Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: SunX against Derive+0.016%7-day average −0.009% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now +0.016%, 7d avg −0.009%

Together, before fees+0.015%+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.025% dearer against Derive than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,419.3	0.0100	pay 0.0013% / 1h	11m 55s	$30.0M	$50.1M	15x
Short	SunX BTC-USDT	85,433.1	0.0100	get 0.0100% / 8h	3h 11m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Derive. 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 DerivebpFee SunXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0
Price spread: +0.016% → −0.009%: $2.55
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$11.45
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; SunX: live order book, 7 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell SunX live order book, 7 min ago	0.81 bp	4.8 bp −$5	5.3 bp −$53	7.0 bp −$697	10.0 bp −$5,017

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0140%	1h	85,504	+0.099%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,473	+0.063%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,439	+0.023%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	+0.040%	$420.4M	$675.7M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,442.4	+0.027%	$514.5M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,470.3	+0.060%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.8	+0.066%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,450.1	+0.036%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.8	+0.036%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,493.3	+0.087%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0043%	1h	85,476.5	+0.067%	$872.2M	$1.60B	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.155%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,430	+0.013%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,449.4	+0.035%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,431.4	+0.014%	$148.6M	$497.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,436.2	+0.020%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,437	+0.021%	$5.07B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,448.7	+0.034%	$9.44B	$24.48B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,449	+0.035%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,447.9	+0.033%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,452	+0.038%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,430.3	+0.013%	$2.8M	$3.5M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,438	+0.022%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,521.3	+0.119%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,527	+0.126%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,494.8	+0.088%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,450.8	+0.037%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,462.6	+0.051%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,464	+0.052%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,459.9	+0.048%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	+0.042%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,448.5	+0.034%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,431.4	+0.014%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,488.9	+0.081%	$154.5M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.9	+0.104%	$279.4M	$932.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,529.2	+0.129%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,566.9	+0.173%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472	+0.062%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,510.4	+0.107%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,446	+0.031%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,437.5	+0.021%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426	+0.008%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.8	+0.070%	$206K	$737K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,419.3	long leg	$30.0M	$50.1M	15x
SunX BTC-USDTshort	+0.0100%	8h	85,433.1	+0.016%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,430.9	+0.014%	$2.26B	$950.1M	200x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,430.7	+0.013%	$6.6M	$147.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,411.3	−0.009%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.9	+0.064%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,471.4	+0.061%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,450.7	+0.037%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,482	+0.073%	$11.5M	$753.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,489.4	+0.082%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,449.8	+0.036%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,508.7	+0.105%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,514.6	+0.112%	$78K	$222K	20x	as long as short