Funding arb · Price arb /

ORCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.124%

Price spread now: Phoenix against Orderly−0.080%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 Phoenix

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

Funding pays, the price is against you. Phoenix is 0.080% cheaper against Orderly than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 15 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ORCL_USDC_mythos	149.84	0.0100	pay 0.0100% / 8h	3h 17m	$191	—	10x
Short	Phoenix ORCL	149.72	0.0535	get 0.0067% / 1h	17m 26s	$153K	$75K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.080%Rate

Funding earned: $91.25
Price spread: −0.080% → 0.000%: −$8.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $70.25
Costs to cover: 0.130%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 29 min ago. 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 Phoenix live order book, 29 min ago	3.34 bp	11.5 bp −$11	24.3 bp −$243	doesn't fit	doesn't fit

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.

ORCL on 28 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
edgeX ORCLUSDC	−0.0490%	4h	149.88	+0.025%	$28K	$214K	10x	as long as short
Aster ORCLUSDT	0.0000%	8h	149.86	+0.011%	$94K	$16K	20x	as long as short
Bitget ORCLUSDT	0.0000%	8h	149.91	+0.047%	$7.7M	$3.8M	20x	as long as short
SunX ORCL-USDT	0.0000%	8h	149.97	+0.087%	$3K	$2.7M	10x	as long as short
HTX ORCL-USDT	0.0000%	8h	149.85	+0.007%	$52K	$24K	20x	as long as short
Lighter ORCL	+0.0032%	1h	149.79	−0.033%	$475K	$51K	10x	as long as short
Lighter RH ORCL	+0.0032%	1h	149.78	−0.040%	$625K	$317K	10x	as long as short
Injective ORCL/USDC PERP	+0.0033%	1h	149.06	−0.521%	$20K	$12K	12x	as long as short
Arcus ORCL-USD	+0.0040%	1h	149.70	−0.093%	$87K	$79K	10x	as long as short
Vest ORCL-USD-PERP	+0.0046%	1h	149.82	−0.013%	—	$67K	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:ORCL	+0.0050%	1h	149.71	−0.087%	$21.7M	$6.8M	10x	as long as short
Polymarket Perps ORCL-USD	+0.0050%	1h	149.70	−0.093%	$131K	$91K	10x	as long as short
SoDEX ORCL-USD	+0.0050%	1h	149.75	−0.060%	$30K	$3K	10x	as long as short
Ondo Perps ORCL-USD.P	+0.0050%	1h	149.67	−0.113%	$685K	$773K	10x	as long as short
Nado ORCL-PERP	+0.0062%	1h	149.61	−0.152%	$88K	$22K	10x	as long as short
QFEX ORCL-USD	+0.0067%	1h	149.76	−0.053%	$1.1M	$2.1M	10x	as long as short
ApeX Omni ORACLEUSDT	+0.0100%	1h	149.77	−0.047%	$22K	$263K	50x	as long as short
Orderly PERP_ORCL_USDC_mythoslong	+0.0100%	8h	149.84	long leg	$191	—	10x
GRVT ORCL_USDT_Perp	+0.0206%	8h	149.91	+0.049%	$2K	$177K	10x	as long as short
Variational Omni ORCL	+0.0241%	8h	149.91	+0.046%	$1.3M	$363K	—	as long as short
Gate ORCL_USDT	+0.0319%	8h	149.86	+0.013%	$2.3M	$3.0M	25x	as long as short
Binance ORCLUSDT	+0.0320%	8h	149.89	+0.033%	$25.2M	$35.5M	20x	as long as short
Extended ORCL_24_5-USD	+0.0320%	1h	149.73	−0.073%	$388K	$1.3M	10x	as long as short
KuCoin ORCLUSDTM	+0.0353%	8h	149.79	−0.033%	$262K	$276K	20x	as long as short
OKX ORCL-USDT-SWAP	+0.0370%	8h	149.86	+0.013%	$5.0M	$5.8M	20x	as long as short
Phoenix ORCLshort	+0.0535%	1h	149.72	−0.080%	$153K	$75K	10x
BloFin ORCL-USDT	+0.0695%	8h	149.90	+0.040%	$47K	$43K	20x	as long as short
Bybit ORCLUSDT	+0.0699%	8h	149.90	+0.040%	$4.1M	$1.8M	50x	as long as short