Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.038%

Price spread now: Perpl against ApeX Omni+0.116%7-day average +0.008% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.299%+$30 on $10k

Price spread, last 7 days+0.022%+$2 · spread now +0.116%, 7d avg +0.008%

Together, before fees+0.321%+ Points / potential airdropPerpl: Active · farm board+$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.109% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.116% now, against its 7-day average of +0.008%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.299%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,655.9	0.0056	pay 0.0007% / 1h	28m 50s	$140.1M	$319.3M	100x
Short	Perpl BTC	85,755.5	0	get 0.0000% / 43m	33m 50s	$515K	$20.7M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$11.68
Price spread: +0.116% → +0.008%: $10.86
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$24.62
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, just now; Perpl: no order-book sample. 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 ApeX Omni live order book, just now	0.74 bp	5.7 bp −$6	5.7 bp −$57	7.8 bp −$782	38.6 bp −$19.3K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

BTC on 55 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	−0.0144%	1h	85,735	+0.092%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,689	+0.039%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,734.8	+0.092%	$364K	$2.4M	50x	as long as short
Perpl BTCshort	0.0000%	43m	85,755.5	+0.116%	$515K	$20.7M	6.7x
dYdX BTC-USD	+0.0003%	1h	85,754	+0.115%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,689.6	+0.039%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.041%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,676.4	+0.024%	$509.2M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,680.1	+0.028%	$903.2M	$755.0M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,755.2	+0.116%	$8.2M	$42.6M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,681.1	+0.029%	—	$15.4M	—	as long as short
ApeX Omni BTCUSDTlong	+0.0056%	1h	85,655.9	long leg	$140.1M	$319.3M	100x
Reya BTCRUSDPERP	+0.0057%	1h	85,699.4	+0.051%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	+0.001%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,748.6	+0.108%	$22.7M	$228.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,680.9	+0.029%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,692.5	+0.043%	$5.07B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,668.5	+0.015%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,697.8	+0.049%	$9.33B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,678.1	+0.026%	$170.0M	$988.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,686.4	+0.036%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,746	+0.105%	$8.4M	$52.0M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,692.5	+0.043%	$5.62B	$10.52B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,707	+0.060%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,720.9	+0.076%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,742	+0.101%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,768.2	+0.131%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,713.8	+0.068%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,698.5	+0.050%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,749	+0.109%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,715.8	+0.070%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,663	+0.008%	$35.3M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.018%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.028%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.088%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,678.2	+0.026%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,769.9	+0.133%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,735	+0.092%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,696.2	+0.047%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.7	+0.024%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,711.6	+0.065%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,678.2	+0.026%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	+0.003%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,675	+0.022%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	+0.017%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.080%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,666.5	+0.012%	$43.9M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,750.9	+0.111%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	+0.057%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,716.1	+0.070%	$698K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0142%	1h	85,710	+0.063%	$894.4M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,680.6	+0.029%	$188.7M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,680.1	+0.028%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,702.3	+0.054%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	+0.099%	$10.0M	$770.4M	6.4x	as long as short