Funding arb · Price arb /

ORCA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.2166%/8h= −237.1% APRpaid last 24h −0.250%

Price spread now: Extended against Bybit+0.156%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1251.250% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.305%−$31 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.156%, 7d avg −0.060%

Together, before fees−0.572%+ Points / potential airdropExtended: Active · farm board−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.216% dearer against Bybit than usual: you sell high and buy low (spread +0.156% now, against its 7-day average of −0.060%): +$22 on $10k if it goes back. Holding the pair costs −$65 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.305% in total) that is about 5.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.305% in total (about -15.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ORCAUSDT	1.5030	0.2270	pay 0.1135% / 4h	2h 10m	$2.1M	$1.3M	25x
Short	Extended ORCA-USD	1.5053	0.0104	get 0.0013% / 1h	10m 24s	$3K	$155K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bybit. 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 BybitbpFee ExtendedbpOrdersPrice spread, now +0.156%Rate

Funding earned: −$454.79
Price spread: +0.156% → −0.060%: $21.59
Slippage, 4 orders: −$108.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$558.19
Costs to cover: 1.250%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Extended: live order book, 10 min ago.

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 Bybit live order book, 6 min ago	0.33 bp	25.4 bp −$25	190.3 bp −$1,903	doesn't fit	doesn't fit
Sell Extended live order book, 10 min ago	6.86 bp	34.4 bp −$34	262.6 bp −$2,626	doesn't fit	doesn't fit

ORCA on 12 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
Kraken Futures PF_ORCAUSD	−0.0792%	1h	1.5054	+0.160%	$9K	$15K	10x	as long as short
BingX ORCA-USDT	+0.0070%	4h	1.5050	+0.133%	—	$6.6M	—	as long as short
Aster ORCAUSDT	+0.0100%	4h	1.5070	+0.264%	$44K	$44K	5x	as long as short
Binance ORCAUSDT	+0.0100%	4h	1.5056	+0.170%	$3.5M	$5.3M	50x	as long as short
Gate ORCA_USDT	+0.0100%	4h	1.5065	+0.233%	$127K	$47K	25x	as long as short
MEXC ORCA_USDT	+0.0100%	4h	1.5050	+0.133%	$691K	$148K	20x	as long as short
KuCoin ORCAUSDTM	+0.0100%	4h	1.5074	+0.293%	$576K	$204K	30x	as long as short
Bitget ORCAUSDT	+0.0100%	4h	1.5050	+0.133%	$703K	$507K	25x	as long as short
Extended ORCA-USDshort	+0.0104%	1h	1.5053	+0.156%	$3K	$155K	5x
BloFin ORCA-USDT	+0.0116%	4h	1.5060	+0.200%	$232K	$58K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni ORCA	+0.2069%	4h	1.5025	−0.032%	$29K	$11K	—	as long as short
Bybit ORCAUSDTlong	+0.2270%	4h	1.5030	long leg	$2.1M	$1.3M	25x