Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: StandX against Orderly+0.012%7-day average −0.009% · you sell dearer than you buy

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

Long on Orderly Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now +0.012%, 7d avg −0.009%

Together, before fees−0.018%+ Points / potential airdropStandX: Active · farm board−$2 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: StandX is 0.022% dearer against Orderly than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	86,326.5	0.0100	pay 0.0100% / 8h	1h 06m	$2.4M	$8.7M	100x
Short	StandX BTC-USD	86,337	0.0100	get 0.0013% / 1h	6m 43s	$30.6M	$204.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → −0.009%: $2.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee StandX: 4 bp × 2 orders: −$8
Net: −$11.84
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; StandX: live order book, 2 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 StandX live order book, 2 min ago	0.46 bp	4.8 bp −$5	5.7 bp −$57	6.6 bp −$664	8.9 bp −$4,443

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
Bluefin BTC-PERP	−0.0543%	1h	86,338.4	+0.014%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,349	+0.026%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,270	−0.065%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,313.2	−0.015%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,358.2	+0.037%	$503.0M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,356.9	+0.035%	$849.1M	$713.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,328.6	+0.002%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,359.6	+0.038%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0007%	1h	86,352	+0.030%	$16.9M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	86,377.4	+0.059%	$917.4M	$1.49B	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	+0.0023%	1h	86,307.2	−0.022%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.039%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,345.3	+0.022%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,343.1	+0.019%	$150.0M	$476.9M	150x	as long as short
Bitget BTCUSDT	+0.0047%	8h	86,356.8	+0.035%	$2.95B	$5.11B	150x	as long as short
Aftermath Perps BTCUSD	+0.0060%	1h	86,363.3	+0.043%	$80K	$219K	20x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,360.1	+0.039%	$5.13B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,310.5	−0.018%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0065%	8h	86,367.8	+0.048%	$9.41B	$24.49B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,351.5	+0.029%	$5.84B	$10.77B	200x	as long as short
Bybit BTCUSDT	+0.0095%	8h	86,361.6	+0.041%	$5.26B	$9.80B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,371.3	+0.052%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,376.4	+0.058%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,300	−0.031%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,266	−0.070%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,323.4	−0.004%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,296.5	−0.035%	$21.7M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,421	+0.109%	$3.79B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,393.3	+0.077%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,362	+0.041%	$2.54B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,372	+0.053%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,408.7	+0.095%	$7.8M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.007%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347	+0.024%	$37.8M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,316.3	−0.012%	$155.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,321.8	−0.005%	$279.0M	$944.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	+0.011%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,333	+0.008%	$141.1M	$323.6M	100x	as long as short
StandX BTC-USDshort	+0.0100%	1h	86,337	+0.012%	$30.6M	$204.1M	40x
Vest BTC-PERP	+0.0100%	1h	86,350.2	+0.027%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,308	−0.021%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,316	−0.012%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	86,326.5	long leg	$2.4M	$8.7M	100x
Derive BTC-PERP	+0.0100%	1h	86,349.9	+0.027%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,302.4	−0.028%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,343	+0.019%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,313.9	−0.015%	$2.29B	$969.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,334.6	+0.009%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,306.2	−0.024%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,290.4	−0.042%	$421K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,387	+0.070%	$131.8M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,375.8	+0.057%	$191.9M	$947.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,325.6	−0.001%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,325.3	−0.001%	$414.6M	$653.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0210%	1h	86,324	−0.003%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,317	−0.011%	$9.6M	$736.6M	6.4x	as long as short