Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.012%

Price spread now: Bullet against ApeX Omni−0.039%66s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$200.196% of the position

Long on ApeX Omni Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.050%+$5 · spread now −0.039%, 7d avg −0.001%

Together, before fees+0.059%+$6 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: Bullet is 0.038% cheaper against ApeX Omni than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.001%. The two prices were read 66 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	85,468.6	0.0100	pay 0.0013% / 1h	9m 42s	$139.7M	$316.0M	100x
Short	Bullet BTC-USD	85,435.2	0.0100	get 0.0013% / 1h	9m 42s	$203K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.001%: −$3.77
Slippage, 4 orders: −$1.64
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$23.41
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Bullet: 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	0.24 bp	5.2 bp −$5	5.2 bp −$52	8.5 bp −$849	39.5 bp −$19.8K
Sell Bullet live order book, 4 min ago	0.06 bp	4.9 bp −$5	8.0 bp −$80	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
Phoenix BTC	−0.0140%	1h	85,504	+0.041%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	−0.015%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,429.2	−0.046%	$919.2M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,443.4	−0.029%	$420.3M	$675.4M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,450	−0.022%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,454.2	−0.017%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,450.5	−0.021%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,430.1	−0.045%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.2	−0.023%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0028%	1h	85,448.7	−0.023%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.098%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,436	−0.038%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	85,479	+0.012%	$872.1M	$1.60B	50x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,438.9	−0.035%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,437.9	−0.036%	$148.6M	$497.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,460	−0.010%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,424.5	−0.052%	$2.8M	$3.6M	20x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,467.3	−0.002%	$9.45B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,453.8	−0.017%	$5.08B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,478.5	+0.012%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,481.2	+0.015%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,431	−0.044%	$8.4M	$55.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.060%	$229K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,490	+0.025%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,540	+0.084%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,468.6	0.000%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,461	−0.009%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,476.7	+0.010%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,438	−0.036%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,437.3	−0.037%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	−0.015%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,461.5	−0.008%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,429.1	−0.046%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,415.2	−0.062%	$154.4M	$565.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	−0.015%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.002%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,468.6	long leg	$139.7M	$316.0M	100x
StandX BTC-USD	+0.0100%	1h	85,468	−0.001%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,496.3	+0.032%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,434	−0.040%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,435.2	−0.039%	$203K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.6	−0.047%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.4	+0.011%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,417.8	−0.059%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,412.8	−0.065%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.051%	$2.26B	$949.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,431.1	−0.044%	$45.8M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,450	−0.022%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,477.4	+0.010%	$117.5M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,423.8	−0.052%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,460.5	−0.009%	$187.7M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,463	−0.007%	$11.4M	$753.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,469.4	+0.001%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,447.4	−0.025%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,481.3	+0.015%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,495.3	+0.031%	$78K	$222K	20x	as long as short