Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.048%

Price spread now: Orderly against ApeX Omni−0.568%7-day average −0.048% · you buy dearer than you sell

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−0.672%−$67 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now −0.568%, 7d avg −0.048%

Together, before fees−0.859%−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.520% cheaper against ApeX Omni than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SUSDT	0.04580	0.0100	pay 0.0013% / 1h	51m 08s	$26K	$523K	50x
Short	Orderly PERP_S_USDC	0.04554	−0.0037	pay 0.0018% / 4h	1h 51m	$113K	$645K	10x

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

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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 OrderlybpOrdersPrice spread, now −0.568%Rate

Funding earned: −$28.68
Price spread: −0.568% → −0.048%: −$51.97
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$96.65
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 59 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, 59 min ago	33.75 bp	61.5 bp −$62	doesn't fit	doesn't fit	doesn't fit
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.

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	−1.0216%	1h	0.04430	−3.275%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4609%	1h	0.04553	−0.579%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04128	−9.869%	$50K	$18K	25x	as long as short
Variational Omni S	−0.0695%	4h	0.04567	−0.287%	$703K	$11K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0336% / S +0.0211%	1h	0.04568	−0.273%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04551	−0.625%	$5	—	15x	as long as short
Orderly PERP_S_USDCshort	−0.0037%	4h	0.04554	−0.568%	$113K	$645K	10x
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04560	−0.437%	$77K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04573	−0.148%	$705	—	150x	as long as short
Lighter S	+0.0096%	1h	0.04555	−0.546%	$158K	$141K	5x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04561	−0.421%	$1.2M	$866K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04560	−0.437%	$48K	$154K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04558	−0.480%	$6.8M	$20.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04555	−0.546%	$6.4M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04562	−0.393%	$1.4M	$6.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04564	−0.349%	$385K	$227K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04561	−0.415%	$4.4M	$3.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04558	−0.480%	$2.2M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04558	−0.480%	$1.4M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04559	−0.459%	—	$7.0M	—	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.04580	long leg	$26K	$523K	50x
Extended S-USD	+0.0104%	1h	0.04548	−0.688%	$242K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	+0.437%	$2K	$2	12x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04570	−0.218%	$336K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.0655%	1h	0.04570	−0.218%	$108K	$462K	5x	as long as short