Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: SunX against Lighter RH+0.025%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$150.147% of the position

Long on Lighter RH Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.072%−$7 · spread now +0.025%, 7d avg −0.029%

Together, before fees−0.099%+ Points / potential airdropLighter RH: Points live · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.055% dearer against Lighter RH than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH BTC	86,098.5	0.0096	pay 0.0012% / 1h	6m 28s	$23.6M	$152.1M	50x
Short	SunX BTC-USDT	86,120.2	0.0100	get 0.0100% / 8h	7h 06m	$3.3M	$5.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Lighter RH. 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 Lighter RHbpFee SunXbpOrdersPrice spread, now +0.025%Rate

Funding earned: $0.84
Price spread: +0.025% → −0.029%: $5.46
Slippage, 4 orders: −$6.66
Fee Lighter RH: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$8.36
Costs to cover: 0.147%
Break-even: 76.7 days

Slippage from Lighter RH: live order book, 3 min ago; SunX: live order book, 12 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 Lighter RH live order book, 3 min ago	0.49 bp	0.9 bp −$1	1.5 bp −$15	4.0 bp −$397	27.8 bp −$13.9K
Sell SunX live order book, 12 min ago	2.52 bp	6.7 bp −$7	7.3 bp −$73	8.9 bp −$892	doesn't fit

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	−0.0129%	1h	86,215	+0.135%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,106	+0.009%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,073.8	−0.029%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,118.3	+0.023%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,103.1	+0.005%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.310%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,108.9	+0.012%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,079.3	−0.022%	$499.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,074.7	−0.028%	$827.6M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0049%	1h	86,066.4	−0.037%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,087.1	−0.013%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	86,089.3	−0.011%	—	$1.57B	—	as long as short
Bluefin BTC-PERP	+0.0065%	1h	86,106.9	+0.010%	$144K	$666K	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,071.9	−0.031%	$2.96B	$5.05B	150x	as long as short
HTX BTC-USDT	+0.0070%	8h	86,094.7	−0.004%	$2.29B	$957.7M	200x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,112	+0.016%	$60.3M	$338.3M	40x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,112.2	+0.016%	$155.7M	$473.1M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,074.8	−0.028%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,076.6	−0.025%	$5.10B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,075.4	−0.027%	$9.37B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	86,087.7	−0.013%	$5.77B	$10.66B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,110.5	+0.014%	$170.1M	$994.3M	50x	as long as short
Lighter RH BTClong	+0.0096%	1h	86,098.5	long leg	$23.6M	$152.1M	50x
Popdex BTCUSDT	+0.0096%	1h	86,073	−0.030%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,049	−0.057%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,126.1	+0.032%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,098	−0.001%	$22.0M	$225.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,148.2	+0.058%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,128.5	+0.035%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,090.3	−0.010%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,089.1	−0.011%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,090	−0.010%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,098.6	0.000%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,102	+0.004%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	+0.124%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,183.7	+0.099%	$278.4M	$939.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.089%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.111%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,117.1	+0.022%	$30.6M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,128.2	+0.034%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,074	−0.028%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,079.5	−0.022%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,077.2	−0.025%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,137	+0.045%	$30.3M	$57.0M	15x	as long as short
SunX BTC-USDTshort	+0.0100%	8h	86,120.2	+0.025%	$3.3M	$5.4M	100x
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.050%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,056.7	−0.049%	$46.0M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,128.7	+0.035%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,152.3	+0.062%	$132.3M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,141.7	+0.050%	$190.9M	$952.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,147.6	+0.057%	$727K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,207.1	+0.126%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,110	+0.013%	$415.5M	$640.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,163	+0.075%	$10.5M	$766.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,099.4	+0.001%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	86,165.7	+0.078%	$902.7M	$1.51B	50x	as long as short