Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.016%

Price spread now: Bybit against ApeX Omni−0.051%79s7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as 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−$380.384% 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−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.051%, 7d avg +0.033%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.084% cheaper against ApeX Omni than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.033%). Swap the legs. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni COINUSDT	196.24	0.0100	pay 0.0013% / 1h	58m 05s	$88K	$287K	50x
Short	Bybit COINUSDT	196.14	0	get 0.0000% / 8h	1h 58m	$4.7M	$6.3M	50x

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 −0.051%Rate

Funding earned: −$21
Price spread: −0.051% → +0.033%: −$8.35
Slippage, 4 orders: −$17.39
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.74
Costs to cover: 0.384%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 49 min ago; Bybit: live order book, 5 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, 49 min ago	2.80 bp	7.8 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.25 bp	11.6 bp −$12	30.4 bp −$304	165.5 bp −$16.6K	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0677%	8h	196.30	+0.031%	$6.3M	$10.7M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.31	+0.036%	$43K	$48K	30x	as long as short
Vest COIN-USD-PERP	−0.0106%	1h	195.62	−0.316%	—	$289K	25x	as long as short
Gate COIN_USDT	−0.0077%	8h	196.17	−0.036%	$1.2M	$7.3M	50x	as long as short
Aster COINUSDT	0.0000%	8h	195.99	−0.126%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.13	−0.054%	$112K	$849K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.15	−0.046%	$15.1M	$82.4M	20x	as long as short
Bybit COINUSDTshort	0.0000%	8h	196.14	−0.051%	$4.7M	$6.3M	50x
OKX COIN-USDT-SWAP	0.0000%	8h	196.20	−0.020%	$3.0M	$4.7M	20x	as long as short
Variational Omni COIN	0.0000%	8h	196.34	+0.050%	$712K	$962K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.40	+0.083%	$17K	$2.6M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.10	−0.071%	$457K	$1.5M	10x	as long as short
QFEX COIN-USD	+0.0038%	1h	196.20	−0.020%	$1.3M	$3.0M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.36	+0.061%	$15K	$54K	5x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.12	−0.061%	$129K	$1.4M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.12	−0.061%	$88	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.01	−0.117%	$450K	$2.9M	10x	as long as short
Phoenix COIN	+0.0082%	1h	196.35	+0.056%	$4K	$283K	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	195.93	−0.158%	$987K	$143K	20x	as long as short
ApeX Omni COINUSDTlong	+0.0100%	1h	196.24	long leg	$88K	$287K	50x
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.12	−0.061%	$567	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.13	−0.054%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.03	−0.107%	$187K	$421K	20x	as long as short
Lighter COIN	+0.0224%	1h	196.10	−0.071%	$385K	$2.3M	10x	as long as short
tradeXYZ xyz:COIN	+0.0260%	1h	196.03	−0.107%	$15.2M	$13.9M	10x	as long as short
edgeX COINUSDC	+0.0606%	4h	196.37	+0.064%	$51K	$296K	10x	as long as short