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 +0.033%

Price spread now: Hyperliquid against ApeX Omni+0.069%85s7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$190.194% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.069%, 7d avg +0.031%

Together, before fees−0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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: Hyperliquid is 0.037% dearer against ApeX Omni than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.031%. The two prices were read 85 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	86,779.4	0.0100	pay 0.0013% / 1h	16m 10s	$141.7M	$322.6M	100x
Short	Hyperliquid BTC	86,839	0.0100	get 0.0013% / 1h	16m 10s	$3.82B	$5.12B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0
Price spread: +0.069% → +0.031%: $3.73
Slippage, 4 orders: −$0.39
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.67
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	0.14 bp	5.1 bp −$5	5.3 bp −$53	10.2 bp −$1,022	38.5 bp −$19.2K
Sell Hyperliquid live order book, 8 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.7 bp −$567	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
Aftermath Perps BTCUSD	−0.0241%	1h	86,779.3	0.000%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,837.5	+0.067%	$426K	$24.7M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	−0.047%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,814	+0.040%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0062%	1h	86,831.2	+0.060%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,828.3	+0.056%	$362K	$2.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,815.7	+0.042%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,784.2	+0.006%	$851.0M	$707.6M	125x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,784.5	+0.006%	$506.8M	$1.16B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0014%	1h	86,823	+0.050%	$931.7M	$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
Phemex BTCUSDT	+0.0021%	8h	86,781.5	+0.002%	$150.4M	$472.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,786.2	+0.008%	$6.8M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,772.6	−0.008%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,765	−0.017%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.162%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,784.2	+0.006%	$5.20B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,783.3	+0.004%	$9.44B	$24.36B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,814.3	+0.040%	$9.2M	$41.8M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,790.2	+0.013%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,786.8	+0.009%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,786.2	+0.008%	$5.29B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0088%	8h	86,785.5	+0.007%	$2.56B	$12.76B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,795.5	+0.019%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,803.9	+0.028%	$24.2M	$154.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,801	+0.025%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,791	+0.013%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,872.7	+0.108%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,820.8	+0.048%	$21.8M	$235.5M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,839	+0.069%	$3.82B	$5.12B	40x
Pacifica BTC	+0.0100%	1h	86,856.9	+0.089%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,814	+0.040%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,874.7	+0.110%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.015%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,772.1	−0.008%	$38.1M	$149.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,754.4	−0.029%	$159.6M	$567.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,765.9	−0.016%	$280.3M	$952.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,759.3	−0.023%	$217.9M	$187.7M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	86,779.4	long leg	$141.7M	$322.6M	100x
StandX BTC-USD	+0.0100%	1h	86,754.7	−0.029%	$30.8M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,862.8	+0.096%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,806	+0.031%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,795	+0.018%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,809.2	+0.034%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,816.8	+0.043%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,800.1	+0.024%	$30.1M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,824.2	+0.052%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,782	+0.003%	$60.6M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,785	+0.006%	$2.31B	$959.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,770.5	−0.010%	$46.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,816.7	+0.043%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,815.3	+0.041%	$188.2M	$934.1M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,824.6	+0.052%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	86,849	+0.080%	$9.7M	$727.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,810.6	+0.036%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,825.5	+0.053%	$415.9M	$656.5M	150x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,850.2	+0.082%	$645K	$7.6M	30x	as long as short