Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.006%

Price spread now: Bybit against ApeX Omni+0.867%7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$2112.113% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 4 days (all we have)−1.341%−$134 · spread now +0.867%, 7d avg −0.100%

Together, before fees−1.357%−$136 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.967% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.867% now, against its 7-day average of −0.100%): +$97 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 25 days. At the pace of the last 7 days (−0.015% in total) that is about 15 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SUSDT	0.04500	0.0100	pay 0.0013% / 1h	47m 23s	$24K	$534K	50x
Short	Bybit SUSDT	0.04539	−0.0028	pay 0.0014% / 4h	47m 23s	$6.5M	$6.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.867%Rate

Funding earned: −$26.8
Price spread: +0.867% → −0.100%: $96.65
Slippage, 4 orders: −$190.25
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$141.41
Costs to cover: 2.113%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 58 min ago; Bybit: live order book, 4 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 ApeX Omni live order book, 58 min ago	32.93 bp	106.4 bp −$106	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.20 bp	26.4 bp −$26	74.9 bp −$749	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.7408%	1h	0.04460	−0.889%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.3589%	1h	0.04538	+0.852%	$38K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1880%	1h	0.04510	+0.222%	$55K	$21K	25x	as long as short
Variational Omni S	−0.1375%	4h	0.04558	+1.295%	$732K	$52K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0254% / S +0.0167%	1h	0.04552	+1.147%	$2K	—	100x	as long as short
Orderly PERP_S_USDC	−0.0154%	4h	0.04545	+1.000%	$112K	$632K	10x	as long as short
OKX S-USDT-SWAP	−0.0102%	4h	0.04543	+0.956%	$1.4M	$7.9M	20x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04540	+0.885%	$5	—	15x	as long as short
Hyperliquid S	−0.0037%	1h	0.04543	+0.964%	$1.2M	$1.1M	5x	as long as short
Bybit SUSDTshort	−0.0028%	4h	0.04539	+0.867%	$6.5M	$6.9M	50x

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04576	+1.689%	$77K	$623	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04549	+1.099%	$701	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04600	+2.222%	$2K	$2	12x	as long as short
Lighter S	+0.0096%	1h	0.04557	+1.267%	$159K	$154K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04548	+1.067%	$48K	$189K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04544	+0.978%	$6.9M	$27.0M	75x	as long as short
Gate S_USDT	+0.0100%	4h	0.04534	+0.756%	$381K	$388K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04551	+1.133%	$4.0M	$3.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04535	+0.778%	$2.1M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04547	+1.044%	$1.3M	$3.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04544	+0.978%	—	$7.1M	—	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.04500	long leg	$24K	$534K	50x
Extended S-USD	+0.0104%	1h	0.04556	+1.243%	$260K	$1.3M	10x	as long as short
Backpack S_USDC_PERP	+0.0180%	1h	0.04570	+1.556%	$103K	$451K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04524	+0.533%	$338K	$241K	75x	as long as short