Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.113%

Price spread now: Bluefin against ApeX Omni+0.159%71s7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.238% of the position

Long on ApeX Omni Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.399%−$40 on $10k

Price spread, last 4 days (all we have)−0.149%−$15 · spread now +0.159%, 7d avg −0.023%

Together, before fees−0.548%−$55 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: Bluefin is 0.182% dearer against ApeX Omni than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.023%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,343.3	0.0100	pay 0.0013% / 1h	53m 38s	$138.1M	$312.7M	100x
Short	Bluefin BTC-PERP	85,479.3	0.0100	get 0.0013% / 1h	53m 38s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.159%Rate

Funding earned: $0
Price spread: +0.159% → −0.023%: $18.23
Slippage, 4 orders: −$6.78
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$5.55
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 1 min ago; Bluefin: live order book, 46 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, 1 min ago	0.39 bp	5.4 bp −$5	5.4 bp −$54	11.1 bp −$1,111	41.4 bp −$20.7K
Sell Bluefin live order book, 46 min ago	1.14 bp	6.5 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	85,442	+0.116%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.114%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,391.5	+0.056%	$425.1M	$685.3M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,417	+0.086%	$307K	$23.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	+0.121%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,425.5	+0.096%	$930.3M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	+0.113%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0018%	1h	85,461.7	+0.139%	$829.8M	$1.67B	50x	as long as short
Aster BTCUSDT	+0.0025%	8h	85,425.6	+0.096%	$502.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	+0.142%	$16.7M	$21.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,441.9	+0.116%	$186.4M	$953.8M	100x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,418.6	+0.088%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,432.9	+0.105%	$170.5M	$939.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,437.3	+0.110%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	+0.145%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,436.5	+0.109%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	+0.078%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	+0.152%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,459.2	+0.136%	$24.1M	$220.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.2	+0.117%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,418	+0.087%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,419.7	+0.090%	$5.08B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,431.9	+0.104%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,462	+0.139%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	+0.124%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	+0.045%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,422.9	+0.093%	$5.46B	$9.83B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,424.3	+0.095%	$5.02B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,436.7	+0.109%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,428.9	+0.100%	$37.7M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	+0.015%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,397.3	+0.063%	$283.2M	$959.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	+0.007%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,343.3	long leg	$138.1M	$312.7M	100x
StandX BTC-USD	+0.0100%	1h	85,397	+0.063%	$30.1M	$216.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,525.4	+0.213%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,314	−0.034%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,466.9	+0.145%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,436.3	+0.109%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,479.3	+0.159%	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,452.5	+0.128%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	+0.104%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.8	+0.103%	$2.26B	$976.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,446.7	+0.121%	$160.1M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,394.1	+0.059%	$45.7M	$241.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.7	+0.090%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,475	+0.154%	$111.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,452	+0.127%	$6.6M	$140.2M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.170%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,453.3	+0.129%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,488	+0.170%	$10.8M	$740.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,457.5	+0.134%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0284%	1h	85,531	+0.220%	$3.84B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,393.6	+0.059%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	+0.072%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,464	+0.141%	$470K	$18.4M	6.7x	as long as short