Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.163%

Price spread now: ApeX Omni against Bluefin+0.087%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Bluefin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now +0.087%, 7d avg +0.029%

Together, before fees+0.203%+$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: ApeX Omni is 0.059% dearer against Bluefin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,886.2	0.0100	pay 0.0013% / 1h	1m 09s	$169K	$692K	40x
Short	ApeX Omni BTCUSDT	85,961.3	0.0100	get 0.0013% / 1h	1m 09s	$140.7M	$320.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bluefin. 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 BluefinbpFee ApeX OmnibpOrdersPrice spread, now +0.087%Rate

Funding earned: $0
Price spread: +0.087% → +0.029%: $5.86
Slippage, 4 orders: −$9.28
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$20.42
Costs to cover: 0.263%
Break-even: never at this rate

Slippage from Bluefin: live order book, 8 min ago; ApeX Omni: live order book, 3 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 Bluefin live order book, 8 min ago	1.17 bp	7.7 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 3 min ago	0.71 bp	5.7 bp −$6	5.7 bp −$57	8.7 bp −$867	39.5 bp −$19.8K

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	−0.0129%	1h	85,869	−0.020%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,906	+0.023%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,880.4	−0.007%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,918.5	+0.038%	$523K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,877.7	−0.010%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,906.5	+0.024%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.313%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,848.3	−0.044%	$497.8M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,850.5	−0.042%	$822.2M	$718.7M	125x	as long as short
HTX BTC-USDT	+0.0047%	8h	85,834.5	−0.060%	$2.28B	$962.5M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,862	−0.028%	$6.7M	$145.9M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,890	+0.004%	$8.1M	$42.5M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,841.7	−0.052%	—	$1.58B	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,850	−0.042%	$60.1M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0065%	8h	85,836.4	−0.058%	$2.94B	$5.09B	150x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,849.6	−0.043%	$5.71B	$10.74B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,841	−0.053%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,846.5	−0.046%	$5.08B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0081%	8h	85,861.5	−0.029%	$9.34B	$24.40B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,861.3	−0.029%	$169.6M	$999.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,870.3	−0.019%	$23.4M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,884	−0.003%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,862	−0.028%	$200K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,932.5	+0.054%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900	+0.016%	$22.0M	$226.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,905	+0.022%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,944.2	+0.068%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,868.2	−0.021%	$5.23B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,856.3	−0.035%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,894	+0.009%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,893.1	+0.008%	$7.0M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,829.3	−0.066%	$35.2M	$162.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,848.7	−0.044%	$155.7M	$555.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,951.8	+0.076%	$277.5M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.225%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	85,961.3	+0.087%	$140.7M	$320.6M	100x
StandX BTC-USD	+0.0100%	1h	85,886.8	+0.001%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,941.5	+0.064%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,875	−0.013%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,873	−0.015%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,854.8	−0.037%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,886.2	long leg	$169K	$692K	40x
Derive BTC-PERP	+0.0100%	1h	85,864.4	−0.025%	$30.0M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,827.5	−0.068%	$3.2M	$5.6M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,856.2	−0.035%	$154.8M	$474.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.297%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,830.5	−0.065%	$45.4M	$224.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,912.5	+0.031%	—	$100.4M	500x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,911.3	+0.029%	$720K	$8.0M	30x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,887.9	+0.002%	$131.4M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	85,876.1	−0.012%	$187.1M	$960.3M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0132%	1h	85,893	+0.008%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,070.9	+0.215%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0201%	8h	85,835.6	−0.059%	$414.7M	$642.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,919	+0.038%	$10.3M	$766.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0203%	1h	85,878.5	−0.009%	$13.7M	—	200x	as long as short