Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0342%/8h= +37.4% APRpaid last 24h +0.126%

Price spread now: SunX against Bluefin−0.064%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on Bluefin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.381%+$38 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.064%, 7d avg +0.005%

Together, before fees+0.421%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.069% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of +0.005%). If the spread goes back, that is −$7 on $10k: about 16 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,308.1	−0.0242	get 0.0030% / 1h	3m 46s	$196K	$673K	40x
Short	SunX BTC-USDT	86,252.9	0.0100	get 0.0100% / 8h	7h 03m	$3.2M	$7.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bluefin. 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 BluefinbpFee SunXbpOrdersPrice spread, now −0.064%Rate

Funding earned: $71.79
Price spread: −0.064% → +0.005%: −$6.88
Slippage, 4 orders: −$8.32
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $41.59
Costs to cover: 0.233%
Break-even: 2.9 days

Slippage from Bluefin: live order book, 30 min ago; SunX: live order book, 5 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 Bluefin live order book, 30 min ago	1.51 bp	6.7 bp −$7	12.7 bp −$127	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	0.18 bp	4.2 bp −$4	5.6 bp −$56	8.4 bp −$840	11.6 bp −$5,777

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
Bluefin BTC-PERPlong	−0.0242%	1h	86,308.1	long leg	$196K	$673K	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,228	−0.093%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,242.6	−0.076%	$423.5M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,264.9	−0.050%	$361K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,315	+0.008%	$302K	$28.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,268	−0.046%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	86,252.5	−0.064%	$939.2M	$667.7M	125x	as long as short
dYdX BTC-USD	+0.0035%	1h	86,243	−0.075%	$16.9M	$17.8M	50x	as long as short
Aster BTCUSDT	+0.0049%	8h	86,252.3	−0.065%	$504.8M	$975.4M	200x	as long as short
Bybit BTCUSDT	+0.0057%	8h	86,242.6	−0.076%	$5.12B	$9.04B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0057%	8h	86,256	−0.060%	$168.1M	$499.2M	150x	as long as short
BingX BTC-USDC	+0.0058%	8h	86,232.7	−0.087%	—	$16.8M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,276.9	−0.036%	$189.6M	$867.5M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,283	−0.029%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,271.5	−0.042%	$173.4M	$968.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,275.1	−0.038%	$23.4M	$137.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,266	−0.049%	$8.8M	$52.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,251.6	−0.065%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,243	−0.075%	$223K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,288.9	−0.022%	$6.1M	$8.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,266.9	−0.048%	$22.0M	$210.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,275	−0.038%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,251.3	−0.066%	$9.48B	$23.06B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,234.6	−0.085%	$2.62B	$10.79B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,241	−0.078%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,298.5	−0.011%	$4.6M	$93.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.152%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,252.3	−0.065%	$5.48B	$10.31B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,250.6	−0.067%	$5.08B	$5.91B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,241.8	−0.077%	$2.99B	$4.55B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,245.3	−0.073%	$37.7M	$188.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,275.4	−0.038%	$158.2M	$510.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,191	−0.136%	$289.7M	$984.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,244.2	−0.074%	$216.6M	$144.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,228.6	−0.092%	$137.3M	$302.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,315.8	+0.009%	$30.4M	$212.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,325.3	+0.020%	—	$10.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,262	−0.053%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,255	−0.062%	$207K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,267.4	−0.047%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,252.9	−0.064%	$3.2M	$7.0M	100x
SoDEX BTC-USD	+0.0100%	1h	86,257	−0.059%	$60.4M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,255.2	−0.061%	$2.28B	$910.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,220.9	−0.101%	$46.4M	$220.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,264.2	−0.051%	—	$94.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,301	−0.008%	$112.6M	$5.29B	50x	as long as short
Hyperliquid BTC	+0.0142%	1h	86,330	+0.025%	$3.88B	$4.74B	40x	as long as short
Reya BTCRUSDPERP	+0.0153%	1h	86,240.2	−0.079%	$6.7M	$133.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0167%	1h	86,312.5	+0.005%	$832.4M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0188%	8h	86,259	−0.057%	$11.1M	$725.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,284.3	−0.028%	$8.9M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,264.1	−0.051%	$13.3M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,272.2	−0.042%	$683K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0394%	1h	86,230.1	−0.090%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,257.4	−0.059%	$496K	$16.5M	6.7x	as long as short