Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.012%

Price spread now: SunX against ApeX Omni−0.056%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on ApeX Omni Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.056%, 7d avg −0.018%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.038% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.018%). If the spread goes back, that is −$4 on $10k: about 3.5 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BTCUSDT	85,295.8	0.0064	pay 0.0008% / 1h	46m 49s	$139.4M	$314.6M	100x
Short	SunX BTC-USDT	85,248.3	0.0100	get 0.0100% / 8h	1h 46m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.056%Rate

Funding earned: $7.58
Price spread: −0.056% → −0.018%: −$3.75
Slippage, 4 orders: −$3.33
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$17.5
Costs to cover: 0.213%
Break-even: 23.2 days

Slippage from ApeX Omni: live order book, 2 min ago; SunX: live order book, 12 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	1.07 bp	6.1 bp −$6	6.1 bp −$61	11.7 bp −$1,165	39.3 bp −$19.6K
Sell SunX live order book, 12 min ago	0.16 bp	4.2 bp −$4	5.1 bp −$51	7.3 bp −$733	10.6 bp −$5,280

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	−0.0082%	1h	85,370	+0.087%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,282	−0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,243.8	−0.061%	$926.3M	$772.4M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,251.2	−0.052%	$421.3M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,250.4	−0.053%	$512.4M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,295.6	0.000%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,279.2	−0.019%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,274.8	−0.025%	$524K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,270.8	−0.029%	$36.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0040%	1h	85,297.5	+0.002%	$864.2M	$1.63B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0043%	1h	85,282.1	−0.016%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.128%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDTlong	+0.0064%	1h	85,295.8	long leg	$139.4M	$314.6M	100x
BingX BTC-USDC	+0.0070%	8h	85,229.1	−0.078%	—	$17.4M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,246	−0.058%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,270.3	−0.030%	$186.7M	$956.3M	100x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,249.2	−0.055%	$9.42B	$24.99B	150x	as long as short
Phemex BTCUSDT	+0.0095%	8h	85,267.5	−0.033%	$150.1M	$508.7M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,250.1	−0.054%	$5.01B	$5.74B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,267.5	−0.033%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,267.3	−0.033%	$23.6M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,269	−0.031%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,250.8	−0.053%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,242	−0.063%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,330	+0.040%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,328	+0.038%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,304.7	+0.010%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,245.4	−0.059%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,251.8	−0.052%	$2.60B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,267	−0.034%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,271.1	−0.029%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,257	−0.045%	$5.49B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,245.4	−0.059%	$36.7M	$178.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	+0.005%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,293.8	−0.002%	$279.5M	$952.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,305.3	+0.011%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,333.2	+0.044%	$30.1M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,331.4	+0.042%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,264	−0.037%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	−0.043%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,262.1	−0.040%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,289.5	−0.007%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,236.1	−0.070%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,248.3	−0.056%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,259	−0.043%	$59.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,251.7	−0.052%	$2.25B	$968.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.001%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,221.4	−0.087%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,274.7	−0.025%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,297.4	+0.002%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0124%	1h	85,253.1	−0.050%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,269.4	−0.031%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,298.4	+0.003%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,295	−0.001%	$11.5M	$742.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.037%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,336.1	+0.047%	$79K	$229K	20x	as long as short