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% APRpaid last 24h +0.012%

Price spread now: Variational Omni against ApeX Omni−0.091%7-day average −0.017% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.079%+$8 · spread now −0.091%, 7d avg −0.017%

Together, before fees+0.091%+ Points / potential airdropVariational Omni: Active · farm board+$9 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: Variational Omni is 0.075% cheaper against ApeX Omni than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,566.9	0.0100	pay 0.0013% / 1h	12m 43s	$139.9M	$316.2M	100x
Short	Variational Omni BTC	85,488.9	0.0100	get 0.0100% / 8h	3h 12m	$154.5M	$565.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.017%: −$7.45
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.45
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 1 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 1 min ago	0.24 bp	5.2 bp −$5	5.2 bp −$52	8.5 bp −$849	39.5 bp −$19.8K
Sell Variational Omni RFQ quote, 1 min ago	0.52 bp	doesn't fit	0.5 bp −$5	2.5 bp −$245	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	−0.074%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,540	−0.031%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,451.6	−0.135%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	−0.132%	$420.4M	$675.7M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,442.4	−0.146%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,483.3	−0.098%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,482.2	−0.099%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,475	−0.107%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,477.8	−0.104%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,493.3	−0.086%	$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	−0.017%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0049%	1h	85,454	−0.132%	$59.9M	$335.9M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0056%	1h	85,499.8	−0.078%	$872.2M	$1.60B	50x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,457.6	−0.128%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,457.5	−0.128%	$148.7M	$497.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,457	−0.128%	$2.95B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,450	−0.137%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,453.8	−0.132%	$5.07B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,466.3	−0.118%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,466	−0.118%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,464	−0.120%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,453.1	−0.133%	$2.7M	$3.4M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,462	−0.123%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,537	−0.035%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,539	−0.033%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511.8	−0.064%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452.5	−0.134%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,459.8	−0.125%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,471	−0.112%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,474.4	−0.108%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,459.4	−0.126%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,452	−0.134%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,488.9	−0.091%	$154.5M	$565.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,507.9	−0.069%	$279.4M	$932.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,529.2	−0.044%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,566.9	long leg	$139.9M	$316.2M	100x
StandX BTC-USD	+0.0100%	1h	85,472	−0.111%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,530.7	−0.042%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,462	−0.123%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,464.1	−0.120%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,456.4	−0.129%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,508.6	−0.068%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,446.3	−0.141%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,455.7	−0.130%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,461.9	−0.123%	$2.26B	$950.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.140%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,452.5	−0.134%	$6.6M	$147.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,427.3	−0.163%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,495.2	−0.084%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493.4	−0.086%	$117.3M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,472.4	−0.110%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,511	−0.065%	$11.5M	$753.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,511.5	−0.065%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,476.1	−0.106%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,555.1	−0.014%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,524.6	−0.049%	$78K	$222K	20x	as long as short