Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.099%

Price spread now: Orderly against Extended+0.045%7-day average +0.076% · you sell dearer than you buy

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.675%−$68 on $10k

Price spread, last 3 days (all we have)−0.177%−$18 · spread now +0.045%, 7d avg +0.076%

Together, before fees−0.853%+ Points / potential airdropExtended: Active · farm board−$85 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.031% cheaper against Extended than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended S-USD	0.03908	0.0104	pay 0.0013% / 1h	20m 45s	$219K	$877K	10x
Short	Orderly PERP_S_USDC	0.03910	0.0030	get 0.0015% / 4h	1h 20m	$100K	$345K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now +0.045%Rate

Funding earned: −$15.6
Price spread: +0.045% → +0.076%: −$3.12
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.72
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 62 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 Extended live order book, 62 min ago	3.83 bp	31.2 bp −$31	249.9 bp −$2,499	doesn't fit	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	−0.1599%	1h	0.03908	−0.014%	$33K	$26K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.104%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0835%	4h	0.03901	−0.198%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0196% / S +0.0190%	1h	0.03909	+0.030%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03906	−0.070%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03910	+0.051%	$603	—	150x	as long as short
Orderly PERP_S_USDCshort	+0.0030%	4h	0.03910	+0.045%	$100K	$345K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.907%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03914	+0.147%	$164K	$223K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03909	+0.028%	$43K	$212K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03911	+0.063%	$981K	$716K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03910	+0.045%	$5.3M	$18.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03903	−0.134%	$5.6M	$5.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03908	−0.006%	$977K	$5.6M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.134%	$319K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03909	+0.020%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03906	−0.057%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03912	+0.096%	$1.2M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03907	−0.032%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.045%	$25K	$464K	50x	as long as short
Extended S-USDlong	+0.0104%	1h	0.03908	long leg	$219K	$877K	10x
01 Exchange SUSD	+0.0120%	1h	0.03910	+0.045%	$24K	$2K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0261%	1h	0.03915	+0.173%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03906	−0.057%	$267K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0474%	1h	0.03920	+0.301%	$114K	$301K	5x	as long as short