Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.092%

Price spread now: ApeX Omni against Orderly−0.351%7-day average +0.049% · you buy dearer than you sell

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.714%+$71 on $10k

Price spread, last 3 days (all we have)+0.697%+$70 · spread now −0.351%, 7d avg +0.049%

Together, before fees+1.411%+$141 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.400% cheaper against Orderly than usual: you would sell low and buy high (spread −0.351% now, against its 7-day average of +0.049%). If the spread goes back, that is −$40 on $10k: about 18 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.714% in total) that is about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.03984	0.0024	pay 0.0012% / 4h	3h 40m	$101K	$335K	10x
Short	ApeX Omni SUSDT	0.03970	0.0100	get 0.0013% / 1h	40m 30s	$26K	$448K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.351%Rate

Funding earned: $15.91
Price spread: −0.351% → +0.049%: −$40.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$40.1
Costs to cover: 0.160%
Break-even: 24.6 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 32 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 32 min ago	38.22 bp	63.0 bp −$63	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.4800%	1h	0.03980	−0.100%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2028%	1h	0.03983	−0.013%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−3.966%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0898%	4h	0.03979	−0.128%	$619K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03986	+0.043%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03980	−0.091%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03985	+0.020%	$614	—	150x	as long as short
Orderly PERP_S_USDClong	+0.0024%	4h	0.03984	long leg	$101K	$335K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.912%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03984	0.000%	$162K	$190K	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	0.03981	−0.080%	$996K	$647K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03986	+0.053%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03982	−0.050%	$5.5M	$16.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03978	−0.151%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03980	−0.100%	$983K	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03984	0.000%	$326K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03982	−0.050%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03984	0.000%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03984	0.000%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03980	−0.100%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	+0.151%	$116K	$317K	5x	as long as short
ApeX Omni SUSDTshort	+0.0100%	1h	0.03970	−0.351%	$26K	$448K	50x
Extended S-USD	+0.0104%	1h	0.03980	−0.103%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03982	−0.050%	$268K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0754%	1h	0.03990	+0.151%	$67K	$10K	10x	as long as short