Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.013%

Price spread now: SunX against Aftermath Perps−0.100%7-day average −0.033% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$280.285% of the position

Long on Aftermath Perps Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.100%, 7d avg −0.033%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.067% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.100% now, against its 7-day average of −0.033%). If the spread goes back, that is −$7 on $10k: about 3.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,413.8	0.0042	pay 0.0005% / 1h	11m 13s	$81K	$218K	20x
Short	SunX BTC-USDT	86,327.5	0.0100	get 0.0100% / 8h	1h 11m	$3.4M	$5.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Aftermath Perps. 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 Aftermath PerpsbpFee SunXbpOrdersPrice spread, now −0.100%Rate

Funding earned: $12.11
Price spread: −0.100% → −0.033%: −$6.73
Slippage, 4 orders: −$11.5
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$23.11
Costs to cover: 0.285%
Break-even: 20.4 days

Slippage from Aftermath Perps: live order book, 8 min ago; SunX: live order book, 7 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 Aftermath Perps live order book, 8 min ago	1.00 bp	8.8 bp −$9	10.4 bp −$104	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	0.60 bp	5.1 bp −$5	7.3 bp −$73	9.2 bp −$920	11.6 bp −$5,803

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
Bluefin BTC-PERP	−0.0631%	1h	86,336.6	−0.089%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,356	−0.067%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,328	−0.099%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,332.1	−0.095%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	86,316.2	−0.113%	$503.0M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,314.7	−0.115%	$851.0M	$712.1M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,341.6	−0.084%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	86,353.5	−0.070%	$16.9M	$21.1M	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,333.3	−0.093%	$8.4M	$42.8M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,314	−0.116%	$6.7M	$145.0M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.062%	$332K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0027%	1h	86,357	−0.066%	$917.7M	$1.49B	50x	as long as short
BingX BTC-USDC	+0.0036%	8h	86,303.4	−0.128%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,323.2	−0.105%	$150.0M	$476.7M	150x	as long as short
Aftermath Perps BTCUSDlong	+0.0042%	1h	86,413.8	long leg	$81K	$218K	20x
Bitget BTCUSDT	+0.0046%	8h	86,317.6	−0.111%	$2.94B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0063%	8h	86,321.8	−0.106%	$5.13B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,320.9	−0.108%	$9.41B	$24.44B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,315.2	−0.114%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,322	−0.106%	$5.84B	$10.75B	200x	as long as short
Bybit BTCUSDT	+0.0093%	8h	86,322.5	−0.106%	$5.25B	$9.78B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,329.8	−0.097%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,341.8	−0.083%	$24.1M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,326	−0.102%	$8.4M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,309	−0.121%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,370.3	−0.050%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,338	−0.088%	$21.6M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,391.1	−0.026%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,367.9	−0.053%	$40.7M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,325.7	−0.102%	$2.53B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,342	−0.083%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,384.7	−0.034%	$7.8M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.098%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,317.1	−0.112%	$37.8M	$154.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,394.8	−0.022%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,350.3	−0.073%	$279.1M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,358.3	−0.064%	$217.0M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,353.6	−0.070%	$141.2M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,380	−0.039%	$30.7M	$203.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,372.2	−0.048%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,332	−0.095%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,320.9	−0.108%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,322.2	−0.106%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,338	−0.088%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,327.5	−0.100%	$3.4M	$5.4M	100x
SoDEX BTC-USD	+0.0100%	1h	86,322	−0.106%	$60.3M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,317.6	−0.111%	$2.29B	$968.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,303.3	−0.128%	$45.6M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,337.6	−0.088%	—	$98.8M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,344.1	−0.081%	$421K	$23.6M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,362.4	−0.059%	$131.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	86,390.4	−0.027%	$719K	$8.1M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,344.5	−0.080%	$191.1M	$944.8M	100x	as long as short
BloFin BTC-USDT	+0.0184%	8h	86,337.9	−0.088%	$414.2M	$653.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0187% / S −0.0213%	1h	86,331.3	−0.095%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,352	−0.072%	$9.8M	$734.8M	6.4x	as long as short