Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: dYdX against SunX+0.177%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.177%, 7d avg +0.022%

Together, before fees−0.259%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.155% dearer against SunX than usual: you sell high and buy low (spread +0.177% now, against its 7-day average of +0.022%): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,101.4	0.0100	pay 0.0100% / 8h	2h 21m	$2.9M	$6.1M	100x
Short	dYdX BTC-USD	85,252	0.0001	get 0.0000% / 1h	21m 32s	$16.7M	$21.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.177%Rate

Funding earned: −$20.85
Price spread: +0.177% → +0.022%: $15.5
Slippage, 4 orders: −$10.25
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$33.6
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; dYdX: live order book, 3 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	1.00 bp	6.0 bp −$6	6.9 bp −$69	9.3 bp −$932	doesn't fit
Sell dYdX live order book, 3 min ago	3.64 bp	8.6 bp −$9	13.3 bp −$133	17.5 bp −$1,753	31.6 bp −$15.8K

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	−0.0112%	43m	85,249.9	+0.174%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	+0.038%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,272	+0.200%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,235.9	+0.158%	$922.9M	$764.0M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	+0.042%	$419.2M	$679.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	+0.224%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,262.7	+0.190%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USDshort	+0.0001%	1h	85,252	+0.177%	$16.7M	$21.4M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,214.5	+0.133%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.145%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,254.5	+0.180%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,264.8	+0.192%	$187.2M	$954.1M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,246	+0.170%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,248.8	+0.173%	$147.3M	$505.1M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,233.3	+0.155%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,266.7	+0.194%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,268.2	+0.196%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,278.4	+0.208%	$9.42B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,260.4	+0.187%	$171.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,267.8	+0.196%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.213%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,281.8	+0.212%	$117.0M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	+0.172%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,312.2	+0.248%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,351	+0.293%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	+0.213%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,269.6	+0.198%	$5.15B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,272.3	+0.201%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	+0.202%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	+0.211%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	+0.073%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,263.4	+0.190%	$5.50B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,249.3	+0.174%	$36.3M	$176.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,082	−0.023%	$154.2M	$566.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,112.3	+0.013%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	+0.007%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	−0.009%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	+0.100%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.266%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.196%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,205.6	+0.122%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,224.1	+0.144%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,274.6	+0.204%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,218.1	+0.137%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,101.4	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,247	+0.171%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,225	+0.145%	$2.26B	$941.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,245	+0.169%	$45.2M	$239.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,212.5	+0.131%	—	$106.9M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0106%	1h	85,278.7	+0.208%	$866.9M	$1.61B	50x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	+0.186%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,207.5	+0.125%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,207	+0.124%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,186.2	+0.100%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	+0.154%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	+0.227%	$8.7M	$43.2M	25x	as long as short