Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.115%

Price spread now: Bluefin against ApeX Omni+0.035%49s7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as 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−$240.239% of the position

Long on ApeX Omni Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.401%−$40 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.035%, 7d avg −0.020%

Together, before fees−0.452%−$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.056% dearer against ApeX Omni than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.020%. The two prices were read 49 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 BTCUSDT	85,898.9	0.0100	pay 0.0013% / 1h	3m 37s	$137.9M	$288.3M	100x
Short	Bluefin BTC-PERP	85,929.3	0.0100	get 0.0013% / 1h	3m 37s	$143K	$607K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → −0.020%: $5.56
Slippage, 4 orders: −$6.87
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$18.31
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Bluefin: live order book, 44 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, 4 min ago	0.57 bp	5.6 bp −$6	5.6 bp −$56	7.1 bp −$715	33.7 bp −$16.9K
Sell Bluefin live order book, 44 min ago	1.21 bp	6.5 bp −$7	11.7 bp −$117	doesn't fit	doesn't fit

BTC on 56 exchanges

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
Phoenix BTC	−0.0133%	1h	85,779	−0.140%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,946	+0.055%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0043%	8h	85,882	−0.020%	$421.7M	$550.2M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,948.1	+0.057%	$368K	$1.8M	50x	as long as short
SoDEX BTC-USD	−0.0002%	1h	85,910	+0.013%	$65.8M	$187.6M	40x	as long as short
Perpl BTC	0.0000%	43m	85,941.7	+0.050%	$467K	$13.4M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,889.3	−0.011%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,922.2	+0.027%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,900	+0.001%	$320K	$30.8M	52x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,938.8	+0.046%	$511.6M	$845.4M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0030%	1h	85,924.7	+0.030%	$192.1M	$749.5M	100x	as long as short
BingX BTC-USDT	+0.0043%	8h	85,951.2	+0.061%	—	$1.30B	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,950	+0.059%	$8.6M	$45.6M	100x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	85,938.5	+0.046%	$942.9M	$636.1M	125x	as long as short
Phemex BTCUSDT	+0.0057%	8h	85,909.3	+0.012%	$170.0M	$476.2M	150x	as long as short
Bybit BTCUSDT	+0.0059%	8h	85,943.3	+0.052%	$5.14B	$8.04B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,909.3	+0.012%	$2.27B	$785.1M	200x	as long as short
MEXC BTC_USDT	+0.0077%	8h	85,943.6	+0.052%	$5.16B	$4.92B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	85,941.2	+0.049%	$9.42B	$20.26B	150x	as long as short
Gate BTC_USDT	+0.0078%	8h	85,949.9	+0.059%	$5.51B	$9.05B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,895.4	−0.004%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,952.9	+0.063%	$3.00B	$3.88B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,954.4	+0.065%	$172.6M	$877.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,950.5	+0.060%	$23.7M	$121.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	85,889.3	−0.011%	$215.8M	$132.8M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,921	+0.026%	$230K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,968.6	+0.081%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,928.1	+0.034%	$23.3M	$190.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,974.7	+0.088%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,958.9	+0.070%	$2.63B	$9.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,938	+0.046%	$3.9M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,941.4	+0.049%	$4.9M	$91.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,901.4	+0.003%	$38.0M	$194.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,877.2	−0.025%	$155.8M	$472.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,862.2	−0.043%	$289.6M	$738.5M	100x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,898.9	long leg	$137.9M	$288.3M	100x
StandX BTC-USD	+0.0100%	1h	85,901	+0.002%	$30.2M	$227.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,969.7	+0.082%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,926	+0.032%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,918.4	+0.023%	$211K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,906.5	+0.009%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,929.3	+0.035%	$143K	$607K	40x
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.037%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,912	+0.015%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,889.6	−0.011%	$714.2M	$91.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,920.3	+0.025%	$47.2M	$193.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,936.2	+0.043%	—	$79.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,959	+0.070%	$112.0M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0154%	1h	86,028	+0.150%	$3.94B	$4.18B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,926	+0.032%	$12.5M	$737.1M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0157%	1h	85,958.5	+0.069%	$820.3M	$1.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,893.6	−0.006%	$6.6M	$128.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,940.4	+0.048%	$9.0M	$35.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,906.8	+0.009%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,929.1	+0.035%	$693K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0354%	1h	85,882.9	−0.019%	$79K	$228K	20x	as long as short