Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.008%

Price spread now: SunX against Aevo−0.075%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Aevo Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 3 days (all we have)+0.065%+$7 · spread now −0.075%, 7d avg +0.007%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.082% cheaper against Aevo than usual: you would sell low and buy high (spread −0.075% now, against its 7-day average of +0.007%). If the spread goes back, that is −$8 on $10k: about 23 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	85,768.4	0.0088	pay 0.0011% / 1h	28m 23s	$2.5M	$1.8M	20x
Short	SunX BTC-USDT	85,703.8	0.0100	get 0.0100% / 8h	6h 28m	$2.9M	$6.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Aevo. 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 AevobpFee SunXbpOrdersPrice spread, now −0.075%Rate

Funding earned: $2.52
Price spread: −0.075% → +0.007%: −$8.23
Slippage, 4 orders: −$5.16
Fee Aevo: 8 bp × 2 orders: −$16
Fee SunX: 4 bp × 2 orders: −$8
Net: −$34.87
Costs to cover: 0.292%
Break-even: 103.9 days

Slippage from Aevo: live order book, 1 min ago; SunX: live order book, 11 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 Aevo live order book, 1 min ago	0.38 bp	9.8 bp −$10	11.4 bp −$114	15.1 bp −$1,508	doesn't fit
Sell SunX live order book, 11 min ago	0.56 bp	4.6 bp −$5	5.0 bp −$50	6.5 bp −$649	8.9 bp −$4,435

BTC on 55 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	−0.0144%	1h	85,735	−0.039%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,696	−0.084%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,717.7	−0.059%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,749.3	−0.022%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,708.5	−0.070%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,769.7	+0.001%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.090%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,719.7	−0.057%	$903.6M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,750	−0.022%	$509.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,747.1	−0.025%	$8.2M	$42.5M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,758.5	−0.012%	—	$1.57B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.131%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	−0.036%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	−0.130%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	−0.087%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,765.8	−0.003%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,732.2	−0.042%	$5.08B	$5.72B	500x	as long as short
Aevo BTC-PERPlong	+0.0088%	1h	85,768.4	long leg	$2.5M	$1.8M	20x
Binance BTCUSDT	+0.0089%	8h	85,759.9	−0.010%	$9.34B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.5	−0.076%	$170.1M	$988.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,712.5	−0.065%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,721	−0.055%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,696	−0.084%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,713	−0.065%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,789	+0.024%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,749.6	−0.022%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,775	+0.008%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,782.6	+0.017%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,710	−0.068%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,708.4	−0.070%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,764.9	−0.004%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,663	−0.123%	$35.3M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.149%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.159%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.220%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	−0.043%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	+0.006%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	−0.040%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,747	−0.025%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,763.8	−0.005%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	+0.049%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	0.000%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,703.8	−0.075%	$2.9M	$6.6M	100x
SoDEX BTC-USD	+0.0100%	1h	85,766	−0.003%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	−0.114%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.211%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,753.4	−0.017%	$44.0M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,725.6	−0.050%	—	$101.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	−0.074%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,727.4	−0.048%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	+0.022%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,690.8	−0.091%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	+0.053%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	−0.017%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	−0.032%	$10.0M	$770.4M	6.4x	as long as short