Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0216%/8h= +23.7% APRpaid last 24h +0.048%

Price spread now: ApeX Omni against Orderly−0.022%7-day average +0.040% · you buy dearer than you sell

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

Long on Orderly Short on ApeX Omni

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)+0.608%+$61 · spread now −0.022%, 7d avg +0.040%

Together, before fees+1.280%+$128 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.062% cheaper against Orderly than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.040%). If the spread goes back, that is −$6 on $10k: about 23 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04541	−0.0116	get 0.0058% / 4h	1h 06m	$112K	$637K	10x
Short	ApeX Omni SUSDT	0.04540	0.0100	get 0.0013% / 1h	6m 54s	$24K	$532K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.022%Rate

Funding earned: $45.44
Price spread: −0.022% → +0.040%: −$6.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $23.28
Costs to cover: 0.160%
Break-even: 3.4 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 39 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 39 min ago	32.93 bp	51.9 bp −$52	doesn't fit	doesn't fit	doesn't fit

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	−1.0792%	1h	0.04410	−2.885%	$27K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.4630%	1h	0.04533	−0.169%	$38K	$28K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1904%	1h	0.04510	−0.683%	$55K	$23K	25x	as long as short
Variational Omni S	−0.1230%	4h	0.04513	−0.620%	$722K	$49K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0336% / S +0.0211%	1h	0.04551	+0.218%	$2K	—	100x	as long as short
Orderly PERP_S_USDClong	−0.0116%	4h	0.04541	long leg	$112K	$637K	10x
Reya SRUSDPERP	−0.0101%	1h	0.04518	−0.505%	$5	—	15x	as long as short
OKX S-USDT-SWAP	−0.0037%	4h	0.04534	−0.154%	$1.4M	$7.6M	20x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04532	−0.192%	$697	—	150x	as long as short
Bybit SUSDT	+0.0019%	4h	0.04532	−0.198%	$6.5M	$6.7M	50x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04544	+0.066%	$159K	$158K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04545	+0.092%	$1.1M	$1.0M	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04539	−0.036%	$48K	$170K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04540	−0.022%	$7.0M	$25.9M	75x	as long as short
Gate S_USDT	+0.0100%	4h	0.04545	+0.088%	$385K	$386K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04539	−0.044%	$4.1M	$3.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04547	+0.132%	$2.2M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04547	+0.132%	$1.4M	$3.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04538	−0.066%	—	$7.1M	—	as long as short
ApeX Omni SUSDTshort	+0.0100%	1h	0.04540	−0.022%	$24K	$532K	50x
Extended S-USD	+0.0104%	1h	0.04536	−0.115%	$258K	$1.3M	10x	as long as short
Injective S/USDC PERP	+0.0140%	1h	0.04600	+1.299%	$2K	$2	12x	as long as short
Backpack S_USDC_PERP	+0.0176%	1h	0.04560	+0.418%	$103K	$458K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04540	−0.022%	$366K	$240K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0630%	1h	0.04547	+0.132%	$76K	$623	10x	as long as short