Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Phemex against ApeX Omni−0.051%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now −0.051%, 7d avg −0.007%

Together, before fees−0.202%−$20 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: Phemex is 0.044% cheaper against ApeX Omni than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,478.7	0.0100	pay 0.0013% / 1h	42m 36s	$136.6M	$312.4M	100x
Short	Phemex BTCUSDT	85,434.9	0.0100	get 0.0100% / 8h	7h 42m	$161.0M	$517.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → −0.007%: −$4.41
Slippage, 4 orders: −$0.11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.52
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 2 min ago; Phemex: 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	0.05 bp	5.0 bp −$5	5.0 bp −$50	9.7 bp −$965	40.5 bp −$20.2K
Sell Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.2 bp −$725	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	−0.1248%	1h	84,574.6	−1.058%	$192K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	−0.001%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,414.1	−0.076%	$422.3M	$681.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,428	−0.059%	$307K	$24.1M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,508.7	+0.035%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,428.6	−0.059%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,450.1	−0.033%	$931.9M	$776.1M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,489.9	+0.013%	$502.6M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0055%	1h	85,468.3	−0.012%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,446.1	−0.038%	$186.2M	$947.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,525	+0.054%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,486.4	+0.009%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,482.2	+0.004%	$170.3M	$942.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,486.1	+0.009%	$23.6M	$133.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,500	+0.025%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,412.4	−0.078%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,472	−0.008%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,517.6	+0.045%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,495.6	+0.020%	$24.1M	$217.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,498.2	+0.023%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,498	+0.023%	$9.42B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,500	+0.025%	$5.09B	$10.00B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500.8	+0.026%	$2.61B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,483	+0.005%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,500.4	+0.025%	$4.7M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.030%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,496.9	+0.021%	$5.51B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,469.9	−0.010%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,482.5	+0.004%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,442	−0.043%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	−0.015%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	−0.010%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,488.7	+0.012%	$214.6M	$154.7M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	85,478.7	long leg	$136.6M	$312.4M	100x
StandX BTC-USD	+0.0100%	1h	85,411.6	−0.078%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,497.7	+0.022%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.291%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,433	−0.053%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,424.7	−0.063%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,414.8	−0.075%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,424	−0.064%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,414.4	−0.075%	$2.26B	$974.5M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,434.9	−0.051%	$161.0M	$517.6M	150x
Extended BTC-USD	+0.0104%	1h	85,464.9	−0.016%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,440.5	−0.045%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,468.3	−0.012%	$111.8M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,468.7	−0.012%	$831.8M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,419.1	−0.070%	$6.6M	$138.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,421	−0.067%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0177%	1h	85,538.4	+0.070%	$3.82B	$5.19B	40x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,452	−0.031%	$10.6M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,516	+0.044%	$8.9M	$42.6M	25x	as long as short
Derive BTC-PERP	+0.0222%	1h	85,494.8	+0.019%	$28.9M	$49.1M	15x	as long as short
Aftermath Perps BTCUSD	+0.0294%	1h	85,459.6	−0.022%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,475.8	−0.003%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,428.6	−0.059%	$468K	$18.3M	6.7x	as long as short