Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.008%

Price spread now: Coinbase International against SunX+0.024%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.024%, 7d avg +0.052%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.028% cheaper against SunX than usual: you would sell low and buy high (spread +0.024% now, against its 7-day average of +0.052%). If the spread goes back, that is −$3 on $10k: about 4.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,641.8	0.0100	pay 0.0100% / 8h	2h 50m	$3.4M	$5.6M	100x
Short	Coinbase International BTC-PERP-INTX	86,662.8	0.0120	get 0.0015% / 1h	50m 41s	$131.9M	$5.92B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.024%Rate

Funding earned: $4.2
Price spread: +0.024% → +0.052%: −$2.8
Slippage, 4 orders: −$1.95
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$18.55
Costs to cover: 0.200%
Break-even: 37.9 days

Slippage from SunX: live order book, 8 min ago; Coinbase International: 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 SunX live order book, 8 min ago	0.48 bp	4.5 bp −$4	5.3 bp −$53	9.2 bp −$923	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$586	13.1 bp −$6,549

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
Perpl BTC	−0.0335%	43m	86,679.3	+0.043%	$429K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0194%	1h	86,762.7	+0.140%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,701	+0.068%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0093%	1h	86,651.2	+0.011%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,660	+0.021%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,626.9	−0.017%	$845.0M	$708.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,668.2	+0.030%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,662.2	+0.024%	$921.9M	$1.38B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,655.8	+0.016%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	86,623.1	−0.022%	$505.8M	$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
BingX BTC-USDC	+0.0019%	8h	86,632.7	−0.011%	—	$15.3M	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,630.3	−0.013%	$6.8M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,615.5	−0.030%	$149.5M	$469.5M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,631.6	−0.012%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,640.9	−0.001%	$5.20B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,641	−0.001%	$9.44B	$24.36B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,633.9	−0.009%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.104%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0058%	8h	86,651.7	+0.011%	$2.57B	$12.73B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,658.6	+0.019%	$9.0M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,640	−0.002%	$5.85B	$10.56B	200x	as long as short
Bluefin BTC-PERP	+0.0067%	1h	86,650.4	+0.010%	$141K	$619K	40x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,645.2	+0.004%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,792.9	+0.174%	$161.2M	$563.4M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.180%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,647.8	+0.007%	$172.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,653.8	+0.014%	$24.1M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,642	0.000%	$8.5M	$52.1M	100x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,613	−0.033%	$60.5M	$336.4M	40x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,644.2	+0.003%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,701.7	+0.069%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,631	−0.012%	$201K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,642	0.000%	$21.9M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,700	+0.067%	$3.84B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,672	+0.035%	$41.5M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,636	−0.007%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,718	+0.088%	$7.6M	$95.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.027%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,621.8	−0.023%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.072%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,714.1	+0.083%	$141.9M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	+0.026%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,707.4	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,639	−0.003%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,626	−0.018%	$200K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.8	−0.010%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,641.8	long leg	$3.4M	$5.6M	100x
HTX BTC-USDT	+0.0100%	8h	86,626.2	−0.018%	$2.30B	$956.4M	200x	as long as short
Kalshi KXBTCPERP	+0.0101%	8h	86,679	+0.043%	$8.9M	$725.3M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,634.2	−0.009%	$46.6M	$229.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,659.8	+0.021%	—	$97.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.9	+0.019%	$192.1M	$927.2M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,662.8	+0.024%	$131.9M	$5.92B	50x
BloFin BTC-USDT	+0.0168%	8h	86,613.6	−0.033%	$418.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,648.7	+0.008%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,754.1	+0.130%	$599K	$7.2M	30x	as long as short