Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.008%

Price spread now: SunX against Coinbase International+0.004%7-day average −0.052% · 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−$13as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%−$1 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.004%, 7d avg −0.052%

Together, before fees−0.085%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.056% dearer against Coinbase International than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.052%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.3 days. At the pace of the last 7 days (−0.005% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,226.9	0.0120	pay 0.0015% / 1h	57m 47s	$112.4M	$4.99B	50x
Short	SunX BTC-USDT	86,230	0.0100	get 0.0100% / 8h	5h 57m	$3.3M	$6.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Coinbase International. 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 Coinbase InternationalbpFee SunXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$4.2
Price spread: +0.004% → −0.052%: $5.57
Slippage, 4 orders: −$0.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$17.07
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; SunX: 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$530	9.9 bp −$4,967
Sell SunX live order book, 4 min ago	0.22 bp	4.2 bp −$4	5.9 bp −$59	9.4 bp −$945	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	86,197	−0.035%	$8K	$2K	50x	as long as short
SoDEX BTC-USD	−0.0040%	1h	86,183	−0.051%	$65.8M	$188.0M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,188.2	−0.045%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,167.3	−0.069%	$421.9M	$567.7M	150x	as long as short
ApeX Omni BTCUSDT	−0.0012%	1h	86,140.2	−0.101%	$138.1M	$295.2M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,211.4	−0.018%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,228.2	+0.002%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,199.1	−0.032%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	−0.015%	$301K	$26.1M	52x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,174.6	−0.061%	—	$1.34B	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,190.8	−0.042%	$191.5M	$775.8M	100x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,145.7	−0.094%	$513.4M	$880.1M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,159.2	−0.079%	$5.14B	$8.18B	150x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	86,183.1	−0.051%	$943.4M	$638.1M	125x	as long as short
Phoenix BTC	+0.0053%	1h	86,176	−0.059%	$2.0M	$7.3M	40x	as long as short
Gate BTC_USDT	+0.0072%	8h	86,176.5	−0.058%	$5.52B	$8.86B	200x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,174.8	−0.060%	$170.7M	$480.4M	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,181	−0.053%	$8.8M	$45.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,166.9	−0.070%	$173.8M	$850.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,165.4	−0.071%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,155.4	−0.083%	$2.99B	$4.00B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,167.9	−0.068%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,164	−0.073%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,239.8	+0.015%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,214.3	−0.015%	$23.4M	$197.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,237	+0.012%	$40.5M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,167.5	−0.069%	$9.46B	$20.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,156.1	−0.082%	$2.62B	$9.55B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,168	−0.068%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,216	−0.013%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.224%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,170.8	−0.065%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,172.1	−0.064%	$38.7M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.133%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.153%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,135.4	−0.106%	$216.3M	$132.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.8	−0.050%	$30.3M	$222.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,241.2	+0.017%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,192	−0.040%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,189.9	−0.043%	$206K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,183.6	−0.050%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,234.9	+0.009%	$195K	$565K	40x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,230	+0.004%	$3.3M	$6.7M	100x
HTX BTC-USDT	+0.0100%	8h	86,177.4	−0.057%	$2.28B	$806.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,149.9	−0.089%	$47.0M	$204.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,196.3	−0.035%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,226.9	long leg	$112.4M	$4.99B	50x
Hyperliquid BTC	+0.0156%	1h	86,256	+0.034%	$3.97B	$4.41B	40x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,219	−0.009%	$11.8M	$731.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,161.9	−0.075%	$6.6M	$131.2M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,207.6	−0.022%	$8.9M	$37.4M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0209% / S −0.0248%	1h	86,194.1	−0.038%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	86,240.3	+0.016%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,243.5	+0.019%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0437%	1h	86,197	−0.035%	$82K	$244K	20x	as long as short