Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.004%

Price spread now: ApeX Omni against Gate+0.039%81s7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$260.259% of the position

Long on Gate Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.039%, 7d avg +0.010%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.028% dearer against Gate than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of +0.010%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours. Mind the row above: over the last 7 days funding on this pair paid +0.070%, so the current rate has only just turned against you. The two prices were read 81 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	Gate BTC_USDT	85,148.3	0.0100	pay 0.0100% / 8h	22m 14s	$5.47B	$11.12B	200x
Short	ApeX Omni BTCUSDT	85,181.3	0.0050	get 0.0006% / 1h	22m 14s	$139.5M	$312.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Gate. 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 GatebpFee ApeX OmnibpOrdersPrice spread, now +0.039%Rate

Funding earned: −$10.53
Price spread: +0.039% → +0.010%: $2.84
Slippage, 4 orders: −$0.86
Fee Gate: 7.5 bp × 2 orders: −$15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$33.55
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; ApeX Omni: live order book, 2 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 Gate live order book, 2 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.6 bp −$758	10.4 bp −$5,179
Sell ApeX Omni live order book, 2 min ago	0.42 bp	5.4 bp −$5	5.4 bp −$54	8.5 bp −$852	36.7 bp −$18.3K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,198	+0.058%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,216	+0.080%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,168.7	+0.024%	$421.6M	$685.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,138.9	−0.011%	$926.8M	$777.7M	125x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,137.2	−0.013%	$508.7M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,176.7	+0.033%	$342K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,162	+0.016%	$36.4M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,179.3	+0.036%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,158.1	+0.011%	$185.5M	$955.3M	100x	as long as short
ApeX Omni BTCUSDTshort	+0.0050%	1h	85,181.3	+0.039%	$139.5M	$312.5M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,145.7	−0.003%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,248	+0.117%	$302K	$25.3M	52x	as long as short
Bybit BTCUSDT	+0.0080%	8h	85,141.3	−0.008%	$5.11B	$10.03B	150x	as long as short
Nado BTC-PERP	+0.0085%	1h	85,174.1	+0.030%	$24.0M	$220.8M	50x	as long as short
Bitget BTCUSDT	+0.0095%	8h	85,142.2	−0.007%	$2.96B	$5.21B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,155.9	+0.009%	$168.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,155.1	+0.008%	$23.5M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,170	+0.025%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,145.9	−0.003%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,151.6	+0.004%	$5.01B	$5.76B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,147	−0.002%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,221.4	+0.086%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,223	+0.088%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,204.1	+0.066%	$40.3M	$606.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,145.4	−0.003%	$9.37B	$25.14B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,148.1	0.000%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,169	+0.024%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,186.6	+0.045%	$4.7M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.4	+0.172%	$693.5M	$241.4M	40x	as long as short
Gate BTC_USDTlong	+0.0100%	8h	85,148.3	long leg	$5.47B	$11.12B	200x
Backpack BTC_USDC_PERP	+0.0100%	1h	85,135.4	−0.015%	$36.9M	$188.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,162.5	+0.017%	$155.8M	$550.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,170.3	+0.026%	$282.5M	$956.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,184	+0.042%	$213.9M	$159.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,154.9	+0.008%	$30.0M	$211.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,230.2	+0.096%	—	$10.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,167	+0.022%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,160	+0.014%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,154.2	+0.007%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,181.3	+0.039%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,139.1	−0.011%	$29.5M	$45.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,176.7	+0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,150	+0.002%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,145.9	−0.003%	$2.25B	$972.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,150.1	+0.002%	$158.7M	$516.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,127.5	−0.024%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,163.1	+0.017%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,185.5	+0.044%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0141%	1h	85,146.7	−0.002%	$6.6M	$143.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,190.7	+0.050%	$840.5M	$1.67B	50x	as long as short
Kalshi KXBTCPERP	+0.0170%	8h	85,198	+0.058%	$12.1M	$737.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,191	+0.050%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0147%	1h	85,158.1	+0.011%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,192.1	+0.051%	$679K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0289%	1h	85,216.5	+0.080%	$81K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,195.5	+0.055%	$456K	$18.4M	6.7x	as long as short