Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2998%/8h= −328.2% APRpaid last 24h −2.124%

Price spread now: 01 Exchange against Orderly−4.632%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 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 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 against this trade now: funding costs −$90 a day on $10k at the current rate, and 01 Exchange is 4.632% cheaper against Orderly than usual: you would sell low and buy high (−$463 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04383	0.0070	pay 0.0035% / 4h	3h 27m	$109K	$637K	10x
Short	01 Exchange SUSD	0.04180	−0.2928	pay 0.0366% / 1h	27m 10s	$25K	$3K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −4.632%Rate

Funding earned: −$629.5
Price spread: −4.632% → 0.000%: −$463.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$1,105.66
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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 SUSDshort	−0.2928%	1h	0.04180	−4.632%	$25K	$3K	5x
Kraken Futures PF_SUSD	−0.2584%	1h	0.04391	+0.183%	$37K	$22K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−1.711%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04382	−0.021%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04376	−0.153%	$4	—	15x	as long as short
Variational Omni S	−0.0096%	4h	0.04314	−1.579%	$668K	$7K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04361	−0.492%	$672	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−6.457%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0070%	4h	0.04383	long leg	$109K	$637K	10x
Lighter S	+0.0096%	1h	0.04386	+0.068%	$188K	$100K	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	0.04407	+0.550%	$1.1M	$744K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04399	+0.366%	$48K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04410	+0.616%	$6.5M	$17.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04400	+0.388%	$6.3M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04402	+0.433%	$1.2M	$5.1M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04406	+0.525%	$375K	$231K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04407	+0.548%	$4.6M	$2.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04379	−0.091%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04405	+0.502%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04407	+0.548%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04310	−1.666%	$25K	$512K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04379	−0.091%	$243K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04412	+0.662%	$314K	$119K	75x	as long as short
Backpack S_USDC_PERP	+0.0519%	1h	0.04420	+0.844%	$104K	$474K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0890%	1h	0.04389	+0.137%	$74K	$11K	10x	as long as short