Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.034%

Price spread now: ApeX Omni against Perpl−0.034%55s7-day average −0.009% · you buy dearer than you sell

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.303%−$30 on $10k

Price spread, last 7 days−0.099%−$10 · spread now −0.034%, 7d avg −0.009%

Together, before fees−0.402%+ Points / potential airdropPerpl: Active · farm board−$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.026% cheaper against Perpl than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of −0.009%). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.303%, so the current rate has only just turned in your favour. The two prices were read 55 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	Perpl BTC	86,320	0	get 0.0000% / 43m	35m 36s	$538K	$21.2M	6.7x
Short	ApeX Omni BTCUSDT	86,290.3	0.0100	get 0.0013% / 1h	13m 36s	$141.4M	$320.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. 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 PerplbpFee ApeX OmnibpOrdersPrice spread, now −0.034%Rate

Funding earned: $21
Price spread: −0.034% → −0.009%: −$2.57
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$5.37
Costs to cover: 0.238%
Break-even: 8.8 days

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 1 min ago	0.79 bp	5.8 bp −$6	5.8 bp −$58	19.0 bp −$1,899	41.3 bp −$20.7K

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 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	−0.0129%	1h	86,372	+0.060%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,277	−0.050%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,265.3	−0.063%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0031%	1h	86,381.2	+0.071%	$145K	$667K	40x	as long as short
Perpl BTClong	0.0000%	43m	86,320	long leg	$538K	$21.2M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,358.7	+0.045%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.044%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,318.1	−0.002%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,313	−0.008%	$500.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,294.9	−0.029%	$831.4M	$717.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,257.1	−0.073%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,276.3	−0.051%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,274.4	−0.053%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,260.8	−0.069%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,332.4	+0.014%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,343	+0.027%	$60.5M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,277.8	−0.049%	$5.10B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,262.6	−0.066%	$9.40B	$24.22B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.038%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.7	−0.024%	$170.4M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,306.9	−0.015%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,258	−0.072%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,238	−0.095%	$191K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,298.1	−0.025%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,290.1	−0.035%	$22.0M	$226.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362	+0.049%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,317.9	−0.002%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,271.1	−0.057%	$5.25B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,277.2	−0.050%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,277	−0.050%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,293.7	−0.030%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.202%	$580.3M	$59.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,285.4	−0.040%	$5.77B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,360	+0.046%	$35.6M	$160.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.109%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.076%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	−0.032%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	86,290.3	−0.034%	$141.4M	$320.5M	100x
StandX BTC-USD	+0.0100%	1h	86,313.4	−0.008%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,323.9	+0.004%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,263	−0.066%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,340.7	+0.024%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,344.9	+0.029%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,360.5	+0.047%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,296.4	−0.027%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	+0.006%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,257.3	−0.073%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,319.8	0.000%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,391.2	+0.082%	$132.3M	$5.32B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,381.6	+0.071%	$191.5M	$946.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	−0.003%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,320.9	+0.001%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.027%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.039%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,349.4	+0.034%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0232%	1h	86,397.4	+0.090%	$902.3M	$1.51B	50x	as long as short