Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC+0.0347%/8h= +37.9% APRpaid last 24h −0.038%

Price spread now: Perpl against ApeX Omni+0.086%65s7-day average +0.007% · you sell dearer than you buy

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

Long on ApeX Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$29 on $10k

Price spread, last 7 days+0.045%+$4 · spread now +0.086%, 7d avg +0.007%

Together, before fees+0.339%+ Points / potential airdropPerpl: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Perpl is 0.079% dearer against ApeX Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.007%. The two prices were read 65 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	85,774.1	0.0100	pay 0.0013% / 1h	10m 06s	$140.3M	$314.6M	100x
Short	Perpl BTC	85,848.1	0.0447	get 0.0040% / 43m	41m 06s	$503K	$19.3M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.086%Rate

Funding earned: $72.77
Price spread: +0.086% → +0.007%: $7.91
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $56.88
Costs to cover: 0.238%
Break-even: 1.5 days

Slippage unknown: ApeX Omni: live order book, 4 min ago; Perpl: 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, 4 min ago	0.69 bp	5.7 bp −$6	5.7 bp −$57	7.7 bp −$772	38.0 bp −$19.0K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

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	−0.0589%	1h	85,861.4	+0.102%	$197K	$721K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,728	−0.054%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,856	+0.095%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,840.2	+0.077%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,822.6	+0.057%	$418.0M	$666.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,840.8	+0.078%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,817.8	+0.051%	$920.3M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,832.4	+0.068%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0012%	1h	85,842.5	+0.080%	$22.7M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0020%	8h	85,811.7	+0.044%	$516.9M	$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-USDC	+0.0057%	8h	85,810.4	+0.042%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,830.6	+0.066%	$2.96B	$5.01B	150x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,835.7	+0.072%	$149.3M	$479.8M	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,817.5	+0.051%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.038%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,821.8	+0.056%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,828.3	+0.063%	$5.08B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,828.1	+0.063%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0093%	8h	85,833.6	+0.069%	$2.27B	$936.0M	200x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,830	+0.065%	$60.1M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,842.2	+0.079%	$174.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,846	+0.084%	$24.0M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,842	+0.079%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,882.4	+0.126%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,814	+0.047%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,909	+0.157%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,872.8	+0.115%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,835.3	+0.071%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,835.4	+0.071%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,827	+0.062%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,817.6	+0.051%	$6.8M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.031%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,834	+0.070%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,820.6	+0.054%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	+0.004%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,749.7	−0.028%	$280.1M	$916.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,776.3	+0.003%	$215.4M	$165.9M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,774.1	long leg	$140.3M	$314.6M	100x
StandX BTC-USD	+0.0100%	1h	85,793.6	+0.023%	$30.3M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,874.5	+0.117%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,832	+0.068%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,830.5	+0.066%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,815.5	+0.048%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,819.1	+0.053%	$30.1M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,819.1	+0.052%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,802.9	+0.034%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,853.5	+0.093%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,868	+0.109%	$125.9M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,869.5	+0.111%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,865.1	+0.106%	$189.5M	$952.9M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0172%	1h	85,879.4	+0.123%	$891.4M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,840.9	+0.078%	$704K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,831.6	+0.067%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,809.3	+0.041%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,866	+0.107%	$10.7M	$758.3M	6.4x	as long as short
Perpl BTCshort	+0.0447%	43m	85,848.1	+0.086%	$503K	$19.3M	6.7x