Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h +0.011%

Price spread now: Bybit against ApeX Omni−0.067%59s7-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−$230.226% 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−0.038%−$4 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.067%, 7d avg −0.008%

Together, before fees+0.035%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.060% cheaper against ApeX Omni than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.008%. The two prices were read 59 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	86,461.9	0.0100	pay 0.0013% / 1h	26m 26s	$141.4M	$323.1M	100x
Short	Bybit BTCUSDT	86,403.7	0.0098	get 0.0098% / 8h	26m 26s	$5.26B	$9.81B	150x

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 −0.067%Rate

Funding earned: −$0.42
Price spread: −0.067% → −0.008%: −$5.97
Slippage, 4 orders: −$1.64
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.03
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.82 bp	5.8 bp −$6	5.8 bp −$58	10.1 bp −$1,010	40.1 bp −$20.1K
Sell Bybit live order book, 3 min ago	0.01 bp	5.5 bp −$6	6.3 bp −$63	6.8 bp −$680	7.8 bp −$3,891

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	−0.0118%	1h	86,477	+0.017%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,413	−0.057%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.123%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,420.6	−0.048%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,420.5	−0.048%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,412.6	−0.057%	$501.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,446.6	−0.018%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,423.2	−0.045%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,427.1	−0.040%	$849.9M	$715.7M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,466.9	+0.006%	$914.6M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0031%	1h	86,401.1	−0.070%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,413.9	−0.056%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,401.3	−0.070%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,446.4	−0.018%	$150.7M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0066%	1h	86,448.3	−0.016%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,412.8	−0.057%	$9.42B	$24.57B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,402.3	−0.069%	$5.15B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,424.5	−0.043%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,413.1	−0.056%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0086%	1h	86,430	−0.037%	$60.4M	$337.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,432.1	−0.034%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,449.9	−0.014%	$23.9M	$152.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,410	−0.060%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDTshort	+0.0098%	8h	86,403.7	−0.067%	$5.26B	$9.81B	150x
Katana Perps BTC-USD	+0.0100%	8h	86,393	−0.080%	$202K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,462	0.000%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,430.8	−0.036%	$22.0M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,479	+0.020%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,457.8	−0.005%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,410	−0.060%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,437	−0.029%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463.5	+0.002%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,443.6	−0.021%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	+0.015%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	−0.015%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.027%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	86,461.9	long leg	$141.4M	$323.1M	100x
StandX BTC-USD	+0.0100%	1h	86,390.9	−0.082%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,461.5	0.000%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,408	−0.062%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,403.3	−0.068%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,435.6	−0.030%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,459.7	−0.003%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,460.9	−0.001%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,410.3	−0.060%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,412.8	−0.057%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.003%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,395.3	−0.077%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,450.9	−0.013%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,462.6	+0.001%	$192.1M	$954.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,475.3	+0.015%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0149%	1h	86,487.8	+0.030%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,438.5	−0.027%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	−0.018%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0218%	1h	86,442.8	−0.022%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,448	−0.016%	$9.8M	$747.1M	6.4x	as long as short