Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: SunX against dYdX+0.038%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)−0.108%−$11 · spread now +0.038%, 7d avg −0.022%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and SunX is 0.060% dearer against dYdX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,409.1	0	get 0.0000% / 1h	57m 13s	$16.8M	$21.2M	50x
Short	SunX BTC-USDT	85,441.5	0.0100	get 0.0100% / 8h	2h 57m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against dYdX. 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 dYdXbpFee SunXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $21
Price spread: +0.038% → −0.022%: $5.96
Slippage, 4 orders: −$17.34
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$8.38
Costs to cover: 0.353%
Break-even: 9.8 days

Slippage from dYdX: live order book, 2 min ago; SunX: live order book, 12 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 dYdX live order book, 2 min ago	7.61 bp	12.6 bp −$13	12.6 bp −$126	17.3 bp −$1,731	24.7 bp −$12.3K
Sell SunX live order book, 12 min ago	0.39 bp	4.4 bp −$4	4.9 bp −$49	6.6 bp −$662	9.9 bp −$4,931

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	85,413	+0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,374	−0.041%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0052%	8h	85,440	+0.036%	$921.5M	$758.5M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,453.7	+0.052%	$422.3M	$676.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,442.4	+0.039%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,430.2	+0.025%	$382K	$2.3M	50x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,409.1	long leg	$16.8M	$21.2M	50x
Perpl BTC	0.0000%	43m	85,461.7	+0.062%	$543K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,475.1	+0.077%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.047%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,400	−0.011%	$24.4M	$223.1M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,476.4	+0.079%	$187.7M	$956.5M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,463.6	+0.064%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,453.6	+0.052%	$149.2M	$498.7M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,453.3	+0.052%	$2.95B	$5.14B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,457.9	+0.057%	$5.07B	$5.66B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,447.8	+0.045%	$2.9M	$5.9M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,459.3	+0.059%	$9.45B	$24.65B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,463.5	+0.064%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,467.8	+0.069%	$23.9M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,436	+0.032%	$8.4M	$55.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,488	+0.092%	$117.3M	$5.28B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,391	−0.021%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.4	+0.059%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,534	+0.146%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.4	+0.027%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,448.9	+0.047%	$5.18B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,460.6	+0.060%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,435	+0.030%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,428.9	+0.023%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,460.3	+0.060%	$5.54B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,341.7	−0.079%	$36.5M	$175.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.6	−0.013%	$154.3M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,391.5	−0.021%	$279.0M	$933.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	+0.009%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,428.6	+0.023%	$139.6M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,400	−0.011%	$30.2M	$206.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,496.4	+0.102%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,460	+0.060%	$11.1M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,462	+0.062%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,458	+0.057%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,498.2	+0.104%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,433.3	+0.028%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,441.5	+0.038%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,454	+0.053%	$59.9M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449.4	+0.047%	$2.26B	$950.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.006%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,424.5	+0.018%	$45.7M	$235.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,418.1	+0.011%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0107%	1h	85,460.3	+0.060%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,497.6	+0.104%	$872.3M	$1.60B	50x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,390	−0.022%	$11.4M	$751.0M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,472	+0.074%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,441.5	+0.038%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,451.1	+0.049%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,460.4	+0.060%	$8.7M	$43.0M	25x	as long as short