S

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1734%/8h= +189.9% APRnext payment +$2.17 per $10,000 · paid last 24h +0.108%

Price spread now: Backpack against ApeX Omni0.000%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$224as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1841.839% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.400%−$40 on $10k

Price spread, last 4 days (all we have)−0.308%−$31 · spread now 0.000%, 7d avg +0.031%

Together, before fees−0.708%−$71 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against ApeX Omni than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.031%). If the spread goes back, that is −$3 on $10k: about 1 hour of funding at the current rate (+$52 a day). Mind the row above: over the last 7 days funding on this pair cost −0.400%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.400% in total (about -20.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.17 per $10,000. 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 SUSDT	0.04040	0.0100	pay 0.0013% / 1h	8m 40s	$23K	$488K	50x
Short	Backpack S_USDC_PERP	0.04040	0.1834	get 0.0229% / 1h	8m 40s	$117K	$426K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $364.18
Price spread: 0.000% → +0.031%: −$3.06
Slippage, 4 orders: −$163.94
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $177.17
Costs to cover: 1.839%
Break-even: 3.6 days

Slippage from ApeX Omni: live order book, 34 min ago; Backpack: live order book, 35 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, 34 min ago	37.08 bp	69.3 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 35 min ago	12.30 bp	28.1 bp −$28	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.7752%	1h	0.03940	−2.475%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2391%	1h	0.04031	−0.212%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−1.955%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04039	−0.027%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04033	−0.178%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04039	−0.021%	$623	—	150x	as long as short
Variational Omni S	+0.0033%	4h	0.04036	−0.105%	$626K	$22K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.485%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0086%	4h	0.04033	−0.173%	$100K	$591K	10x	as long as short
Lighter S	+0.0096%	1h	0.04034	−0.149%	$172K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04029	−0.262%	$1.0M	$577K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04033	−0.180%	$48K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04033	−0.169%	$5.7M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04026	−0.347%	$5.7M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04029	−0.272%	$1.0M	$3.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04031	−0.223%	$328K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04031	−0.223%	$4.1M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04028	−0.297%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04031	−0.223%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04029	−0.272%	—	$6.8M	—	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.04040	long leg	$23K	$488K	50x
Extended S-USD	+0.0104%	1h	0.04028	−0.294%	$232K	$396K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04034	−0.149%	$277K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0493%	1h	0.04038	−0.050%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERPshort	+0.1834%	1h	0.04040	0.000%	$117K	$426K	5x