Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.045%

Price spread now: Jupiter Perps against Orderly+0.028%7-day average +0.010% · you sell dearer than you buy

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

Long on Orderly Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.154%−$15 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.028%, 7d avg +0.010%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: −$5 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	85,457.3	0.0100	pay 0.0100% / 8h	1h 05m	$2.6M	$9.7M	100x
Short	Jupiter Perps WBTC-PERP	85,481.6	L +0.0104% / S +0.0056%	pay 0.0007% / 1h	5m 51s	—	$104.3M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$32.76
Price spread: +0.028% → +0.010%: $1.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$48.96
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Jupiter Perps: 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 Orderly no order-book sample	—	—	—	—	—
Sell Jupiter Perps no order-book sample	—	—	—	—	—

Orderly and Jupiter Perps: 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	−0.0082%	1h	85,478	+0.024%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	−0.002%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,458.8	+0.002%	$929.3M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,468.2	+0.013%	$421.1M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,450.7	−0.008%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,478.2	+0.024%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	−0.021%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,475.9	+0.022%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,469.8	+0.015%	$36.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0031%	1h	85,493.5	+0.042%	$853.8M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0045%	1h	85,463.2	+0.007%	$24.1M	$219.9M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.246%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,438.8	−0.022%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,474.8	+0.020%	$186.1M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,462	+0.005%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0093%	8h	85,453.3	−0.005%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,474.1	+0.020%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,473.5	+0.019%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	+0.011%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,448.7	−0.010%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,457	0.000%	$59.8M	$336.6M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,460.4	+0.004%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,459.7	+0.003%	$9.43B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,448	−0.011%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,528.5	+0.083%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,549	+0.107%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,497.4	+0.047%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,460.9	+0.004%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	+0.003%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,459.7	+0.003%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,466.6	+0.011%	$5.56B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,457.6	0.000%	$37.3M	$181.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.085%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.060%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	−0.021%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	−0.020%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,428.5	−0.034%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,513	+0.065%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,468	+0.013%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,458	+0.001%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,457.3	long leg	$2.6M	$9.7M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,476.4	+0.022%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	−0.006%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,462.5	+0.006%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.6	−0.020%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,464.5	+0.008%	$156.7M	$512.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.052%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,434.8	−0.026%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERPshort	L +0.0104% / S +0.0056%	1h	85,481.6	+0.028%	—	$104.3M	500x
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493	+0.042%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,452.5	−0.006%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,475.6	+0.021%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,491	+0.039%	$12.0M	$739.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,494.9	+0.044%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,442	−0.018%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,471.2	+0.016%	$79K	$242K	20x	as long as short