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: Extended against SunX−0.008%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on SunX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.008%, 7d avg −0.023%

Together, before fees+0.072%+ Points / potential airdropExtended: Active · farm board+$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,350	0.0100	pay 0.0100% / 8h	7h 40m	$3.4M	$5.2M	100x
Short	Extended BTC-USD	86,343.1	0.0104	get 0.0013% / 1h	40m 55s	$45.9M	$222.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.84
Price spread: −0.008% → −0.023%: $1.47
Slippage, 4 orders: −$5.24
Fee SunX: 4 bp × 2 orders: −$8
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$15.93
Costs to cover: 0.182%
Break-even: 139.7 days

Slippage from SunX: live order book, 8 min ago; Extended: 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, 8 min ago	2.16 bp	6.2 bp −$6	6.8 bp −$68	9.1 bp −$913	doesn't fit
Sell Extended live order book, 3 min ago	0.06 bp	2.6 bp −$3	3.3 bp −$33	4.5 bp −$448	10.5 bp −$5,251

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	86,448	+0.113%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,373	+0.027%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,363.8	+0.016%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,388.2	+0.044%	$458K	$21.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,390	+0.046%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,377.2	+0.031%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	86,402.9	+0.061%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,360.8	+0.013%	$500.9M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.308%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	86,362.3	+0.014%	$830.9M	$723.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BTCUSDT	+0.0039%	8h	86,351.2	+0.001%	$153.5M	$476.2M	150x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,356.1	+0.007%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,359.4	+0.011%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,367.6	+0.020%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,355.4	+0.006%	$2.97B	$5.06B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,355.8	+0.007%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,355.9	+0.007%	$9.40B	$24.40B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,335	−0.017%	$2.5M	$1.6M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,363.1	+0.015%	$170.1M	$983.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,368.4	+0.021%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,355	+0.006%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,331	−0.022%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,379	+0.034%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,380.1	+0.035%	$22.0M	$230.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,418	+0.079%	$3.79B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,393	+0.050%	$40.7M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,360.1	+0.012%	$5.25B	$9.71B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,367.3	+0.020%	$2.56B	$12.56B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,361	+0.013%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,387.7	+0.044%	$7.2M	$95.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,359.8	+0.011%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,345.7	−0.005%	$37.4M	$156.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	+0.002%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,429.4	+0.092%	$279.2M	$949.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.137%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,422.4	+0.084%	$141.5M	$322.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,422.8	+0.084%	$30.7M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,417	+0.078%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,358	+0.009%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,360.9	+0.013%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,354.8	+0.006%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,393.7	+0.051%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,389.9	+0.046%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,350	long leg	$3.4M	$5.2M	100x
SoDEX BTC-USD	+0.0100%	1h	86,355	+0.006%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,341.1	−0.010%	$2.29B	$964.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.016%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	86,343.1	−0.008%	$45.9M	$222.5M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,375.1	+0.029%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,395	+0.052%	$132.2M	$5.48B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,387.6	+0.043%	$192.1M	$944.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468	+0.137%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,420.3	+0.081%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0199%	8h	86,354.6	+0.005%	$414.4M	$649.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,374.4	+0.028%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,409	+0.068%	$9.9M	$762.2M	6.4x	as long as short