Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h −0.028%

Price spread now: SunX against Deribit−0.026%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$170.167% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.026%, 7d avg −0.059%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and SunX is 0.033% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,539.9	0.0055	pay 0.0007% / 1h	41m 01s	$893.3M	$1.52B	50x
Short	SunX BTC-USDT	85,517.4	0.0084	get 0.0084% / 8h	5h 41m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.026%Rate

Funding earned: $6.04
Price spread: −0.026% → −0.059%: $3.31
Slippage, 4 orders: −$1.68
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$7.33
Costs to cover: 0.167%
Break-even: 15.5 days

Slippage from Deribit: live order book, 3 min ago; SunX: live order book, 8 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 Deribit live order book, 3 min ago	0.03 bp	3.5 bp −$4	5.3 bp −$53	8.2 bp −$820	12.5 bp −$6,235
Sell SunX live order book, 8 min ago	0.44 bp	4.4 bp −$4	5.0 bp −$50	6.8 bp −$684	10.0 bp −$5,024

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
Phoenix BTC	−0.0160%	1h	85,485	−0.064%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,569	+0.034%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,540.4	+0.001%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.032%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,593.3	+0.062%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,527.1	−0.015%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,533.6	−0.007%	$22.7M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	85,495.6	−0.052%	$917.9M	$749.7M	125x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,558	+0.021%	$515.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,546	+0.007%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUALlong	+0.0055%	1h	85,539.9	long leg	$893.3M	$1.52B	50x
Reya BTCRUSDPERP	+0.0066%	1h	85,516.5	−0.027%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,579.2	+0.046%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.045%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.090%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,494.2	−0.053%	$2.4M	$1.7M	20x	as long as short
SunX BTC-USDTshort	+0.0084%	8h	85,517.4	−0.026%	$2.9M	$6.1M	100x
MEXC BTC_USDT	+0.0087%	8h	85,531.9	−0.009%	$5.04B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,575	+0.041%	$9.33B	$23.91B	150x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,511.7	−0.033%	$148.2M	$478.5M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,500.9	−0.046%	$169.4M	$987.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,519	−0.024%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,541	+0.001%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,583.3	+0.051%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,515	−0.029%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,606	+0.077%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,579.6	+0.046%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,582.1	+0.049%	$5.33B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,586.2	+0.054%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,536	−0.005%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,514.3	−0.030%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.027%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,570	+0.035%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.2	−0.025%	$35.0M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.042%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	+0.046%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.060%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.074%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.106%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,610	+0.082%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,528	−0.014%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.017%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,500.4	−0.046%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.9	+0.001%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,497.1	−0.050%	$29.9M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.047%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,467.4	−0.085%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,664.8	+0.146%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,548.4	+0.010%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,565.1	+0.029%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0139%	1h	85,531.3	−0.010%	$187.6M	$948.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0195%	1h	85,571.8	+0.037%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.159%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,525.7	−0.017%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	+0.042%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,587	+0.055%	$522K	$19.5M	6.7x	as long as short