Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.012%

Price spread now: Orderly against ApeX Omni+0.104%7-day average −0.008% · you sell dearer than you buy

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.104%, 7d avg −0.008%

Together, before fees−0.044%−$4 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: Orderly is 0.113% dearer against ApeX Omni than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,192.8	0.0091	pay 0.0011% / 1h	13m 19s	$139.6M	$312.3M	100x
Short	Orderly PERP_BTC_USDC	85,281.7	0.0100	get 0.0100% / 8h	13m 19s	$2.6M	$9.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.104%Rate

Funding earned: $1.85
Price spread: +0.104% → −0.008%: $11.28
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.87
Costs to cover: 0.160%
Break-even: 17.9 days

Slippage unknown: ApeX Omni: live order book, 1 min ago; Orderly: 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, 1 min ago	0.06 bp	5.1 bp −$5	5.1 bp −$51	9.5 bp −$950	37.4 bp −$18.7K
Sell Orderly no order-book sample	—	—	—	—	—

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.

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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	+0.026%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	+0.082%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,264.5	+0.084%	$421.4M	$686.8M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,256.2	+0.074%	$927.6M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,290.7	+0.115%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,281.6	+0.104%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,268.9	+0.089%	$509.4M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,277.8	+0.100%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,279.7	+0.102%	$185.8M	$954.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0039%	1h	85,300.9	+0.127%	$835.8M	$1.67B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,272.2	+0.093%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,200	+0.008%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,254.6	+0.073%	$5.09B	$10.04B	150x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,288.8	+0.113%	$24.3M	$221.1M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0091%	1h	85,192.8	long leg	$139.6M	$312.3M	100x
Lighter BTC	+0.0096%	1h	85,278.6	+0.101%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,278.2	+0.100%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,284	+0.107%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,270.8	+0.092%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,265.1	+0.085%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,258	+0.077%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,316.1	+0.145%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,368	+0.206%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,295.1	+0.120%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,264.9	+0.085%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,252.7	+0.070%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,280	+0.102%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,288.7	+0.113%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,276.6	+0.098%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,263.9	+0.083%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,286.5	+0.110%	$36.9M	$189.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.014%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.009%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,188.8	−0.005%	$213.8M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	+0.020%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,349.4	+0.184%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,287	+0.111%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,287.7	+0.111%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDCshort	+0.0100%	8h	85,281.7	+0.104%	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,309.3	+0.137%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,286.9	+0.110%	$29.0M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.013%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,270	+0.091%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,270	+0.091%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,264.3	+0.084%	$158.8M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	+0.055%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,244.6	+0.061%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	+0.101%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,303.3	+0.130%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,279.4	+0.102%	$6.6M	$142.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,310	+0.138%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,305.3	+0.132%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	+0.004%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,270.8	+0.092%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,252.9	+0.071%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,292.2	+0.117%	$465K	$18.3M	6.7x	as long as short