Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0118%/8h= +13.0% APRpaid last 24h +0.017%

Price spread now: GMX against SunX+0.038%7-day average +0.050% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now +0.038%, 7d avg +0.050%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.050%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,410.3	0.0100	pay 0.0100% / 8h	27m 13s	$3.4M	$5.4M	100x
Short	GMX BTC/USD [WBTC.b-USDC]	86,442.8	L +0.0196% / S −0.0218%	get 0.0027% / 1h	27m 13s	$15.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $24.84
Price spread: +0.038% → +0.050%: −$1.19
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.64
Costs to cover: 0.200%
Break-even: 6.0 days

Slippage unknown: SunX: live order book, 11 min ago; GMX: no order-book sample. Net counts fees only.

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, 11 min ago	0.73 bp	5.9 bp −$6	6.6 bp −$66	8.9 bp −$887	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0118%	1h	86,477	+0.077%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,425	+0.017%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.183%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,417.8	+0.009%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,423.2	+0.015%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,442.1	+0.037%	$501.6M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,401.8	−0.010%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,448.4	+0.044%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,437.5	+0.031%	$850.0M	$715.7M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	86,466.9	+0.066%	$914.6M	$1.48B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0031%	1h	86,418.6	+0.010%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,432.7	+0.026%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,447.7	+0.043%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,446.4	+0.042%	$150.7M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0066%	1h	86,448.3	+0.044%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,445.8	+0.041%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,445.9	+0.041%	$9.42B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,424.5	+0.016%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,450.5	+0.047%	$5.86B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0086%	1h	86,430	+0.023%	$60.4M	$337.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,452.9	+0.049%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,444.3	+0.039%	$23.9M	$152.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,411	+0.001%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,444.3	+0.039%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,388	−0.026%	$200K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,432.6	+0.026%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,430.1	+0.023%	$22.0M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,516	+0.122%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,431	+0.024%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,453.1	+0.050%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,411	+0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,442.3	+0.037%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,443.6	+0.039%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	+0.075%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.044%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,485.6	+0.087%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.060%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,471	+0.070%	$30.7M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,464	+0.062%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,423	+0.015%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,417	+0.008%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,435.6	+0.029%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,459.7	+0.057%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,460.9	+0.059%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,410.3	long leg	$3.4M	$5.4M	100x
HTX BTC-USDT	+0.0100%	8h	86,412.8	+0.003%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.063%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,414.5	+0.005%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,450.9	+0.047%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,462.6	+0.061%	$192.1M	$954.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,475.3	+0.075%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0146%	1h	86,497.4	+0.101%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,493.4	+0.096%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	+0.041%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0196% / S −0.0218%	1h	86,442.8	+0.038%	$15.0M	—	200x
Kalshi KXBTCPERP	+0.0207%	8h	86,448	+0.044%	$9.8M	$747.1M	6.4x	as long as short