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 −0.012%

Price spread now: ApeX Omni against Nado−0.142%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Nado Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.127%+$13 · spread now −0.142%, 7d avg +0.002%

Together, before fees+0.108%+ Points / potential airdropNado: Active · farm board+$11 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 0.143% cheaper against Nado than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BTC-PERP	86,810.2	0.0100	pay 0.0012% / 1h	23m 10s	$21.8M	$235.6M	50x
Short	ApeX Omni BTCUSDT	86,687.3	0.0100	get 0.0013% / 1h	23m 10s	$141.5M	$322.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Nado. 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 NadobpFee ApeX OmnibpOrdersPrice spread, now −0.142%Rate

Funding earned: $0
Price spread: −0.142% → +0.002%: −$14.34
Slippage, 4 orders: −$0.59
Fee Nado: 3.5 bp × 2 orders: −$7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$31.93
Costs to cover: 0.176%
Break-even: 3280716437850621.0 days

Slippage from Nado: live order book, 6 min ago; ApeX Omni: live order book, 6 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 Nado live order book, 6 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.5 bp −$451	9.5 bp −$4,757
Sell ApeX Omni live order book, 6 min ago	0.24 bp	5.2 bp −$5	5.2 bp −$52	11.2 bp −$1,125	42.1 bp −$21.0K

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	−0.0235%	1h	86,720.9	−0.103%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,780.5	−0.034%	$430K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,781	−0.034%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,801	−0.011%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0069%	1h	86,828.6	+0.021%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,785.2	−0.029%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,767.1	−0.050%	$934.0M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,740.5	−0.080%	$848.7M	$706.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,766.5	−0.050%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0010%	8h	86,736	−0.085%	$506.6M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,740.5	−0.080%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0022%	8h	86,741	−0.080%	$150.2M	$471.6M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,718.8	−0.105%	—	$15.2M	—	as long as short
Bitget BTCUSDT	+0.0034%	8h	86,718.9	−0.105%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.197%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,744	−0.076%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,731.1	−0.091%	$5.19B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,728	−0.095%	$9.44B	$24.35B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.8	−0.055%	$9.2M	$41.9M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,732.6	−0.089%	$5.86B	$10.66B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0081%	8h	86,759.6	−0.058%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0085%	8h	86,729.1	−0.093%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,743.5	−0.077%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,748.6	−0.071%	$24.0M	$153.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,755	−0.064%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.096%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,754	−0.065%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,847	+0.042%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERPlong	+0.0100%	1h	86,810.2	long leg	$21.8M	$235.6M	50x
Hyperliquid BTC	+0.0100%	1h	86,807	−0.004%	$3.82B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,831.6	+0.025%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,753	−0.066%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,829.4	+0.022%	$7.5M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.268%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,722.5	−0.101%	$38.1M	$148.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.180%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.153%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	86,687.3	−0.142%	$141.5M	$322.6M	100x
StandX BTC-USD	+0.0100%	1h	86,775.2	−0.040%	$30.8M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,829	+0.022%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,762	−0.055%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,748.3	−0.071%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,760.8	−0.057%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,769.5	−0.047%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,750.2	−0.069%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,735.3	−0.086%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,732	−0.090%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,729.4	−0.093%	$2.30B	$958.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,722.6	−0.101%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,768.2	−0.048%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,754.5	−0.064%	$188.5M	$933.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,779.2	−0.036%	$132.1M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0139%	8h	86,815	+0.006%	$9.6M	$726.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,733.1	−0.089%	$417.1M	$654.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,756.7	−0.062%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,782.6	−0.032%	$618K	$7.1M	30x	as long as short