Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Derive against ApeX Omni−0.152%7-day average −0.011% · you buy dearer than you sell

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

Long on ApeX Omni Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now −0.152%, 7d avg −0.011%

Together, before fees+0.075%+$7 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: Derive is 0.140% cheaper against ApeX Omni than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,192	0.0100	pay 0.0013% / 1h	27m 12s	$139.3M	$315.2M	100x
Short	Derive BTC-PERP	85,062.9	0.0100	get 0.0013% / 1h	27m 12s	$29.9M	$49.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.152%Rate

Funding earned: $0
Price spread: −0.152% → −0.011%: −$14.04
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$30.04
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 2 min ago; Derive: no order-book sample. 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 ApeX Omni live order book, 2 min ago	0.62 bp	5.6 bp −$6	5.6 bp −$56	15.4 bp −$1,540	42.3 bp −$21.2K
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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.

BTC on 56 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
Perpl BTC	−0.0112%	43m	85,120.4	−0.084%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.014%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,113	−0.093%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,079.5	−0.132%	$918.7M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,082	−0.129%	$418.8M	$678.3M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,107.2	−0.100%	$372K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,082.6	−0.128%	$511.5M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,125.9	−0.078%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,092.8	−0.116%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.039%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0030%	1h	85,102.6	−0.105%	$24.7M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,099.5	−0.109%	$186.7M	$954.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0065%	1h	85,121.6	−0.083%	$869.9M	$1.61B	50x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,084.1	−0.127%	—	$1.56B	—	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,079.2	−0.132%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,088.6	−0.121%	$147.9M	$504.8M	150x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,079.9	−0.132%	$2.94B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,095	−0.114%	$5.06B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,088.1	−0.122%	$9.40B	$24.81B	150x	as long as short
Bullet BTC-USD	+0.0094%	1h	85,085.6	−0.125%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,097.7	−0.111%	$170.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,098.7	−0.110%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,098	−0.110%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,122.2	−0.082%	$117.0M	$5.36B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,076	−0.136%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,176.4	−0.018%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,175	−0.020%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,140	−0.061%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,086.5	−0.124%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,093.8	−0.115%	$2.57B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,084	−0.127%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,108.7	−0.098%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	−0.010%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,086.4	−0.124%	$5.49B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,110.8	−0.095%	$35.9M	$175.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	−0.094%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,179.1	−0.015%	$279.1M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,198.3	+0.007%	$214.1M	$167.9M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,192	long leg	$139.3M	$315.2M	100x
StandX BTC-USD	+0.0100%	1h	85,151	−0.048%	$30.0M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,175.3	−0.020%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,088	−0.122%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,086.8	−0.124%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,122.6	−0.082%	$227K	$760K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,062.9	−0.152%	$29.9M	$49.7M	15x
SunX BTC-USDT	+0.0100%	8h	85,066.5	−0.147%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,088	−0.122%	$59.5M	$336.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,079.4	−0.132%	$2.25B	$944.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,056.6	−0.159%	$45.4M	$238.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,102.1	−0.106%	—	$106.7M	500x	as long as short
Reya BTCRUSDPERP	+0.0115%	1h	85,082.8	−0.128%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,092.2	−0.117%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,130	−0.073%	$11.3M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0221%	1h	85,192.7	+0.001%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,152.7	−0.046%	$716K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,121.2	−0.083%	$8.7M	$43.1M	25x	as long as short