Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against ApeX Omni−0.048%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 7 days−0.431%−$43 · spread now −0.048%, 7d avg −0.027%

Together, before fees−0.573%−$57 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.021% cheaper against ApeX Omni than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	86,813.3	0.0100	pay 0.0013% / 1h	14m 46s	$141.7M	$322.7M	100x
Short	Backpack BTC_USDC_PERP	86,771.8	0.0100	get 0.0013% / 1h	14m 46s	$38.1M	$149.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → −0.027%: −$2.05
Slippage, 4 orders: −$0.29
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.34
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Backpack: live order book, 4 min ago.

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 ApeX Omni live order book, 4 min ago	0.14 bp	5.1 bp −$5	5.3 bp −$53	10.2 bp −$1,022	38.5 bp −$19.2K
Sell Backpack live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$568	20.1 bp −$10.1K

BTC on 56 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
Aftermath Perps BTCUSD	−0.0242%	1h	86,763.9	−0.057%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,791.9	−0.025%	$426K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.086%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,759	−0.063%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0061%	1h	86,782.5	−0.035%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,776.2	−0.043%	$362K	$2.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,791	−0.026%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,752.9	−0.070%	$850.4M	$707.6M	125x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,737.6	−0.087%	$506.4M	$1.16B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0018%	1h	86,808.5	−0.006%	$931.2M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,745	−0.079%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,766.4	−0.054%	$150.4M	$472.3M	150x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,755.4	−0.067%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,748.4	−0.075%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.201%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,749.1	−0.074%	$5.19B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,749.5	−0.073%	$9.44B	$24.37B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,769.9	−0.050%	$9.4M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,767.4	−0.053%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,753.3	−0.069%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,749.3	−0.074%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0088%	8h	86,765	−0.056%	$2.56B	$12.75B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,765.6	−0.055%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,774.6	−0.045%	$24.1M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,749	−0.074%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,744	−0.080%	$202K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,800.8	−0.014%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,761.4	−0.060%	$21.7M	$235.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,828	+0.017%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,789.4	−0.028%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,767	−0.053%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,826.7	+0.015%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	−0.024%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,771.8	−0.048%	$38.1M	$149.5M	75x
Variational Omni BTC	+0.0100%	8h	86,796.1	−0.020%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,776.5	−0.042%	$280.3M	$952.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,797.1	−0.019%	$218.0M	$187.7M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	86,813.3	long leg	$141.7M	$322.7M	100x
StandX BTC-USD	+0.0100%	1h	86,797.9	−0.018%	$30.8M	$204.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,821.3	+0.009%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,759	−0.063%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,766.4	−0.054%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,782.2	−0.036%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,789.4	−0.028%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,776.8	−0.042%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,765	−0.056%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,766	−0.054%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,761.5	−0.060%	$2.30B	$959.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,734	−0.091%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,816.7	+0.004%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,805.3	−0.009%	$188.1M	$934.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,813	0.000%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,797	−0.019%	$9.7M	$727.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,784.4	−0.033%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,766.2	−0.054%	$415.5M	$656.2M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,850.2	+0.043%	$645K	$7.6M	30x	as long as short