Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0203%/8h= −22.3% APRpaid last 24h −0.013%

Price spread now: ApeX Omni against Paradex+0.011%50s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.162% of the position

Long on Paradex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.021%−$2 on $10k

Price spread, last 7 days−0.056%−$6 · spread now +0.011%, 7d avg −0.004%

Together, before fees−0.077%+ Points / potential airdropParadex: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.021% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,089.2	0.0100	pay 0.0100% / 8h	5h 48m	$6.0M	$7.6M	50x
Short	ApeX Omni BTCUSDT	86,098.5	−0.0103	pay 0.0013% / 1h	48m 39s	$137.8M	$295.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Paradex. 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 ParadexbpFee ApeX OmnibpOrdersPrice spread, now +0.011%Rate

Funding earned: −$42.7
Price spread: +0.011% → −0.004%: $1.44
Slippage, 4 orders: −$2.16
Fee Paradex: 2 bp × 2 orders: −$4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$57.42
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Paradex: live order book, 4 min ago; ApeX Omni: live order book, 4 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 Paradex live order book, 4 min ago	1.07 bp	3.1 bp −$3	3.1 bp −$31	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$624	35.4 bp −$17.7K

BTC on 55 exchanges

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	−0.0133%	1h	86,126	+0.043%	$2.1M	$7.8M	40x	as long as short
ApeX Omni BTCUSDTshort	−0.0103%	1h	86,098.5	+0.011%	$137.8M	$295.3M	100x
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.125%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,061.4	−0.032%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,047.9	−0.048%	$422.6M	$563.8M	150x	as long as short
SoDEX BTC-USD	−0.0009%	1h	86,048	−0.048%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,061.8	−0.032%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,079.4	−0.011%	$480K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.026%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,114	+0.029%	$301K	$26.2M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,029	−0.070%	$512.8M	$874.0M	200x	as long as short
BingX BTC-USDT	+0.0028%	8h	86,042.3	−0.055%	—	$1.33B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,068	−0.025%	$191.6M	$768.2M	100x	as long as short
Bybit BTCUSDT	+0.0039%	8h	86,043.2	−0.053%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,038.6	−0.059%	$942.8M	$633.3M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,042.9	−0.054%	$5.51B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,058	−0.036%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,056.5	−0.038%	$170.6M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0093%	8h	86,040.8	−0.056%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0095%	8h	86,050.5	−0.045%	$2.27B	$803.9M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,051.7	−0.044%	$173.7M	$854.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,055.5	−0.039%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,028.9	−0.070%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,036.5	−0.061%	$5.16B	$4.83B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	86,036.4	−0.061%	$9.45B	$20.51B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,043	−0.054%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,089.2	long leg	$6.0M	$7.6M	50x
Nado BTC-PERP	+0.0100%	1h	86,060.3	−0.034%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,077.5	−0.014%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,051.7	−0.044%	$2.62B	$9.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,027	−0.072%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,071.7	−0.020%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.093%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,040.3	−0.057%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.021%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	−0.036%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	+0.009%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,080.1	−0.011%	$30.3M	$223.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,125.5	+0.042%	—	$9.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,065	−0.028%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,048.1	−0.048%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,038.7	−0.059%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,087.2	−0.002%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,065.6	−0.027%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,012.4	−0.089%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.9	+0.017%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,104	+0.017%	$112.1M	$4.97B	50x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,132	+0.050%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,087	−0.003%	$12.0M	$733.5M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.014%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,058.6	−0.036%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	+0.014%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0229%	1h	86,106.1	+0.020%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,123	+0.039%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0443%	1h	86,126.9	+0.044%	$79K	$245K	20x	as long as short