Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Perpl against Orderly+0.065%7-day average +0.013% · you sell dearer than you buy

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

Long on Orderly Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.065%, 7d avg +0.013%

Together, before fees+0.229%+ Points / potential airdropPerpl: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.052% dearer against Orderly than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of +0.013%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 42 hours. Mind the row above: over the last 7 days funding on this pair paid +0.269%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,390.1	0.0100	pay 0.0100% / 8h	26m 15s	$2.4M	$9.0M	100x
Short	Perpl BTC	86,446.6	0	get 0.0000% / 43m	22m 15s	$415K	$23.1M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$21
Price spread: +0.065% → +0.013%: $5.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$35.58
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Orderly and Perpl: 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	−0.0118%	1h	86,477	+0.101%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,413	+0.027%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.206%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,420.6	+0.035%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,420.5	+0.035%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,403.4	+0.015%	$501.4M	$1.15B	200x	as long as short
Perpl BTCshort	0.0000%	43m	86,446.6	+0.065%	$415K	$23.1M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,423.2	+0.038%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,427.1	+0.043%	$849.9M	$715.7M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,422.6	+0.038%	$914.5M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0031%	1h	86,401.1	+0.013%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDT	+0.0042%	8h	86,402	+0.014%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,380.1	−0.012%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,396.4	+0.007%	$150.5M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0066%	1h	86,448.3	+0.067%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,400.3	+0.012%	$9.42B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,402.3	+0.014%	$5.15B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,386.7	−0.004%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,402.5	+0.014%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,382	−0.009%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,432.1	+0.049%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,403.1	+0.015%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,410	+0.023%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,396.7	+0.008%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,393	+0.003%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,462	+0.083%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,430.8	+0.047%	$22.0M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,479	+0.103%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,457.8	+0.078%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,400.1	+0.012%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,437	+0.054%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.5	+0.085%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,443.6	+0.062%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.018%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.068%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.110%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.083%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,390.9	+0.001%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,461.5	+0.083%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,408	+0.021%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,403.3	+0.015%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,390.1	long leg	$2.4M	$9.0M	100x
Bluefin BTC-PERP	+0.0100%	1h	86,424	+0.039%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,420	+0.035%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,410.3	+0.023%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,375.1	−0.017%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.087%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,366.6	−0.027%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,458	+0.079%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,410.8	+0.024%	$192.1M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,431.1	+0.047%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0149%	1h	86,487.8	+0.113%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,438.5	+0.056%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	+0.065%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,416.3	+0.030%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,452	+0.072%	$9.7M	$747.5M	6.4x	as long as short