Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h +0.005%

Price spread now: SunX against Kraken Futures−0.016%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

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

costs, in and out, $10k−$220.218% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now −0.016%, 7d avg −0.027%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,348.5	0.0026	pay 0.0003% / 1h	40m 09s	$185.6M	$952.2M	100x
Short	SunX BTC-USDT	85,335	0.0100	get 0.0100% / 8h	40m 09s	$2.9M	$6.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Kraken Futures. 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 Kraken FuturesbpFee SunXbpOrdersPrice spread, now −0.016%Rate

Funding earned: $15.5
Price spread: −0.016% → −0.027%: $1.14
Slippage, 4 orders: −$3.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$5.18
Costs to cover: 0.218%
Break-even: 9.3 days

Slippage from Kraken Futures: live order book, 4 min ago; SunX: live order book, 9 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 Kraken Futures live order book, 4 min ago	0.06 bp	5.3 bp −$5	6.3 bp −$63	7.7 bp −$767	9.8 bp −$4,916
Sell SunX live order book, 9 min ago	1.26 bp	5.3 bp −$5	5.7 bp −$57	7.4 bp −$744	10.5 bp −$5,269

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
Hotstuff BTC-PERP	−0.0080%	1h	85,358	+0.011%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,472	+0.145%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0024%	8h	85,337.6	−0.013%	$930.5M	$775.4M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,388.6	+0.047%	$421.1M	$682.5M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,337.6	−0.013%	$511.8M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,354.9	+0.007%	$347K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,383.2	+0.041%	$459K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,354.5	+0.007%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0005%	1h	85,389.7	+0.048%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0026%	1h	85,348.5	long leg	$185.6M	$952.2M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	+0.085%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.022%	$338K	$24.6M	52x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,314.2	−0.040%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,364.6	+0.019%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,326.4	−0.026%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,337.4	−0.013%	$2.97B	$5.18B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0094%	1h	85,376.7	+0.033%	$840.7M	$1.66B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,346.5	−0.002%	$168.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,349.4	+0.001%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,351	+0.003%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,334.8	−0.016%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,335.5	−0.015%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,333	−0.018%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,328	−0.024%	$271K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,416.4	+0.080%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,418	+0.081%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,392	+0.051%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,336.4	−0.014%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,344	−0.005%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,364	+0.018%	$4.7M	$96.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	+0.001%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,339.1	−0.011%	$5.52B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,325.9	−0.026%	$37.2M	$185.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.016%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	+0.042%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	+0.091%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,423	+0.087%	$30.1M	$210.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,417.1	+0.080%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.001%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,351.3	+0.003%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,338.5	−0.012%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,371.4	+0.027%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,320.3	−0.033%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	85,335	−0.016%	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,333	−0.018%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,341.9	−0.008%	$2.26B	$967.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,344.5	−0.005%	$159.0M	$514.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,314.1	−0.040%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,353.5	+0.006%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,373	+0.029%	$112.3M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,325	−0.028%	$6.6M	$146.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,371	+0.026%	$12.0M	$736.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,370.5	+0.026%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,352.3	+0.004%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,459.3	+0.130%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0298%	1h	85,410.3	+0.072%	$79K	$252K	20x	as long as short