Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.004%

Price spread now: KuCoin against ApeX Omni−0.182%82s7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as 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−$240.236% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 7 days+0.193%+$19 · spread now −0.182%, 7d avg −0.010%

Together, before fees+0.125%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.173% cheaper against ApeX Omni than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.010%). Swap the legs. The two prices were read 82 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	85,800	0.0100	pay 0.0013% / 1h	26m 06s	$140.4M	$316.0M	100x
Short	KuCoin XBTUSDTM	85,643.6	0.0009	get 0.0009% / 8h	5h 26m	$917.7M	$751.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.182%Rate

Funding earned: −$19.11
Price spread: −0.182% → −0.010%: −$17.28
Slippage, 4 orders: −$1.63
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$60.02
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 3 min ago; KuCoin: 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	0.70 bp	5.7 bp −$6	5.8 bp −$58	11.5 bp −$1,153	41.1 bp −$20.5K
Sell KuCoin live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	8.6 bp −$860	doesn't fit

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
Bluefin BTC-PERP	−0.0540%	1h	85,696.5	−0.121%	$196K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,791	−0.010%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,645	−0.181%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,677.5	−0.143%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,602.7	−0.230%	$415.8M	$664.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,643.1	−0.183%	$16.8M	$21.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,668.8	−0.153%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTMshort	+0.0009%	8h	85,643.6	−0.182%	$917.7M	$751.8M	125x
Nado BTC-PERP	+0.0010%	1h	85,679.3	−0.141%	$22.6M	$220.3M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,643.8	−0.182%	$516.0M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,659.5	−0.164%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,657.3	−0.166%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0070%	1h	85,655	−0.169%	$6.7M	$146.5M	40x	as long as short
HTX BTC-USDT	+0.0073%	8h	85,664.3	−0.158%	$2.27B	$934.4M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	85,694.6	−0.123%	$892.1M	$1.53B	50x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,649.5	−0.175%	$148.0M	$479.7M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,727	−0.085%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,645.2	−0.180%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0084%	8h	85,664.1	−0.158%	$2.9M	$6.1M	100x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,655.2	−0.169%	$9.35B	$23.90B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,652.3	−0.172%	$5.05B	$5.63B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,660	−0.163%	$170.0M	$992.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,663.2	−0.159%	$23.9M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,679	−0.141%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,675.9	−0.145%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,647	−0.178%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,739	−0.071%	$3.74B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675.3	−0.145%	$40.1M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,661.5	−0.161%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,668.3	−0.153%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,657	−0.167%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,640.5	−0.186%	$7.1M	$97.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,660	−0.163%	$5.55B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,645.7	−0.180%	$35.0M	$173.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,767.3	−0.038%	$156.3M	$548.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,703.1	−0.113%	$279.9M	$919.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,747.2	−0.062%	$215.3M	$166.6M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,800	long leg	$140.4M	$316.0M	100x
StandX BTC-USD	+0.0100%	1h	85,679.9	−0.140%	$30.3M	$209.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,707.5	−0.108%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,664	−0.159%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,661	−0.162%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,649.3	−0.176%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.9	−0.171%	$30.0M	$51.0M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,655	−0.169%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.216%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,631.9	−0.196%	$44.1M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,643.5	−0.182%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,696.8	−0.120%	$130.3M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,704.5	−0.111%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,678.5	−0.142%	$188.7M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,689.7	−0.129%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,666.5	−0.156%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,663.6	−0.159%	$701K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,683	−0.136%	$10.4M	$757.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,694.9	−0.122%	$515K	$19.3M	6.7x	as long as short