Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h +0.007%

Price spread now: ApeX Omni against OKX+0.053%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days−0.061%−$6 · spread now +0.053%, 7d avg +0.009%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.043% dearer against OKX than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.009%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.069% in total) that is about 4.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.069% in total (about -3.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,726	0.0089	pay 0.0089% / 8h	1h 38m	$1.65B	$10.95B	100x
Short	ApeX Omni ETHUSDT	2,727.4	−0.0113	pay 0.0014% / 1h	38m 57s	$8.6M	$31.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now +0.053%Rate

Funding earned: −$42.53
Price spread: +0.053% → +0.009%: $4.35
Slippage, 4 orders: −$3.5
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$61.68
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; ApeX Omni: live order book, just now.

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 OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$519	7.4 bp −$3,711
Sell ApeX Omni live order book, just now	1.25 bp	6.2 bp −$6	6.5 bp −$65	19.8 bp −$1,984	78.2 bp −$39.1K

ETH 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
ApeX Omni ETHUSDTshort	−0.0113%	1h	2,727.4	+0.053%	$8.6M	$31.4M	100x
Perpl ETH	−0.0112%	43m	2,724.9	−0.037%	$290K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.6	−0.013%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	+0.061%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727	+0.038%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	+0.112%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725.9	−0.002%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.2	+0.009%	$6.7M	$690.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,727.2	+0.046%	$262.7M	$215.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,726.3	+0.014%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0008%	8h	2,726	+0.001%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,725.8	−0.006%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,725.7	−0.011%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0034%	8h	2,725.8	−0.006%	$2.34B	$4.43B	150x	as long as short
SoDEX ETH-USD	+0.0069%	1h	2,726.5	+0.020%	$54.3M	$187.4M	40x	as long as short
KuCoin ETHUSDTM	+0.0074%	8h	2,725.9	−0.001%	$376.5M	$577.7M	100x	as long as short
Aftermath Perps ETHUSD	+0.0083%	1h	2,727.6	+0.060%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,725.8	−0.007%	$251.9M	$850.5M	200x	as long as short
SunX ETH-USDT	+0.0084%	8h	2,725.4	−0.020%	$956K	$11.1M	100x	as long as short
OKX ETH-USDT-SWAPlong	+0.0089%	8h	2,726	long leg	$1.65B	$10.95B	100x
Binance ETHUSDT	+0.0093%	8h	2,725.8	−0.004%	$6.32B	$16.19B	150x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,726.2	+0.011%	$1.52B	$2.58B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,727.3	+0.048%	$112.0M	$434.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.4	+0.091%	$23.4M	$103.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,723.3	−0.096%	$4.9M	$165K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.2	−0.028%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.1	+0.114%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,725.5	−0.017%	$14.1M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.1	+0.079%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.2	+0.008%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,724.6	−0.050%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,725.6	−0.014%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.3	+0.048%	$162.4M	$353.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726	0.000%	$3.29B	$8.97B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.2	+0.011%	$2.08B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726	+0.002%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	+0.008%	$133.5M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.4	+0.054%	$184.9M	$681.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.6	+0.025%	$158.4M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727	+0.039%	$21.0M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.1	+0.040%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.2	+0.046%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.8	−0.007%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.4	+0.017%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.9	+0.070%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726.8	+0.032%	$262.9M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.6	−0.014%	$30.4M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,725.6	−0.015%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,728.1	+0.079%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,725.9	0.000%	$5.6M	$11.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,728.6	+0.096%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,725.1	−0.031%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,727.5	+0.056%	$83.3M	$311.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,726.3	+0.013%	$244K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0371%	8h	2,726.1	+0.007%	$282.1M	$175.4M	150x	as long as short