC-PERP	85,369	0.0100	get 0.0013% / 1h	51m 49s	$194K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → −0.015%: $5.89
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$7.11
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bluefin: live order book, 52 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 Bluefin live order book, 52 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	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
Hotstuff BTC-PERP	−0.0080%	1h	85,325	−0.007%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,409	+0.091%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0030%	8h	85,385.6	+0.064%	$928.6M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,310.6	−0.024%	$421.6M	$681.2M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,367.6	+0.043%	$512.1M	$1.08B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,332.1	+0.001%	$16.7M	$21.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,333.8	+0.003%	$490K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,347.4	+0.019%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,340	+0.010%	$351K	$2.3M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,362.2	+0.036%	$185.7M	$951.6M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0030%	1h	85,327.1	−0.005%	$139.5M	$313.0M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.042%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0069%	8h	85,393.1	+0.073%	—	$1.57B	—	as long as short
Bybit BTCUSDT	+0.0085%	8h	85,371	+0.047%	$5.14B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,396.2	+0.076%	$2.97B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,402.8	+0.084%	$169.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,393	+0.072%	$23.6M	$147.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,333	+0.002%	$8.4M	$57.3M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,398.2	+0.079%	$5.03B	$5.71B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,329.7	−0.002%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,384.4	+0.062%	$9.40B	$24.97B	150x	as long as short
Nado BTC-PERP	+0.0098%	1h	85,318.2	−0.015%	$24.1M	$219.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,309	−0.026%	$267K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,357.2	+0.030%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,473	+0.166%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,413.7	+0.097%	$40.0M	$605.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,379	+0.056%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,331	0.000%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,322.7	−0.010%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.008%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,398.9	+0.079%	$5.53B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,338.2	+0.008%	$37.1M	$184.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,296	−0.041%	$156.1M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,321.4	−0.012%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,315.9	−0.018%	$214.1M	$158.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,326.4	−0.006%	$30.1M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,388.5	+0.067%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,337	+0.007%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,339	+0.009%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,331.2	long leg	$2.6M	$9.8M	100x
Bluefin BTC-PERPshort	+0.0100%	1h	85,369	+0.044%	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,312.8	−0.022%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,307	−0.028%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,336	+0.006%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326	−0.006%	$2.26B	$964.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,357.1	+0.030%	$157.4M	$512.9M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,369.1	+0.044%	$45.6M	$241.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,327.5	−0.004%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,369.9	+0.045%	$112.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0136%	1h	85,322.2	−0.011%	$6.6M	$146.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0154%	1h	85,381.4	+0.059%	$841.9M	$1.65B	50x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,361	+0.035%	$11.9M	$738.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,353.2	+0.026%	$8.7M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,344.7	+0.016%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,382.5	+0.060%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,356	+0.029%	$79K	$247K	20x	as long as short