Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0182%/8h= +20.0% APRpaid last 24h +0.041%

Price spread now: Deribit against Orderly−0.149%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. Deribit is 0.149% cheaper against Orderly than usual: you would sell low and buy high (spread −0.149% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 2.7 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04026	0.0065	pay 0.0033% / 4h	24m 16s	$100K	$295K	10x
Short	Deribit S_USDC-PERPETUAL	0.04020	0.0248	get 0.0031% / 1h	24m 16s	$68K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now −0.149%Rate

Funding earned: $38.3
Price spread: −0.149% → 0.000%: −$14.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $10.4
Costs to cover: 0.130%
Break-even: 5.1 days

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

Orderly and Deribit: 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
01 Exchange SUSD	−0.7592%	1h	0.03970	−1.391%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2545%	1h	0.04012	−0.350%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.03986	−0.994%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04046	+0.489%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04043	+0.418%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04029	+0.080%	$3K	—	150x	as long as short
Variational Omni S	+0.0004%	4h	0.04015	−0.279%	$623K	$30K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.838%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0065%	4h	0.04026	long leg	$100K	$295K	10x
Lighter S	+0.0096%	1h	0.04020	−0.149%	$169K	$156K	5x	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	0.04047	+0.514%	$1.0M	$548K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04040	+0.354%	$44K	$131K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04021	−0.119%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04005	−0.522%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04012	−0.348%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04039	+0.323%	$331K	$188K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04013	−0.323%	$3.8M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04016	−0.248%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04008	−0.447%	$1.2M	$2.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04033	+0.174%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.149%	$24K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04014	−0.287%	$230K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUALshort	+0.0248%	1h	0.04020	−0.149%	$68K	$10K	10x
BloFin S-USDT	+0.0340%	4h	0.04040	+0.348%	$280K	$97K	75x	as long as short
Backpack S_USDC_PERP	+0.0985%	1h	0.04040	+0.348%	$117K	$412K	5x	as long as short