Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1255%/8h= +137.4% APRpaid last 24h +0.556%

Price spread now: Orderly against Coinbase International+2.640%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Orderly is 2.640% dearer against Coinbase International than usual: you sell high and buy low: +$264 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International S-PERP-INTX	0.03826	−0.1264	get 0.0158% / 1h	10m 58s	$47K	$5K	25x
Short	Orderly PERP_S_USDC	0.03927	−0.0009	pay 0.0004% / 4h	2h 10m	$100K	$345K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now +2.640%Rate

Funding earned: $263.57
Price spread: +2.640% → 0.000%: $263.98
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $511.55
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and 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	−0.1453%	1h	0.03928	+2.656%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTXlong	−0.1264%	1h	0.03826	long leg	$47K	$5K	25x
Variational Omni S	−0.0878%	4h	0.03928	+2.661%	$611K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0185%	1h	0.03929	+2.697%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03925	+2.583%	$4	—	15x	as long as short
Orderly PERP_S_USDCshort	−0.0009%	4h	0.03927	+2.640%	$100K	$345K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03930	+2.707%	$606	—	150x	as long as short
01 Exchange SUSD	+0.0016%	1h	0.03920	+2.457%	$24K	$3K	5x	as long as short
Aster SUSDT	+0.0021%	4h	0.03927	+2.627%	$43K	$212K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+7.162%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03929	+2.692%	$165K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03925	+2.598%	$992K	$901K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03927	+2.640%	$5.4M	$23.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03921	+2.483%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03927	+2.640%	$979K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03920	+2.457%	$320K	$293K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03927	+2.640%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03920	+2.457%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03928	+2.666%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03926	+2.614%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+2.980%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03925	+2.582%	$221K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0259%	1h	0.03932	+2.771%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03930	+2.718%	$268K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0467%	1h	0.03940	+2.980%	$115K	$295K	5x	as long as short