Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.010%

Price spread now: Coinbase International against Orderly+0.045%7-day average +0.044% · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.045%, 7d avg +0.044%

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

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.050%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,775.4	0.0100	pay 0.0100% / 8h	6h 42m	$2.4M	$9.1M	100x
Short	Coinbase International BTC-PERP-INTX	85,814.2	0.0112	get 0.0014% / 1h	42m 56s	$131.6M	$5.26B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.045%Rate

Funding earned: $2.52
Price spread: +0.045% → +0.044%: $0.14
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$13.34
Costs to cover: 0.160%
Break-even: 44.1 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$612	13.8 bp −$6,919

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	−0.010%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,829	+0.062%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.090%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,822	+0.054%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,834.4	+0.069%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,824.3	+0.057%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,811.1	+0.042%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.040%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,756.8	−0.022%	$497.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,709.4	−0.077%	$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	+0.060%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,708.8	−0.078%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,794.7	+0.022%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,701	−0.087%	$2.95B	$5.14B	150x	as long as short
Nado BTC-PERP	+0.0073%	1h	85,821.5	+0.054%	$22.8M	$229.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.038%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0078%	8h	85,775	0.000%	$2.27B	$969.5M	200x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,706.8	−0.080%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,774.4	−0.001%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,705.7	−0.081%	$9.33B	$24.59B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,786.8	+0.013%	$169.5M	$980.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,787.4	+0.014%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,830	+0.064%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0096%	8h	85,710.1	−0.076%	$5.65B	$10.39B	200x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,764.6	−0.013%	$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	85,846.3	+0.083%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,815	+0.046%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,839.3	+0.074%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,720.2	−0.064%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,712.7	−0.073%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,803	+0.032%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,804.5	+0.034%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,752.8	−0.026%	$35.2M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.009%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.014%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	−0.041%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,768.8	−0.008%	$30.3M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,852.5	+0.090%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,803	+0.032%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810.2	+0.041%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,775.4	long leg	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,820.1	+0.052%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,795.8	+0.024%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757.9	−0.020%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,777	+0.002%	$60.1M	$337.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.034%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,680.3	−0.111%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,834	+0.068%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,814.2	+0.045%	$131.6M	$5.26B	50x
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.022%	$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-PERPETUAL	+0.0147%	1h	85,823	+0.055%	$892.8M	$1.54B	50x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,820.7	+0.053%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,812.2	+0.043%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,831	+0.065%	$9.9M	$769.9M	6.4x	as long as short