Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0098%/8h= −10.8% APRpaid last 24h −0.026%

Price spread now: SunX against GMX−0.007%7-day average −0.046% · you buy dearer than you sell

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now −0.007%, 7d avg −0.046%

Together, before fees−0.235%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.040% dearer against GMX than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.046%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,053.9	L +0.0198% / S −0.0176%	pay 0.0025% / 1h	14m 44s	$12.9M	—	200x
Short	SunX BTC-USDT	86,048.2	0.0100	get 0.0100% / 8h	7h 14m	$3.1M	$7.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. 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 GMXbpFee SunXbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$20.67
Price spread: −0.007% → −0.046%: $3.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$36.7
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell SunX live order book, 4 min ago	0.81 bp	4.8 bp −$5	6.4 bp −$64	9.0 bp −$898	12.2 bp −$6,120

GMX: 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 55 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
Bluefin BTC-PERP	−0.0516%	1h	86,081.5	+0.032%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,031	−0.027%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,061.3	+0.009%	$424.5M	$626.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,006	−0.056%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,071	+0.020%	$308K	$27.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,040	−0.016%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0027%	8h	86,140	+0.100%	$923.4M	$681.4M	125x	as long as short
dYdX BTC-USD	+0.0042%	1h	86,132.8	+0.092%	$16.8M	$19.3M	50x	as long as short
Aster BTCUSDT	+0.0044%	8h	86,107.1	+0.062%	$503.3M	$992.7M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,070.1	+0.019%	$188.5M	$872.0M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.141%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	86,118.3	+0.075%	—	$1.49B	—	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,131.6	+0.090%	$5.11B	$9.20B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	85,987.5	−0.077%	$22.2M	$209.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,129.4	+0.088%	$173.1M	$961.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,136.6	+0.096%	$23.2M	$136.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,003	−0.059%	$8.7M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,047.8	−0.007%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,110	+0.065%	$216K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,191.4	+0.160%	$5.9M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.6	+0.124%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,140	+0.100%	$9.44B	$23.14B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,133.7	+0.093%	$2.61B	$10.84B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,134	+0.093%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,148.8	+0.110%	$4.7M	$95.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,129.9	+0.088%	$5.50B	$10.13B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,135.8	+0.095%	$5.10B	$5.85B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,133.3	+0.092%	$2.99B	$4.59B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,027.7	−0.030%	$37.9M	$187.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	−0.009%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,898.8	−0.180%	$287.3M	$974.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.242%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,913.6	−0.163%	$137.1M	$302.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,905.6	−0.172%	$30.3M	$214.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,074.6	+0.024%	—	$9.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,984	−0.081%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,018	−0.042%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,036.9	−0.020%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,048.2	−0.007%	$3.1M	$7.0M	100x
SoDEX BTC-USD	+0.0100%	1h	86,042	−0.014%	$60.2M	$258.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,042.6	−0.013%	$2.27B	$915.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,048.9	−0.006%	$167.4M	$500.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.214%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,097.2	+0.050%	$46.3M	$223.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,007.9	−0.054%	—	$94.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,094.4	+0.047%	$112.6M	$5.33B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0148%	1h	86,087.8	+0.039%	$830.3M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,986	−0.079%	$6.7M	$134.3M	40x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,198	+0.167%	$3.88B	$4.78B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,047	−0.008%	$11.0M	$726.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,029.5	−0.028%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0198% / S −0.0176%	1h	86,053.9	long leg	$12.9M	—	200x
Hibachi BTC/USDT-P	+0.0328%	1h	85,948	−0.123%	$698K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0365%	1h	85,888	−0.193%	$84K	$258K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,032.4	−0.025%	$480K	$17.0M	6.7x	as long as short