Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.020%

Price spread now: SunX against Hyperliquid−0.161%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$5 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now −0.161%, 7d avg −0.085%

Together, before fees−0.172%+ Points / potential airdropHyperliquid: Season 2 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and SunX is 0.076% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.085%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,675	0.0100	pay 0.0013% / 1h	45m 05s	$3.78B	$4.94B	40x
Short	SunX BTC-USDT	85,537.4	0.0088	get 0.0088% / 8h	5h 45m	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hyperliquid. 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 HyperliquidbpFee SunXbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$2.43
Price spread: −0.161% → −0.085%: −$7.56
Slippage, 4 orders: −$1.74
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$28.74
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; SunX: live order book, 4 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 Hyperliquid live order book, 9 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	doesn't fit
Sell SunX live order book, 4 min ago	0.44 bp	4.4 bp −$4	5.0 bp −$50	6.8 bp −$684	10.0 bp −$5,024

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	−0.0160%	1h	85,485	−0.222%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,518	−0.183%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,566.5	−0.127%	$367K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,579.2	−0.112%	$416.4M	$660.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,541.1	−0.156%	$16.7M	$20.9M	50x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,570.3	−0.122%	$22.6M	$221.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,575.4	−0.116%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,574.3	−0.118%	$906.8M	$747.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,579.9	−0.111%	$515.9M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,602.9	−0.084%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0066%	1h	85,563	−0.131%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,611.3	−0.074%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,575	−0.117%	$2.27B	$931.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	−0.068%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,582	−0.109%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,581.7	−0.109%	$148.3M	$478.3M	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,610.1	−0.076%	$5.05B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,616.1	−0.069%	$9.34B	$23.87B	150x	as long as short
SunX BTC-USDTshort	+0.0088%	8h	85,537.4	−0.161%	$2.9M	$6.1M	100x
Lighter BTC	+0.0096%	1h	85,605.1	−0.082%	$169.5M	$986.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,594.5	−0.094%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,569	−0.124%	$8.4M	$51.7M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,587.1	−0.103%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,537	−0.161%	$205K	$7.7M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,675	long leg	$3.78B	$4.94B	40x
Pacifica BTC	+0.0100%	1h	85,563.1	−0.131%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,624.2	−0.059%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615.6	−0.069%	$2.56B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,566	−0.127%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,523.9	−0.176%	$7.2M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.131%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,619.9	−0.064%	$5.55B	$10.44B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,605	−0.082%	$35.0M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485	−0.222%	$154.0M	$550.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,439.2	−0.275%	$278.7M	$931.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,432.8	−0.283%	$214.5M	$161.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,513.3	−0.189%	$139.9M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,470.3	−0.239%	$30.3M	$211.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,597.6	−0.090%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,560	−0.134%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,570	−0.123%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,582	−0.109%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,624.3	−0.059%	$197K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,581	−0.110%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,586	−0.104%	$59.9M	$336.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,563.8	−0.130%	$44.1M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,505	−0.198%	—	$105.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,623.1	−0.061%	$130.9M	$5.07B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,593.2	−0.095%	$8.4M	$42.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0133%	1h	85,625.1	−0.058%	$894.3M	$1.52B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,615.9	−0.069%	$187.4M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,546.7	−0.150%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,464.2	−0.246%	$698K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,575	−0.117%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	85,567	−0.126%	$10.6M	$760.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,582	−0.109%	$528K	$19.6M	6.7x	as long as short