Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: ApeX Omni against Backpack+0.100%84s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as 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−$220.215% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 7 days+0.202%+$20 · spread now +0.100%, 7d avg +0.004%

Together, before fees+0.349%+$35 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: ApeX Omni is 0.096% dearer against Backpack than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.004%. The two prices were read 84 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	Backpack BTC_USDC_PERP	85,359.6	0.0100	pay 0.0013% / 1h	53m 52s	$36.5M	$175.8M	75x
Short	ApeX Omni BTCUSDT	85,445.3	0.0100	get 0.0013% / 1h	53m 52s	$139.7M	$315.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now +0.100%Rate

Funding earned: $0
Price spread: +0.100% → +0.004%: $9.59
Slippage, 4 orders: −$1.53
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$11.94
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; ApeX Omni: live order book, just now.

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 Backpack live order book, just now	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$615	96.7 bp −$48.4K
Sell ApeX Omni live order book, just now	0.76 bp	5.8 bp −$6	5.8 bp −$58	8.6 bp −$861	40.3 bp −$20.2K

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	−0.0140%	1h	85,413	+0.063%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,397	+0.044%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,372.4	+0.015%	$920.6M	$760.5M	125x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,394	+0.040%	$422.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,364.4	+0.006%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,388.1	+0.033%	$513.8M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	+0.058%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,404.3	+0.052%	$536K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,377	+0.020%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.105%	$339K	$26.8M	52x	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	+0.0031%	1h	85,365.1	+0.006%	$24.3M	$223.3M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,401.2	+0.049%	$187.4M	$955.6M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,399.2	+0.046%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0065%	1h	85,356	−0.004%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,377.9	+0.021%	$149.2M	$499.6M	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	85,375	+0.018%	$59.8M	$335.9M	40x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,408.4	+0.057%	$2.95B	$5.14B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,354.5	−0.006%	$2.3M	$6.5M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,397.4	+0.044%	$5.07B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,397.4	+0.044%	$9.44B	$24.68B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,382.7	+0.027%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,388.1	+0.033%	$23.8M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,359	−0.001%	$8.4M	$55.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,415	+0.065%	$117.3M	$5.29B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,417.6	+0.068%	$872.1M	$1.60B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,331	−0.034%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,412.4	+0.062%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,479	+0.140%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,399.2	+0.046%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,397.8	+0.045%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,403.7	+0.052%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,356	−0.004%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,367	+0.009%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,399.1	+0.046%	$5.54B	$10.77B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,359.6	long leg	$36.5M	$175.8M	75x
Variational Omni BTC	+0.0100%	8h	85,385.5	+0.030%	$154.2M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384	+0.029%	$279.2M	$936.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,462	+0.120%	$214.7M	$168.9M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	85,445.3	+0.100%	$139.7M	$315.9M	100x
StandX BTC-USD	+0.0100%	1h	85,389	+0.034%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,433.7	+0.087%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,366	+0.007%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,358.9	−0.001%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,409.7	+0.059%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,344.3	−0.018%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,351.6	−0.009%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,354.5	−0.006%	$2.26B	$950.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	+0.052%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,366.1	+0.008%	$45.8M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,384	+0.029%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,352.9	−0.008%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	85,397	+0.044%	$11.4M	$750.6M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,374.5	+0.017%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,402.7	+0.050%	$694K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0250%	1h	85,423.4	+0.075%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,390.1	+0.036%	$8.8M	$43.1M	25x	as long as short