Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.029%

Price spread now: Injective against SunX+0.112%61s7-day average +0.027% · 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—prices read too far apart to compare

costs, in and out, $10k−$130.133% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.112%, 7d avg +0.027%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.084% dearer against SunX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.027%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,460.6	0.0100	pay 0.0100% / 8h	4h 03m	$2.9M	$6.1M	100x
Short	Injective BTC/USDC PERP	85,556	0.0150	get 0.0019% / 1h	3m 34s	$340K	$26.9M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.112%Rate

Funding earned: $10.47
Price spread: +0.112% → +0.027%: $8.43
Slippage, 4 orders: −$5.29
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $5.6
Costs to cover: 0.133%
Break-even: 3.3 days

Slippage from SunX: live order book, 5 min ago; Injective: live order book, 1 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, 5 min ago	0.30 bp	5.1 bp −$5	6.6 bp −$66	8.7 bp −$866	11.4 bp −$5,692
Sell Injective live order book, 1 min ago	1.52 bp	2.1 bp −$2	13.8 bp −$138	doesn't fit	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
Phoenix BTC	−0.0179%	1h	85,531	+0.082%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,533	+0.085%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,557.9	+0.114%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,511.1	+0.059%	$920.0M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,474.9	+0.017%	$417.1M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,515.8	+0.065%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.122%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,540.3	+0.093%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,541	+0.094%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,546.4	+0.100%	$4.2M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0021%	1h	85,551.8	+0.107%	$207K	$739K	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,542.5	+0.096%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,516.3	+0.065%	$148.4M	$489.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,547.6	+0.102%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,500.9	+0.047%	$6.6M	$146.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,557.6	+0.114%	$887.7M	$1.59B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,560.3	+0.117%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,550.3	+0.105%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,555	+0.110%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,498.6	+0.044%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,516	+0.065%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,615.5	+0.181%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.185%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,576.4	+0.135%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,556.3	+0.112%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,554.8	+0.110%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	+0.122%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	+0.048%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	+0.031%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,553.5	+0.109%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,553.3	+0.108%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,496.6	+0.042%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.019%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.007%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	+0.031%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	+0.023%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,484.2	+0.028%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,549.3	+0.104%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,496	+0.041%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.5	+0.053%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,506	+0.053%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,496.7	+0.042%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,460.6	long leg	$2.9M	$6.1M	100x
SoDEX BTC-USD	+0.0100%	1h	85,518	+0.067%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,510.3	+0.058%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,530.5	+0.082%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,488.9	+0.033%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,561.9	+0.119%	$117.6M	$5.19B	50x	as long as short
Injective BTC/USDC PERPshort	+0.0150%	1h	85,556	+0.112%	$340K	$26.9M	52x
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,545.8	+0.100%	$187.5M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,514.4	+0.063%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,576.8	+0.136%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,500.8	+0.047%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,515	+0.064%	$10.3M	$755.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,503.6	+0.050%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,493.6	+0.039%	$496K	$18.7M	6.7x	as long as short