Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Variational Omni against ApeX Omni−0.042%7-day average −0.017% · you buy dearer than you sell

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.017%+$2 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.042%, 7d avg −0.017%

Together, before fees+0.044%+ Points / potential airdropVariational Omni: Active · farm board+$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: Variational Omni is 0.025% cheaper against ApeX Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,522	0.0100	pay 0.0013% / 1h	33m 04s	$136.9M	$312.6M	100x
Short	Variational Omni BTC	85,485.8	0.0100	get 0.0100% / 8h	7h 33m	$155.9M	$543.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → −0.017%: −$2.53
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.53
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 6 min ago; Variational Omni: RFQ quote, 1 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 ApeX Omni live order book, 6 min ago	0.37 bp	5.4 bp −$5	5.4 bp −$54	5.8 bp −$581	37.0 bp −$18.5K
Sell Variational Omni RFQ quote, 1 min ago	0.54 bp	doesn't fit	0.5 bp −$5	1.4 bp −$144	doesn't fit

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
Bluefin BTC-PERP	−0.1466%	1h	85,481.2	−0.048%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,434	−0.103%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.094%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.098%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.087%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460	−0.072%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,442.9	−0.092%	$936.7M	$773.1M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,448.5	−0.086%	$502.7M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0052%	1h	85,470	−0.061%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,464.9	−0.067%	$185.7M	$937.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.023%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,433.4	−0.104%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,470.2	−0.061%	$170.7M	$945.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,470.3	−0.060%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.094%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,441.6	−0.094%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0098%	1h	85,436.9	−0.100%	$24.0M	$216.0M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,421	−0.118%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,471.4	−0.059%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,461.8	−0.070%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,450	−0.084%	$9.40B	$24.93B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,453.5	−0.080%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,454.4	−0.079%	$2.61B	$12.08B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,425	−0.113%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,451.5	−0.082%	$4.7M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	−0.026%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,457	−0.076%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,451.2	−0.083%	$5.05B	$5.74B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,450.1	−0.084%	$2.97B	$5.12B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.8	−0.096%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,485.8	−0.042%	$155.9M	$543.2M	—
edgeX BTCUSDC	+0.0100%	4h	85,484.1	−0.044%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	−0.017%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,522	long leg	$136.9M	$312.6M	100x
StandX BTC-USD	+0.0100%	1h	85,504	−0.021%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,526.2	+0.005%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,325	−0.230%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,443.8	−0.091%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,435.8	−0.101%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450.5	−0.084%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,446	−0.089%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.5	−0.095%	$2.26B	$971.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,466.4	−0.065%	$162.8M	$513.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,411.5	−0.129%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,444.3	−0.091%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,496.9	−0.029%	$112.2M	$5.42B	50x	as long as short
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.055%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,458.2	−0.075%	$6.6M	$138.0M	40x	as long as short
Hyperliquid BTC	+0.0165%	1h	85,535	+0.015%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,445.3	−0.090%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,464.4	−0.067%	$9.0M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0194%	1h	85,498.3	−0.028%	$828.3M	$1.65B	50x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,494	−0.033%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0325%	1h	85,493	−0.034%	$79K	$256K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	−0.002%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,518.9	−0.004%	$466K	$18.1M	6.7x	as long as short