Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.013%

Price spread now: Polymarket Perps against ApeX Omni+0.040%63s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as 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−$190.186% of the position

Long on ApeX Omni Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 7 days−0.029%−$3 · spread now +0.040%, 7d avg −0.019%

Together, before fees+0.009%+$1 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: Polymarket Perps is 0.058% dearer against ApeX Omni than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 63 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	86,565.5	0.0100	pay 0.0013% / 1h	59m 52s	$141.5M	$323.0M	100x
Short	Polymarket Perps BTC-USD	86,600	0.0100	get 0.0013% / 1h	59m 52s	$11.1M	$13.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.040%Rate

Funding earned: $0
Price spread: +0.040% → −0.019%: $5.84
Slippage, 4 orders: −$0.6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$12.76
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 4 min ago; Polymarket Perps: live order book, 4 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, 4 min ago	0.05 bp	5.1 bp −$5	5.1 bp −$51	7.2 bp −$720	37.7 bp −$18.9K
Sell Polymarket Perps live order book, 4 min ago	0.06 bp	4.1 bp −$4	5.1 bp −$51	7.5 bp −$750	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
Aftermath Perps BTCUSD	−0.0248%	1h	86,615.5	+0.058%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,606.5	+0.047%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	−0.005%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,582	+0.019%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.030%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,543.3	−0.026%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,612.9	+0.055%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,599.6	+0.039%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,611.2	+0.053%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,539.2	−0.030%	$849.7M	$709.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,580.9	+0.018%	$6.7M	$144.6M	40x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,546.1	−0.022%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,569.9	+0.005%	$149.6M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,540.2	−0.029%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,614	+0.056%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,586.4	+0.024%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,547	−0.021%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,546.7	−0.022%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,601.3	+0.041%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,549.2	−0.019%	$5.85B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,553.4	−0.014%	$5.28B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,554.6	−0.013%	$172.0M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,572.9	+0.009%	$24.1M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,588	+0.026%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0099%	8h	86,551.2	−0.016%	$2.55B	$12.73B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	+0.014%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,639.8	+0.086%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,585.1	+0.023%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,620	+0.063%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.8	+0.066%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,595	+0.034%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662.8	+0.112%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.029%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.3	+0.001%	$38.2M	$151.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	+0.035%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,553.8	−0.014%	$279.5M	$942.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.004%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDTlong	+0.0100%	1h	86,565.5	long leg	$141.5M	$323.0M	100x
StandX BTC-USD	+0.0100%	1h	86,588.3	+0.026%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,642.1	+0.089%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,600	+0.040%	$11.1M	$13.8M	50x
Bullet BTC-USD	+0.0100%	1h	86,591	+0.030%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,598.5	+0.038%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,613	+0.055%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.9	+0.027%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,588.1	+0.026%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	−0.001%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	+0.021%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,533.7	−0.037%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,623.4	+0.067%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,590.1	+0.029%	$187.0M	$934.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,619.6	+0.063%	$131.9M	$5.82B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,622.8	+0.066%	$774K	$8.1M	30x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	86,622	+0.065%	$9.6M	$727.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,596.9	+0.036%	$416.9M	$655.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,607.1	+0.048%	$15.0M	—	200x	as long as short