Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.006%

Price spread now: Kraken Futures against SunX+0.058%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

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

costs, in and out, $10k−$200.204% of the position

Long on SunX Short on Kraken Futures

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)−0.010%−$1 · spread now +0.058%, 7d avg +0.027%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kraken Futures is 0.031% dearer against SunX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,551.4	0.0083	pay 0.0083% / 8h	5h 39m	$2.9M	$6.1M	100x
Short	Kraken Futures PF_XBTUSD	85,600.6	0.0138	get 0.0017% / 1h	39m 46s	$187.8M	$948.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.058%Rate

Funding earned: $11.66
Price spread: +0.058% → +0.027%: $3.07
Slippage, 4 orders: −$2.36
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$5.64
Costs to cover: 0.204%
Break-even: 10.4 days

Slippage from SunX: live order book, 9 min ago; Kraken Futures: 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, 9 min ago	0.44 bp	5.2 bp −$5	6.3 bp −$63	8.9 bp −$887	12.4 bp −$6,188
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.3 bp −$5	6.5 bp −$65	7.6 bp −$765	9.3 bp −$4,634

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	−0.0160%	1h	85,485	−0.078%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,596	+0.052%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,579.9	+0.033%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.045%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	−0.003%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,600.9	+0.058%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,591.1	+0.046%	$22.8M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,563.6	+0.014%	$918.3M	$753.2M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,576.3	+0.029%	$515.6M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,576.8	+0.030%	—	$17.1M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0067%	1h	85,576	+0.029%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,574.3	+0.027%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,563.7	+0.014%	$2.27B	$932.5M	200x	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,578.4	+0.032%	$148.3M	$478.5M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.077%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,579.1	+0.032%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDTlong	+0.0083%	8h	85,551.4	long leg	$2.9M	$6.1M	100x
MEXC BTC_USDT	+0.0087%	8h	85,581.9	+0.036%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,581.4	+0.035%	$9.33B	$23.91B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,562	+0.012%	$169.7M	$987.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,586.5	+0.041%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	+0.046%	$8.4M	$52.0M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0098%	1h	85,617.9	+0.078%	$893.1M	$1.52B	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.080%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,546	−0.006%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,641	+0.105%	$3.77B	$4.93B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	+0.067%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,585.2	+0.040%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,580.1	+0.034%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	+0.012%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	−0.010%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	+0.013%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,587.5	+0.042%	$5.55B	$10.47B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,571.6	+0.024%	$35.1M	$171.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.056%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	+0.033%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.046%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.061%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.093%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.7	+0.095%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,572	+0.024%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591.9	+0.047%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.9	+0.041%	$2.3M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,631.8	+0.094%	$197K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,587.6	+0.042%	$30.0M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,587	+0.042%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,556.2	+0.006%	$44.1M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,543.4	−0.009%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,608.9	+0.067%	$130.6M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,607.3	+0.065%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0138%	1h	85,600.6	+0.058%	$187.8M	$948.4M	100x
Aftermath Perps BTCUSD	+0.0194%	1h	85,589.4	+0.044%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.145%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,592	+0.047%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,614	+0.073%	$10.5M	$760.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585	+0.039%	$522K	$19.5M	6.7x	as long as short