Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.008%

Price spread now: BingX against ApeX Omni−0.097%53s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$210.208% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 7 days+0.101%+$10 · spread now −0.097%, 7d avg −0.008%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.089% cheaper against ApeX Omni than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 53 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	ApeX Omni BTCUSDT	85,433.9	0.0100	pay 0.0013% / 1h	2m 32s	$139.7M	$313.2M	100x
Short	BingX BTC-USDT	85,351.4	0.0073	get 0.0073% / 8h	1h 02m	—	$1.57B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$5.67
Price spread: −0.097% → −0.008%: −$8.86
Slippage, 4 orders: −$0.76
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$35.3
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 2 min ago; BingX: live order book, 7 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, 2 min ago	0.36 bp	5.4 bp −$5	5.4 bp −$54	10.8 bp −$1,078	40.2 bp −$20.1K
Sell BingX live order book, 7 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$501	5.4 bp −$2,685

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
Phoenix BTC	−0.0082%	1h	85,520	+0.101%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,360	−0.086%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0032%	8h	85,348.3	−0.100%	$928.2M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,381.7	−0.061%	$421.4M	$680.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,343.9	−0.105%	$512.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,358.3	−0.088%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,392.5	−0.048%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,384.6	−0.058%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.3	−0.084%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0048%	1h	85,342.9	−0.107%	$24.1M	$219.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,420	−0.016%	$339K	$26.8M	52x	as long as short
BingX BTC-USDTshort	+0.0073%	8h	85,351.4	−0.097%	—	$1.57B	—
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,394.2	−0.046%	$186.0M	$951.7M	100x	as long as short
Bybit BTCUSDT	+0.0091%	8h	85,339.3	−0.111%	$5.13B	$9.97B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,346.5	−0.102%	$2.96B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,375	−0.069%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,357.5	−0.089%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,363.5	−0.082%	$23.5M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,351	−0.097%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,374.9	−0.069%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,346	−0.103%	$5.03B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,351.4	−0.097%	$9.42B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,337	−0.113%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,392.4	−0.049%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,425	−0.010%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,383.6	−0.059%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,353.6	−0.094%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,361	−0.085%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,349.3	−0.099%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,356.7	−0.090%	$5.54B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,351.7	−0.096%	$37.4M	$182.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	−0.001%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.6	0.000%	$279.9M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439	+0.006%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,433.9	long leg	$139.7M	$313.2M	100x
StandX BTC-USD	+0.0100%	1h	85,401.3	−0.038%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,407.8	−0.031%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.101%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,346.7	−0.102%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,379.2	−0.064%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,403	−0.036%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	−0.059%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,385.9	−0.056%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,363.7	−0.082%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,391.8	−0.049%	$157.4M	$512.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.024%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,326.7	−0.126%	$45.3M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.9	−0.027%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,419.8	−0.017%	$112.9M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,421	−0.015%	$852.7M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,336.4	−0.114%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,357	−0.090%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,403	−0.036%	$11.9M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,378.7	−0.065%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,443.3	+0.011%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0274%	1h	85,430.6	−0.004%	$79K	$246K	20x	as long as short