Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0035%/8h= −3.8% APRpaid last 24h +0.023%

Price spread now: ApeX Omni against Perpl−0.016%115s7-day average −0.003% · you buy dearer than you sell

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.289%−$29 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.016%, 7d avg −0.003%

Together, before fees−0.288%+ Points / potential airdropPerpl: Active · farm board−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 115 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	Perpl BTC	86,108.2	0	get 0.0000% / 43m	31m 19s	$481K	$13.8M	6.7x
Short	ApeX Omni BTCUSDT	86,094.8	−0.0035	pay 0.0004% / 1h	50m 19s	$137.6M	$295.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. 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 PerplbpFee ApeX OmnibpOrdersPrice spread, now −0.016%Rate

Funding earned: −$7.27
Price spread: −0.016% → −0.003%: −$1.27
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$32.34
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 2 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$624	35.4 bp −$17.7K

Perpl: 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 55 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	86,126	+0.021%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.103%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDTshort	−0.0035%	1h	86,094.8	−0.016%	$137.6M	$295.3M	100x
01 Exchange BTCUSD	−0.0032%	1h	86,095.6	−0.015%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,096.4	−0.014%	$421.4M	$564.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	−0.001%	$16.9M	$14.5M	50x	as long as short
Perpl BTClong	0.0000%	43m	86,108.2	long leg	$481K	$13.8M	6.7x
SoDEX BTC-USD	+0.0003%	1h	86,085	−0.027%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.004%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.123%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,083.1	−0.029%	$513.2M	$874.7M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,074.8	−0.039%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,099.5	−0.010%	$191.7M	$768.9M	100x	as long as short
Bybit BTCUSDT	+0.0038%	8h	86,098.9	−0.011%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,121.2	+0.015%	$943.9M	$634.4M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,107.6	−0.001%	$5.52B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,107	−0.001%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,088.8	−0.023%	$170.7M	$479.0M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,088.7	−0.023%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,123.4	+0.018%	$173.8M	$853.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,125.1	+0.020%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,073.6	−0.040%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,076.7	−0.037%	$2.27B	$803.3M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,095.3	−0.015%	$9.46B	$20.54B	150x	as long as short
MEXC BTC_USDT	+0.0099%	8h	86,099.9	−0.010%	$5.17B	$4.82B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,092	−0.019%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,148.4	+0.047%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,109	+0.001%	$23.5M	$195.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,145.3	+0.043%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,098.5	−0.011%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,116	+0.009%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,136.4	+0.033%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.071%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,095.3	−0.015%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.043%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,081.5	−0.031%	$289.8M	$813.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.013%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,080.1	−0.033%	$30.3M	$223.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,168.7	+0.070%	—	$9.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,126	+0.021%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,105.1	−0.004%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,083.5	−0.029%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,130.9	+0.026%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,121.8	+0.016%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,057.7	−0.059%	$46.9M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.9	−0.005%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,132.9	+0.029%	$112.2M	$4.97B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,111	+0.003%	$12.0M	$733.4M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.036%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0169%	1h	86,214	+0.123%	$3.97B	$4.36B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,112.5	+0.005%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.008%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0258%	1h	86,145.6	+0.043%	$822.8M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,123	+0.017%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0445%	1h	86,135	+0.031%	$79K	$245K	20x	as long as short