Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.037%

Price spread now: Hibachi against SunX+0.030%7-day average +0.052% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on SunX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 3 days (all we have)+0.103%+$10 · spread now +0.030%, 7d avg +0.052%

Together, before fees+0.431%+ Points / potential airdropHibachi: Active · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.022% cheaper against SunX than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.052%). If the spread goes back, that is −$2 on $10k: about 14 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	86,753.1	0.0100	pay 0.0100% / 8h	2h 25m	$3.4M	$5.5M	100x
Short	Hibachi BTC/USDT-P	86,778.9	0.0224	get 0.0028% / 1h	25m 16s	$617K	$7.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.030%Rate

Funding earned: $26.04
Price spread: +0.030% → +0.052%: −$2.23
Slippage, 4 orders: −$1.87
Fee SunX: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: $4.94
Costs to cover: 0.189%
Break-even: 5.7 days

Slippage from SunX: live order book, 3 min ago; Hibachi: 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, 3 min ago	0.49 bp	4.5 bp −$4	5.4 bp −$54	7.9 bp −$785	10.7 bp −$5,341
Sell Hibachi live order book, 4 min ago	0.01 bp	4.6 bp −$5	5.0 bp −$50	43.4 bp −$4,339	doesn't fit

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
Aftermath Perps BTCUSD	−0.0236%	1h	86,676.1	−0.089%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,781	+0.032%	$431K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.196%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.115%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,784.5	+0.036%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,779.3	+0.030%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,784.5	+0.036%	$935.1M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,745.6	−0.009%	$847.6M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,774.4	+0.025%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,748	−0.006%	$506.7M	$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
Reya BTCRUSDPERP	+0.0021%	1h	86,751.1	−0.002%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,754	+0.001%	$150.3M	$471.5M	150x	as long as short
BingX BTC-USDT	+0.0025%	8h	86,756.1	+0.003%	—	$1.60B	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,755.1	+0.002%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.132%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,751.2	−0.002%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,752.4	−0.001%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,751.5	−0.002%	$9.45B	$24.33B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.7	+0.011%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,756.1	+0.003%	$5.86B	$10.65B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0079%	8h	86,762.8	+0.011%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,753.7	+0.001%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,768.1	+0.017%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,770.5	+0.020%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,752	−0.001%	$8.5M	$52.3M	100x	as long as short
Variational Omni BTC	+0.0097%	8h	86,726.9	−0.030%	$159.3M	$566.6M	—	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,741	−0.014%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,795.9	+0.049%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,742	−0.013%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,829	+0.087%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,776.9	+0.027%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,755	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,819.4	+0.076%	$7.8M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.202%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,760.1	+0.008%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.114%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.088%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.076%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,729.7	−0.027%	$30.8M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,801.6	+0.056%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,754	+0.001%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,754	+0.001%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,773.3	+0.023%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,780.3	+0.031%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,763.3	+0.012%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	86,753.1	long leg	$3.4M	$5.5M	100x
SoDEX BTC-USD	+0.0100%	1h	86,751	−0.002%	$60.6M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,750	−0.004%	$2.30B	$958.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,743.9	−0.011%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,775	+0.025%	—	$98.6M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,791.2	+0.044%	$188.4M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,804.3	+0.059%	$132.1M	$5.87B	50x	as long as short
Kalshi KXBTCPERP	+0.0133%	8h	86,788	+0.040%	$9.6M	$726.0M	6.4x	as long as short
BloFin BTC-USDT	+0.0177%	8h	86,751.2	−0.002%	$417.2M	$654.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,770.5	+0.020%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-Pshort	+0.0224%	1h	86,778.9	+0.030%	$617K	$7.1M	30x