Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0125%/8hnext payment −$0.62 per $10,000 · paid last 24h −0.110%

Price spread now: Orderly against Binance+0.051%7-day average −0.014% · you sell dearer than you buy

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

Long on Binance Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.680%−$68 on $10k

Price spread, last 3 days (all we have)−0.137%−$14 · spread now +0.051%, 7d avg −0.014%

Together, before fees−0.817%−$82 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.064% dearer against Binance than usual: you sell high and buy low (spread +0.051% now, against its 7-day average of −0.014%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 41 hours. At the pace of the last 7 days (−0.680% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.03942	0.0100	pay 0.0050% / 4h	7m 13s	$5.4M	$34.2M	75x
Short	Orderly PERP_S_USDC	0.03944	−0.0025	pay 0.0012% / 4h	7m 13s	$107K	$326K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Binance. 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 BinancebpFee OrderlybpOrdersPrice spread, now +0.051%Rate

Funding earned: −$26.22
Price spread: +0.051% → −0.014%: $6.43
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$35.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 9 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 Binance live order book, 9 min ago	1.28 bp	20.7 bp −$21	64.4 bp −$644	2156.7 bp −$215.7K	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.

S on 25 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_SUSD	−0.2112%	1h	0.03937	−0.135%	$33K	$38K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1488%	1h	0.03826	−2.943%	$47K	$9K	25x	as long as short
Variational Omni S	−0.1440%	4h	0.03917	−0.622%	$608K	$116K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03944	+0.061%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03934	−0.198%	$4	—	15x	as long as short
Aster SUSDT	−0.0096%	4h	0.03937	−0.130%	$43K	$241K	10x	as long as short
OKX S-USDT-SWAP	−0.0062%	4h	0.03942	0.000%	$987K	$11.2M	20x	as long as short
Orderly PERP_S_USDCshort	−0.0025%	4h	0.03944	+0.051%	$107K	$326K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03944	+0.060%	$608	—	150x	as long as short
01 Exchange SUSD	+0.0016%	1h	0.03930	−0.304%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.008%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03945	+0.076%	$166K	$278K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03935	−0.173%	$1.0M	$1.2M	5x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03942	long leg	$5.4M	$34.2M	75x
Bybit SUSDT	+0.0100%	4h	0.03935	−0.178%	$5.6M	$8.3M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	−0.127%	$322K	$347K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03942	0.000%	$3.8M	$3.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03942	0.000%	$1.8M	$3.5M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03942	0.000%	$1.2M	$4.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03941	−0.025%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.304%	$26K	$482K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	0.000%	$221K	$904K	10x	as long as short
Backpack S_USDC_PERP	+0.0309%	1h	0.03950	+0.203%	$115K	$264K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	−0.178%	$273K	$257K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0510%	1h	0.03948	+0.152%	$66K	$10K	10x	as long as short