Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Orderly against Phemex+0.002%7-day average +0.001% · you sell dearer than you buy

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.002%, 7d avg +0.001%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,670.4	0.0100	pay 0.0100% / 8h	6h 41m	$154.0M	$480.3M	150x
Short	Orderly PERP_BTC_USDC	85,671.7	0.0100	get 0.0100% / 8h	6h 41m	$2.4M	$9.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phemex. 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 PhemexbpFee OrderlybpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → +0.001%: $0.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.9
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Orderly: 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 Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	7.5 bp −$746	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	+0.113%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,711	+0.047%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.213%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,643.7	−0.031%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,687.3	+0.020%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,735.8	+0.076%	$510K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,684.9	+0.017%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.163%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,676.6	+0.007%	$496.9M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,655.2	−0.018%	$893.6M	$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	85,667	−0.004%	$8.1M	$42.5M	25x	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,694.6	+0.028%	$6.7M	$146.1M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,661.3	−0.011%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,655.2	−0.018%	$2.95B	$5.14B	150x	as long as short
HTX BTC-USDT	+0.0072%	8h	85,655.3	−0.018%	$2.27B	$969.7M	200x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.161%	$140.3M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0078%	1h	85,687.6	+0.020%	$22.7M	$229.6M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,666	−0.005%	$9.33B	$24.60B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,645.9	−0.029%	$5.11B	$5.68B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,665.2	−0.006%	$2.5M	$1.8M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,652.4	−0.021%	$169.2M	$980.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,656.1	−0.017%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,699	+0.033%	$8.4M	$52.5M	100x	as long as short
Gate BTC_USDT	+0.0099%	8h	85,659.9	−0.012%	$5.65B	$10.40B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,632	−0.045%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,710	+0.046%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,740	+0.081%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,680.6	+0.012%	$40.8M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669.5	−0.001%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,662.2	−0.010%	$2.55B	$12.52B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,644	−0.031%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,641.8	−0.033%	$7.3M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.9	+0.008%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.132%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.136%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,740.2	+0.082%	$215.2M	$164.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,805.4	+0.158%	$30.4M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,767.7	+0.114%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,701	+0.036%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,671.8	+0.002%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,671.7	+0.002%	$2.4M	$9.1M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,709.9	+0.046%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,682.5	+0.014%	$29.9M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,638.1	−0.038%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,672	+0.002%	$60.0M	$337.8M	40x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,670.4	long leg	$154.0M	$480.3M	150x
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.157%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,634.2	−0.042%	$44.9M	$227.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,716.7	+0.054%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,706	+0.042%	$131.3M	$5.26B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0130%	1h	85,710.8	+0.047%	$892.9M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,832.3	+0.189%	$709K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,691.7	+0.025%	$188.7M	$970.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	85,794.3	+0.145%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,678.9	+0.010%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,728	+0.067%	$10.0M	$770.4M	6.4x	as long as short