Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against SunX+0.047%7-day average +0.022% · 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−$19as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on SunX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.096%−$10 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.047%, 7d avg +0.022%

Together, before fees−0.075%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.025% dearer against SunX than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of +0.022%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,362.2	0.0100	pay 0.0100% / 8h	7h 39m	$3.4M	$5.2M	100x
Short	gTrade (Gains Network) BTC/USD	86,402.9	L +0.0005% / S −0.0004%	get 0.0001% / 1h	39m 11s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.047%Rate

Funding earned: −$20.06
Price spread: +0.047% → +0.022%: $2.52
Slippage, 4 orders: −$6.16
Fee SunX: 4 bp × 2 orders: −$8
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$38.7
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; gTrade (Gains Network): virtual book (oracle venue), 5 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, 9 min ago	2.16 bp	6.2 bp −$6	6.8 bp −$68	9.1 bp −$913	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.51 bp	4.0 bp −$4	4.0 bp −$40	4.5 bp −$446	6.4 bp −$3,181

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	+0.099%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	+0.069%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,397.5	+0.041%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,435.6	+0.085%	$499K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,397.7	+0.041%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,402.9	+0.047%	$36.9M	—	200x
Aster BTCUSDT	+0.0021%	8h	86,392.5	+0.035%	$501.0M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	86,402.9	+0.047%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.294%	$333K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,356.4	−0.007%	$153.5M	$475.3M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	86,401.9	+0.046%	$830.9M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,390.8	+0.033%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,383.9	+0.025%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,410.3	+0.056%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,360.3	−0.002%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,388.6	+0.031%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,358	−0.005%	$9.40B	$24.37B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,349.2	−0.015%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,370.6	+0.010%	$170.2M	$984.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,367	+0.006%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,387	+0.029%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,369	+0.008%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,435.9	+0.085%	$4.6M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,419.3	+0.066%	$21.9M	$229.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,467	+0.121%	$3.79B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,459	+0.112%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,367.9	+0.007%	$5.25B	$9.70B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,382	+0.023%	$2.56B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	+0.082%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,431.1	+0.080%	$7.2M	$95.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,394.2	+0.037%	$5.82B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,427.6	+0.076%	$37.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.012%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,362.3	0.000%	$278.9M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.123%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,361.6	−0.001%	$141.6M	$322.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	+0.048%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,442.5	+0.093%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	+0.038%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,390	+0.032%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,372.7	+0.012%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,405.1	+0.050%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.2	+0.041%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,362.2	long leg	$3.4M	$5.2M	100x
SoDEX BTC-USD	+0.0100%	1h	86,360	−0.003%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350	−0.014%	$2.29B	$963.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.030%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,342.3	−0.023%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,414.7	+0.061%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,397.8	+0.041%	$132.2M	$5.46B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,384.1	+0.025%	$192.1M	$943.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,435.3	+0.085%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,418.2	+0.065%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,346.7	−0.018%	$415.9M	$648.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,402.4	+0.046%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,430	+0.079%	$9.9M	$762.4M	6.4x	as long as short