Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.024%

Price spread now: ApeX Omni against Derive−0.012%7-day average +0.012% · you buy dearer than you sell

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

Long on Derive Short on ApeX Omni

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.012%, 7d avg +0.012%

Together, before fees+0.142%+$14 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: ApeX Omni is 0.025% cheaper against Derive than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,573	0.0100	pay 0.0013% / 1h	0m 52s	$30.0M	$50.0M	15x
Short	ApeX Omni BTCUSDT	85,562.4	0.0100	get 0.0013% / 1h	0m 52s	$139.9M	$314.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Derive. 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 DerivebpFee ApeX OmnibpOrdersPrice spread, now −0.012%Rate

Funding earned: $0
Price spread: −0.012% → +0.012%: −$2.45
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$18.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; ApeX Omni: live order book, 3 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 Derive no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 3 min ago	0.26 bp	5.3 bp −$5	5.3 bp −$53	8.0 bp −$804	38.3 bp −$19.2K

Derive: 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 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	85,565	−0.009%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,581	+0.009%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,591.7	+0.022%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,592.4	+0.023%	$921.7M	$752.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,600	+0.032%	$417.7M	$670.1M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,592.1	+0.022%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0010%	1h	85,564.7	−0.010%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,579.7	+0.008%	$25.1M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,608.8	+0.042%	$516.0M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,574.4	+0.002%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0063%	8h	85,610	+0.043%	—	$1.54B	—	as long as short
Bluefin BTC-PERP	+0.0066%	1h	85,627.1	+0.063%	$207K	$739K	40x	as long as short
Phemex BTCUSDT	+0.0069%	8h	85,606.1	+0.039%	$148.5M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,605.1	+0.038%	$2.95B	$5.08B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0084%	1h	85,618.7	+0.053%	$886.8M	$1.58B	50x	as long as short
Reya BTCRUSDPERP	+0.0088%	1h	85,577.2	+0.005%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,612.8	+0.047%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,596.5	+0.027%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,587	+0.016%	$8.4M	$53.6M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,574.5	+0.002%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,552	−0.025%	$204K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,631.5	+0.068%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,695	+0.143%	$3.79B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,614.8	+0.049%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,605.5	+0.038%	$9.37B	$24.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,603.9	+0.036%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615	+0.049%	$2.59B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.083%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.100%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,609	+0.042%	$5.52B	$10.78B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,607.4	+0.040%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,593.4	+0.024%	$35.2M	$177.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.008%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.8	−0.057%	$279.4M	$922.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,554.3	−0.022%	$214.7M	$167.9M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	85,562.4	−0.012%	$139.9M	$314.9M	100x
StandX BTC-USD	+0.0100%	1h	85,544.2	−0.034%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.2	+0.069%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,578	+0.006%	$11.1M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,585.7	+0.015%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,584.1	+0.013%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,573	long leg	$30.0M	$50.0M	15x
SunX BTC-USDT	+0.0100%	8h	85,563.9	−0.011%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,578	+0.006%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,584.3	+0.013%	$2.27B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,582.2	+0.011%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,575.2	+0.003%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,610.2	+0.044%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,610	+0.043%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,598.1	+0.029%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,610.2	+0.043%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,590.2	+0.020%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0212%	1h	85,541.1	−0.037%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,623	+0.058%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,597.9	+0.029%	$702K	$7.8M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,574.1	+0.001%	$496K	$18.7M	6.7x	as long as short