Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.010%

Price spread now: SunX against edgeX+0.157%46s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.175% of the position

Long on edgeX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 4 days (all we have)−0.245%−$24 · spread now +0.157%, 7d avg +0.012%

Together, before fees−0.050%+ Points / potential airdropedgeX: Active · farm board−$5 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 0.145% dearer against edgeX than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.012%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BTCUSDC	86,094.9	0.0100	pay 0.0050% / 4h	1h 57m	$289.8M	$841.1M	100x
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 edgeX. 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 edgeXbpFee SunXbpOrdersPrice spread, now +0.157%Rate

Funding earned: $0
Price spread: +0.157% → +0.012%: $14.53
Slippage, 4 orders: −$0.46
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$2.94
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 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 edgeX live order book, 5 min ago	0.02 bp	4.5 bp −$5	4.5 bp −$45	4.7 bp −$469	5.7 bp −$2,836
Sell SunX live order book, 5 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	+0.119%	$8K	$2K	50x	as long as short
SoDEX BTC-USD	−0.0040%	1h	86,183	+0.102%	$65.8M	$188.0M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,160.2	+0.076%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,167.3	+0.084%	$421.9M	$567.7M	150x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	+0.105%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	+0.079%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,228.2	+0.155%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,199.1	+0.121%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.138%	$301K	$26.1M	52x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,124	+0.034%	—	$16.3M	—	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	+0.111%	$191.5M	$775.8M	100x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,150.9	+0.065%	$513.4M	$880.1M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,161.3	+0.077%	$5.14B	$8.18B	150x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	86,171.8	+0.089%	$943.3M	$638.0M	125x	as long as short
Phoenix BTC	+0.0053%	1h	86,176	+0.094%	$2.0M	$7.3M	40x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,156.5	+0.072%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,151	+0.065%	$8.8M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,174.8	+0.093%	$170.7M	$480.4M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,166.9	+0.084%	$173.8M	$850.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,165.4	+0.082%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,152.9	+0.067%	$2.99B	$3.99B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,167.9	+0.085%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,128	+0.038%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,213.3	+0.138%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,214.3	+0.139%	$23.4M	$197.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,187.5	+0.108%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,146.4	+0.060%	$9.46B	$20.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,158.9	+0.074%	$2.62B	$9.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,156	+0.071%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,185	+0.105%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,033.4	−0.071%	$714.5M	$139.4M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,152.6	+0.067%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,172.1	+0.090%	$38.7M	$195.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	+0.021%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDClong	+0.0100%	4h	86,094.9	long leg	$289.8M	$841.1M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	86,177.2	+0.096%	$216.5M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.8	+0.103%	$30.3M	$222.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,241.2	+0.170%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,192	+0.113%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,189.9	+0.110%	$206K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,183.6	+0.103%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,234.9	+0.163%	$195K	$565K	40x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,230	+0.157%	$3.3M	$6.7M	100x
HTX BTC-USDT	+0.0100%	8h	86,177.4	+0.096%	$2.28B	$806.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,130.4	+0.041%	$46.9M	$204.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,196.3	+0.118%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,226.9	+0.153%	$112.4M	$4.99B	50x	as long as short
Hyperliquid BTC	+0.0156%	1h	86,256	+0.187%	$3.97B	$4.41B	40x	as long as short
Kalshi KXBTCPERP	+0.0161%	8h	86,219	+0.144%	$11.8M	$731.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,161.9	+0.078%	$6.6M	$131.2M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,207.6	+0.131%	$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	+0.115%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	86,240.3	+0.169%	$822.6M	$1.52B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,243.5	+0.173%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0437%	1h	86,197	+0.119%	$82K	$244K	20x	as long as short