Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: SunX against Hotstuff−0.045%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. SunX is 0.045% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	86,648	−0.0080	get 0.0010% / 1h	34m 37s	$9K	$3K	50x
Short	SunX BTC-USDT	86,608.9	0.0100	get 0.0100% / 8h	2h 34m	$3.4M	$5.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hotstuff. 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 HotstuffbpFee SunXbpOrdersPrice spread, now −0.045%Rate

Funding earned: $37.8
Price spread: −0.045% → 0.000%: −$4.51
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $20.29
Costs to cover: 0.130%
Break-even: 3.2 days

Slippage unknown: Hotstuff: 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 Hotstuff no order-book sample	—	—	—	—	—
Sell SunX live order book, 4 min ago	0.74 bp	5.5 bp −$6	7.4 bp −$74	9.3 bp −$930	12.2 bp −$6,097

Hotstuff: 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
Aftermath Perps BTCUSD	−0.0227%	1h	86,609.6	−0.044%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,627.7	−0.023%	$428K	$25.0M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,539	−0.126%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0085%	1h	86,671.7	+0.027%	$17.6M	$20.6M	50x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,648	long leg	$9K	$3K	50x
01 Exchange BTCUSD	0.0000%	1h	86,659.3	+0.013%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,644.8	−0.004%	$935.8M	$1.43B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,651.5	+0.004%	$844.8M	$704.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,635	−0.015%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0008%	8h	86,644.5	−0.004%	$505.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,617.9	−0.035%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0022%	8h	86,658.7	+0.012%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,623.8	−0.028%	$149.5M	$471.0M	150x	as long as short
Bitget BTCUSDT	+0.0029%	8h	86,657.1	+0.011%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,610.8	−0.043%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.097%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,659.1	+0.013%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,659.1	+0.013%	$9.44B	$24.30B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,656.8	+0.010%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0070%	8h	86,664.2	+0.019%	$2.57B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,660	+0.014%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0081%	8h	86,660.9	+0.015%	$5.28B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.073%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,666.1	+0.021%	$172.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,672.1	+0.028%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	−0.010%	$8.5M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,707.5	+0.069%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,635	−0.015%	$195K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,595	−0.061%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,717	+0.080%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,686.5	+0.044%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,654	+0.007%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,716.2	+0.079%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.047%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.4	−0.017%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,571.5	−0.088%	$279.6M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,662	+0.016%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.044%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,590.4	−0.066%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,669.5	+0.025%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,626	−0.025%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,614	−0.039%	$194K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.2	−0.021%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,638.7	−0.011%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,618.3	−0.034%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,608.9	−0.045%	$3.4M	$5.5M	100x
SoDEX BTC-USD	+0.0100%	1h	86,608	−0.046%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,608.6	−0.045%	$2.30B	$957.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,651	+0.003%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,624.1	−0.028%	—	$98.3M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,645.2	−0.003%	$189.2M	$930.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,653.1	+0.006%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,624	−0.028%	$9.0M	$723.3M	6.4x	as long as short
BloFin BTC-USDT	+0.0172%	8h	86,606.7	−0.048%	$416.8M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,629.2	−0.022%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,617.4	−0.035%	$614K	$7.1M	30x	as long as short