Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.008%

Price spread now: Bybit against ApeX Omni−0.253%89s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.577% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 3 days (all we have)+0.007%+$1 · spread now −0.253%, 7d avg −0.112%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.141% cheaper against ApeX Omni than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.112%). Swap the legs. The two prices were read 89 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.046% in total (about -2.4% 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	ApeX Omni OPUSDT	0.1267	0.0100	pay 0.0013% / 1h	41m 59s	$43K	$723K	50x
Short	Bybit OPUSDT	0.1264	−0.0098	pay 0.0098% / 8h	7h 41m	$18.4M	$26.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.253%Rate

Funding earned: −$41.58
Price spread: −0.253% → −0.112%: −$14.07
Slippage, 4 orders: −$36.72
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$113.37
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 32 min ago; Bybit: live order book, 2 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 ApeX Omni live order book, 32 min ago	7.86 bp	16.7 bp −$17	116.4 bp −$1,164	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.40 bp	13.7 bp −$14	25.3 bp −$253	80.2 bp −$8,018	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1656%	1h	0.1261	−0.474%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1266	−0.070%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0539%	1h	0.1266	−0.079%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.395%	$21K	$64K	50x	as long as short
Bybit OPUSDTshort	−0.0098%	8h	0.1264	−0.253%	$18.4M	$26.0M	75x
dYdX OP-USD	0.0000%	1h	0.1266	−0.063%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	−0.079%	—	—	150x	as long as short
Variational Omni OP	+0.0052%	8h	0.1266	−0.075%	$231K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1265	−0.158%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1268	+0.039%	$284K	$947K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1267	−0.024%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	+0.002%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	−0.142%	$20.5M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1264	−0.260%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1267	−0.024%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	−0.205%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1265	−0.158%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	−0.158%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1266	−0.103%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1266	−0.103%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1267	+0.015%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1268	+0.071%	$308K	$4.9M	10x	as long as short
ApeX Omni OPUSDTlong	+0.0100%	1h	0.1267	long leg	$43K	$723K	50x
SoDEX OP-USD	+0.0100%	1h	0.1266	−0.055%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	−0.071%	$175K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.281%	$102K	$306K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	−0.039%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1266	−0.095%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0383%	1h	0.1267	+0.035%	$800K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1265	−0.186%	$703	—	20x	as long as short