Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.004%

Price spread now: Phemex against ApeX Omni−0.018%77s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$230.234% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.018%, 7d avg −0.009%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 77 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	85,668.6	0.0100	pay 0.0013% / 1h	55m 56s	$140.1M	$315.0M	100x
Short	Phemex BTCUSDT	85,653.6	0.0064	get 0.0064% / 8h	3h 55m	$148.6M	$489.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$7.63
Price spread: −0.018% → −0.009%: −$0.82
Slippage, 4 orders: −$1.43
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.87
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 3 min ago; Phemex: live order book, 3 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	0.71 bp	5.7 bp −$6	5.7 bp −$57	9.8 bp −$975	40.3 bp −$20.2K
Sell Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.5 bp −$752	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	−0.0179%	1h	85,646	−0.026%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,643	−0.030%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,609.1	−0.070%	$923.2M	$754.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,624.5	−0.051%	$417.3M	$675.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,628.4	−0.047%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,635.6	−0.039%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,664.6	−0.005%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,613.2	−0.065%	$515.8M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0026%	1h	85,624	−0.052%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.025%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,611.4	−0.067%	—	$17.1M	—	as long as short
Phemex BTCUSDTshort	+0.0064%	8h	85,653.6	−0.018%	$148.6M	$489.3M	150x
Deribit BTC-PERPETUAL	+0.0065%	1h	85,697.7	+0.034%	$886.1M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,622.4	−0.054%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0089%	1h	85,621.1	−0.055%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,666.5	−0.002%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,671.6	+0.003%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,621	−0.056%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,640.1	−0.033%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,590	−0.092%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,687.6	+0.022%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,652.6	−0.019%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,622.5	−0.054%	$9.38B	$24.27B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,619.5	−0.057%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,628	−0.047%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,611	−0.067%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,608	−0.071%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.211%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,624.6	−0.051%	$5.52B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,624.7	−0.051%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,634.6	−0.040%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,637.7	−0.036%	$153.8M	$564.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	−0.037%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	−0.002%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,668.6	long leg	$140.1M	$315.0M	100x
StandX BTC-USD	+0.0100%	1h	85,629.2	−0.046%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,673.2	+0.005%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,621	−0.056%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,640	−0.033%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,654.5	−0.016%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.1	+0.034%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.1	−0.019%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,595.1	−0.086%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,660	−0.010%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,643.4	−0.029%	$2.27B	$946.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,598.3	−0.082%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,639.1	−0.034%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,697.2	+0.033%	$117.5M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0106%	1h	85,731	+0.073%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,680.2	+0.014%	$187.7M	$956.1M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,645.9	−0.027%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,657.5	−0.013%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,655	−0.016%	$12.0M	$757.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,644.1	−0.029%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,664	−0.005%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,626.5	−0.049%	$500K	$18.8M	6.7x	as long as short