Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.010%

Price spread now: ApeX Omni against Variational Omni−0.022%7-day average +0.016% · you buy dearer than you sell

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.022%, 7d avg +0.016%

Together, before fees+0.017%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.037% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.016%). If the spread goes back, that is −$4 on $10k: about 12 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	86,618.2	0.0089	pay 0.0089% / 8h	2h 44m	$160.7M	$567.1M	—
Short	ApeX Omni BTCUSDT	86,599.3	0.0100	get 0.0013% / 1h	44m 52s	$141.5M	$322.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now −0.022%Rate

Funding earned: $2.25
Price spread: −0.022% → +0.016%: −$3.73
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$11.48
Costs to cover: 0.100%
Break-even: 42.7 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; ApeX Omni: live order book, 4 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 Variational Omni RFQ quote, 4 min ago	0.52 bp	doesn't fit	0.5 bp −$5	0.5 bp −$52	doesn't fit
Sell ApeX Omni live order book, 4 min ago	0.29 bp	5.3 bp −$5	5.3 bp −$53	11.2 bp −$1,120	39.5 bp −$19.7K

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
Perpl BTC	−0.0335%	43m	86,600.4	−0.021%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0213%	1h	86,645	+0.031%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,607.2	−0.013%	$18.0M	$20.0M	50x	as long as short
Phoenix BTC	−0.0103%	1h	86,591	−0.031%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,568	−0.058%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,563.3	−0.063%	$845.7M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	−0.014%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,603.3	−0.017%	$938.3M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,593	−0.029%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	86,544	−0.086%	$505.2M	$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	86,565.3	−0.061%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,552.9	−0.075%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0027%	8h	86,568	−0.058%	$149.4M	$470.6M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,549.4	−0.079%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,563.4	−0.063%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,567.1	−0.059%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,562	−0.065%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.131%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,567.9	−0.058%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,582.4	−0.041%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,564.5	−0.062%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,559.2	−0.068%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTClong	+0.0089%	8h	86,618.2	long leg	$160.7M	$567.1M	—
Lighter BTC	+0.0096%	1h	86,570.3	−0.055%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,583.4	−0.040%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	−0.058%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	−0.012%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,587.9	−0.035%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,613.1	−0.006%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,562	−0.065%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	−0.061%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638	+0.023%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.4	−0.019%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,572	−0.053%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,640.8	+0.026%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.054%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.8	−0.059%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	−0.015%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	86,599.3	−0.022%	$141.5M	$322.7M	100x
StandX BTC-USD	+0.0100%	1h	86,606.9	−0.013%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	+0.022%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	−0.054%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.4	−0.059%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,593.8	−0.028%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.1	−0.050%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.5	−0.064%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	−0.059%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,565.8	−0.060%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,545.8	−0.084%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,592.8	−0.029%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0115%	8h	86,603	−0.018%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,594.9	−0.027%	$190.9M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,615.6	−0.003%	$131.8M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0169%	8h	86,567.5	−0.059%	$418.5M	$641.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,588.8	−0.034%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	+0.032%	$600K	$7.2M	30x	as long as short