Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h +0.013%

Price spread now: Aftermath Perps against SunX+0.076%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on SunX Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now +0.076%, 7d avg +0.033%

Together, before fees+0.045%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aftermath Perps is 0.043% dearer against SunX than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of +0.033%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 11 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.033% in total (about 3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,547.8	0.0100	pay 0.0100% / 8h	1h 51m	$3.4M	$5.5M	100x
Short	Aftermath Perps BTCUSD	86,613.4	−0.0206	pay 0.0026% / 1h	51m 45s	$79K	$199K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against SunX. 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 SunXbpFee Aftermath PerpsbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$64.3
Price spread: +0.076% → +0.033%: $4.32
Slippage, 4 orders: −$11.57
Fee SunX: 4 bp × 2 orders: −$8
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$88.55
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Aftermath Perps: live order book, 32 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 SunX live order book, 7 min ago	0.87 bp	4.9 bp −$5	5.9 bp −$59	8.9 bp −$885	doesn't fit
Sell Aftermath Perps live order book, 32 min ago	1.77 bp	6.3 bp −$6	15.9 bp −$159	doesn't fit	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
Aftermath Perps BTCUSDshort	−0.0206%	1h	86,613.4	+0.076%	$79K	$199K	20x
Phoenix BTC	−0.0159%	1h	86,601	+0.061%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,564	+0.019%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0028%	1h	86,590.3	+0.049%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,591.9	+0.051%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,527.7	−0.023%	$505.2M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,555.1	+0.008%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,565.7	+0.021%	$925.9M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,520.3	−0.032%	$850.5M	$709.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.8	+0.013%	$36.8M	—	200x	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	+0.0006%	1h	86,585.5	+0.044%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,596.7	+0.056%	$725K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,557.3	+0.011%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	+0.045%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0028%	8h	86,552.4	+0.005%	$149.7M	$473.4M	150x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,533.4	−0.017%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,532.5	−0.018%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,532.4	−0.018%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,529.7	−0.021%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,530	−0.021%	$9.42B	$24.40B	150x	as long as short
SoDEX BTC-USD	+0.0063%	1h	86,528	−0.023%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,528.8	−0.022%	$5.85B	$10.62B	200x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,533.7	−0.016%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,536.6	−0.013%	$172.0M	$997.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,550.8	+0.003%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,576	+0.033%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,561	+0.015%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,614.3	+0.077%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,545.6	−0.003%	$21.6M	$234.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,609.2	+0.071%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,610.2	+0.072%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,535.1	−0.015%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,570	+0.026%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,648.3	+0.116%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.049%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,532.5	−0.018%	$38.2M	$153.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	+0.040%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,613.4	+0.076%	$279.8M	$941.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.136%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,648.6	+0.116%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,577.3	+0.034%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,624.6	+0.089%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,574	+0.030%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,554.3	+0.007%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,548.9	+0.001%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,556.1	+0.010%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,533.8	−0.016%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,547.8	long leg	$3.4M	$5.5M	100x
HTX BTC-USDT	+0.0100%	8h	86,531.1	−0.019%	$2.30B	$959.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,519	−0.033%	$46.4M	$225.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,570.5	+0.026%	—	$99.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,576	+0.033%	$131.6M	$5.78B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.3	+0.017%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,545.9	−0.002%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,555.9	+0.009%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	86,585	+0.043%	$9.5M	$726.7M	6.4x	as long as short