Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: ApeX Omni against Bulk−0.063%55s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.188% of the position

Long on Bulk Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 7 days+0.053%+$5 · spread now −0.063%, 7d avg +0.008%

Together, before fees+0.036%+$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: ApeX Omni is 0.071% cheaper against Bulk than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 55 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	Bulk BTC-USD	86,411.1	0.0100	pay 0.0013% / 1h	28m 36s	$576.0M	$32.8M	40x
Short	ApeX Omni BTCUSDT	86,356.3	0.0100	get 0.0013% / 1h	28m 36s	$141.6M	$321.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bulk. 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 BulkbpFee ApeX OmnibpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → +0.008%: −$7.15
Slippage, 4 orders: −$1.8
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$25.94
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from Bulk: live order book, 1 min ago; ApeX Omni: live order book, 1 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 Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	4.2 bp −$424	4.9 bp −$2,460
Sell ApeX Omni live order book, 1 min ago	0.88 bp	5.9 bp −$6	5.9 bp −$59	11.8 bp −$1,176	43.4 bp −$21.7K

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	−0.0383%	1h	86,407	−0.005%	$144K	$666K	40x	as long as short
Phoenix BTC	−0.0129%	1h	86,403	−0.009%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,444	+0.038%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,413.5	+0.003%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,374.4	−0.042%	$482K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,395	−0.019%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.061%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0024%	8h	86,443.6	+0.038%	$501.3M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	+0.029%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	86,456.6	+0.053%	$832.4M	$720.1M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0045%	1h	86,415.3	+0.005%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,457.4	+0.054%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,420	+0.010%	$8.3M	$42.4M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	86,410.3	−0.001%	$902.6M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,410.9	0.000%	$2.97B	$5.03B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,446.9	+0.041%	$5.13B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,418.3	+0.008%	$9.42B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,370	−0.048%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0082%	8h	86,374	−0.043%	$154.4M	$473.4M	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	86,364.8	−0.054%	$2.29B	$962.7M	200x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,373	−0.044%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,458.6	+0.055%	$170.8M	$986.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,467.7	+0.066%	$23.7M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,403	−0.009%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,390	−0.024%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,478.8	+0.078%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.9	+0.022%	$22.0M	$227.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,532	+0.140%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,476.8	+0.076%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,407	−0.005%	$5.26B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,421	+0.012%	$2.56B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,452	+0.047%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,459.5	+0.056%	$7.2M	$94.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,454.7	+0.050%	$5.80B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.9	−0.052%	$37.5M	$157.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,377.3	−0.039%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,361.8	−0.057%	$278.9M	$951.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.013%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	86,356.3	−0.063%	$141.6M	$321.1M	100x
StandX BTC-USD	+0.0100%	1h	86,351.2	−0.069%	$30.7M	$209.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,450.5	+0.046%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,429	+0.021%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,364.5	−0.054%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,368.9	−0.049%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,402.8	−0.010%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,398.7	−0.014%	$3.4M	$5.2M	100x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,411.1	long leg	$576.0M	$32.8M	40x
Extended BTC-USD	+0.0104%	1h	86,439.7	+0.033%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,380.2	−0.036%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,407.1	−0.005%	$132.2M	$5.39B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,395.6	−0.018%	$192.4M	$941.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,396	−0.017%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,399.8	−0.013%	$710K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,365.3	−0.053%	$415.9M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0219%	1h	86,381.5	−0.034%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,407	−0.005%	$10.2M	$763.5M	6.4x	as long as short