Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: SunX against gTrade (Gains Network)−0.046%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on gTrade (Gains Network)Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.095%+$10 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now −0.046%, 7d avg −0.023%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.024% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of −0.023%). If the spread goes back, that is −$2 on $10k: about 20 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,429.9	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	1m 40s	$36.5M	—	200x
Short	SunX BTC-USDT	85,390.4	0.0100	get 0.0100% / 8h	3h 01m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee SunXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $20.06
Price spread: −0.046% → −0.023%: −$2.35
Slippage, 4 orders: −$3.15
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$0.44
Costs to cover: 0.182%
Break-even: 7.2 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 min ago; SunX: live order book, 7 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183
Sell SunX live order book, 7 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	85,470	+0.047%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,425	−0.006%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,394.8	−0.041%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,404.2	−0.030%	$419.8M	$675.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,399.3	−0.036%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,418.2	−0.014%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,420.1	−0.011%	$539K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,429.9	long leg	$36.5M	—	200x
Nado BTC-PERP	+0.0005%	1h	85,411	−0.022%	$24.3M	$222.9M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	+0.022%	$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
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.143%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0048%	1h	85,408	−0.026%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,388.3	−0.049%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,409.3	−0.024%	$149.0M	$498.6M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,413	−0.020%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,405.4	−0.029%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,402.9	−0.032%	$2.6M	$5.3M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,405.4	−0.029%	$9.45B	$24.50B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0091%	1h	85,451.6	+0.025%	$872.3M	$1.60B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,424.3	−0.007%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,422	−0.009%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	−0.019%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,410	−0.023%	$205K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,394	−0.042%	$242K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,465.6	+0.042%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,488	+0.068%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.1	+0.015%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,405.3	−0.029%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,417.7	−0.014%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	−0.023%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.8	−0.018%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,408.8	−0.025%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.7	−0.034%	$36.5M	$177.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	+0.041%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,462	+0.038%	$279.2M	$932.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.063%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.8	+0.057%	$139.7M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.8	+0.063%	$30.2M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,480.5	+0.059%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	−0.016%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,400.7	−0.034%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.7	+0.028%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395	−0.041%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,390.4	−0.046%	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,404.4	−0.030%	$2.26B	$949.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.030%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.6	−0.059%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,435.6	+0.007%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.2	+0.009%	$117.8M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,412.8	−0.020%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,427.7	−0.003%	$187.7M	$956.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0164%	8h	85,444	+0.017%	$11.4M	$751.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.5	+0.019%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.2	−0.007%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,524.1	+0.110%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,474.2	+0.052%	$79K	$223K	20x	as long as short