Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.002%

Price spread now: Orderly against RISEx−0.013%7-day average −0.021% · you buy dearer than you sell

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

Long on RISEx Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.013%, 7d avg −0.021%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,348	0.0193	pay 0.0024% / 1h	28m 11s	$8.7M	$42.9M	25x
Short	Orderly PERP_BTC_USDC	85,337.2	0.0100	get 0.0100% / 8h	1h 28m	$2.6M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against RISEx. 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 RISExbpFee OrderlybpOrdersPrice spread, now −0.013%Rate

Funding earned: −$19.5
Price spread: −0.013% → −0.021%: $0.8
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.7
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 1 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 RISEx live order book, 1 min ago	0.01 bp	4.0 bp −$4	4.4 bp −$44	11.0 bp −$1,095	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	−0.0082%	1h	85,329	−0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,313	−0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,328.4	−0.023%	$927.9M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.042%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,343.7	−0.005%	$512.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,330.8	−0.020%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,329.2	−0.022%	$492K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.076%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,348.2	0.000%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,317.7	−0.036%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.118%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,333.6	−0.017%	—	$1.56B	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	−0.049%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,330.5	−0.021%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,358.6	+0.012%	$185.5M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,336.7	−0.013%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,348	0.000%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,350	+0.002%	$9.43B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,359.1	+0.013%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,353.9	+0.007%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,325	−0.027%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,305	−0.050%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,343	−0.006%	$5.14B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,390.7	+0.050%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,401	+0.062%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.5	+0.013%	$39.9M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,367.8	+0.023%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,315	−0.039%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,318.7	−0.034%	$5.1M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,339	−0.011%	$5.54B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,308.2	−0.047%	$37.0M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.085%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.094%	$279.4M	$951.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.064%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,321.9	−0.031%	$30.1M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,383.9	+0.042%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,328	−0.023%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,337	−0.013%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,337.2	−0.013%	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,376.4	+0.033%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.156%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,313.5	−0.040%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,340	−0.009%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326.2	−0.026%	$2.26B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,353.2	+0.006%	$152.2M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.092%	$683.1M	$415.1M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,382.5	+0.040%	$862.2M	$1.64B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,312.4	−0.042%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,332.2	−0.019%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,380.5	+0.038%	$115.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.048%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,358	+0.012%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDClong	+0.0193%	1h	85,348	long leg	$8.7M	$42.9M	25x
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,357.3	+0.011%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,356	+0.009%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0259%	1h	85,324.1	−0.028%	$79K	$230K	20x	as long as short