Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h +0.004%

Price spread now: ApeX Omni against Phemex+0.036%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.036%, 7d avg +0.010%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.026% dearer against Phemex than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of +0.010%): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.065%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,756.3	0.0100	pay 0.0100% / 8h	6h 23m	$154.2M	$480.4M	150x
Short	ApeX Omni BTCUSDT	85,787	0.0086	get 0.0011% / 1h	23m 27s	$140.3M	$318.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now +0.036%Rate

Funding earned: −$3.01
Price spread: +0.036% → +0.010%: $2.57
Slippage, 4 orders: −$0.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.43
Costs to cover: 0.230%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; ApeX Omni: live order book, 1 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 Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	6.7 bp −$666	doesn't fit
Sell ApeX Omni live order book, 1 min ago	0.49 bp	5.5 bp −$5	5.5 bp −$55	12.5 bp −$1,247	45.6 bp −$22.8K

BTC on 55 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	−0.0144%	1h	85,733	−0.027%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.024%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,746.5	−0.011%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,774.7	+0.021%	$514K	$20.5M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.051%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,768.7	+0.014%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.076%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,745.6	−0.012%	$903.5M	$754.5M	125x	as long as short
Aster BTCUSDT	+0.0038%	8h	85,751.4	−0.006%	$516.6M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,782.8	+0.031%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0053%	1h	85,760.6	+0.005%	$22.6M	$227.4M	50x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,746.4	−0.012%	—	$17.0M	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,751.2	−0.006%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,751.5	−0.006%	$2.95B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,734.1	−0.026%	$2.27B	$946.6M	200x	as long as short
ApeX Omni BTCUSDTshort	+0.0086%	1h	85,787	+0.036%	$140.3M	$318.4M	100x
Aevo BTC-PERP	+0.0088%	1h	85,746.3	−0.012%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,760.4	+0.005%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,758.5	+0.003%	$9.34B	$24.29B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,765.6	+0.011%	$170.4M	$990.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,776.4	+0.023%	$23.5M	$147.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,759	+0.003%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,729	−0.032%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,738.4	−0.021%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,819	+0.073%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,790.3	+0.040%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,768.4	+0.014%	$5.31B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,764.4	+0.009%	$2.54B	$12.35B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,747	−0.011%	$4.0M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,727.3	−0.034%	$7.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.013%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,765.5	+0.011%	$5.61B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,745.8	−0.012%	$35.4M	$164.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.050%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	−0.018%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,794.3	+0.044%	$215.3M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,774	+0.021%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.8	+0.071%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,753	−0.004%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,764	+0.009%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,754.9	−0.002%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,781.2	+0.029%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,760.3	+0.005%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,722	−0.040%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,756	0.000%	$60.0M	$337.3M	40x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,756.3	long leg	$154.2M	$480.4M	150x
Extended BTC-USD	+0.0104%	1h	85,735.8	−0.024%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,768.4	+0.014%	—	$100.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,792	+0.042%	$131.1M	$5.15B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,791.7	+0.041%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,775.9	+0.023%	$188.5M	$962.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	85,750.4	−0.007%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0176%	1h	85,797.4	+0.048%	$894.7M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0190%	1h	85,766.1	+0.011%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,798	+0.049%	$10.1M	$769.9M	6.4x	as long as short