Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: ApeX Omni against Derive−0.030%7-day average +0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.030%, 7d avg +0.013%

Together, before fees+0.115%+$12 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 0.043% cheaper against Derive than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,401.3	0.0100	pay 0.0013% / 1h	22m 57s	$30.5M	$62.6M	15x
Short	ApeX Omni BTCUSDT	86,375.3	0.0100	get 0.0013% / 1h	22m 57s	$141.3M	$323.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Derive. 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 DerivebpFee ApeX OmnibpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → +0.013%: −$4.34
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$20.34
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; ApeX Omni: live order book, 1 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 1 min ago	0.60 bp	5.6 bp −$6	5.6 bp −$56	8.7 bp −$867	38.1 bp −$19.0K

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,430	+0.033%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,330	−0.083%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.065%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,347.8	−0.062%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,344.4	−0.066%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,367.7	−0.039%	$501.1M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,361.4	−0.046%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.4	−0.029%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,364.6	−0.042%	$849.5M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,350.5	−0.059%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,356	−0.052%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,364.4	−0.043%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,375.2	−0.030%	$150.3M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,355.1	−0.054%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,365.2	−0.042%	$9.42B	$24.59B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,364.8	−0.042%	$5.16B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,358.4	−0.050%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	86,409.2	+0.009%	$914.2M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,365.4	−0.042%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,365	−0.042%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,379.1	−0.026%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,387.2	−0.016%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,332	−0.080%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,374.7	−0.031%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,320	−0.094%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,378.8	−0.026%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,348.3	−0.061%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,445	+0.051%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,386.5	−0.017%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,386.7	−0.017%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,346	−0.064%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,380.4	−0.024%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.6	−0.041%	$37.9M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.005%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	−0.031%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.019%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDTshort	+0.0100%	1h	86,375.3	−0.030%	$141.3M	$323.0M	100x
StandX BTC-USD	+0.0100%	1h	86,402.1	+0.001%	$30.6M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,390.7	−0.012%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,351	−0.058%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359	−0.049%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,361	−0.047%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,396.7	−0.005%	$140K	$664K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,401.3	long leg	$30.5M	$62.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,321.1	−0.093%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,352.6	−0.056%	$2.29B	$969.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.074%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,349.6	−0.060%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,355.4	−0.053%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,399.5	−0.002%	$191.7M	$955.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,417	+0.018%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	86,442.9	+0.048%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	−0.017%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	−0.042%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,368.4	−0.038%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,377	−0.028%	$9.7M	$749.3M	6.4x	as long as short